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Army Tax Calculator

Legal opinion issued by a bond issuer's tax attorney stating, for computation of federal income tax, how a collateralized mortgage obligation will be treated by its holders. In municipal bonds, the tax opinion also states that the bond conforms to statutes making the bond interest exempt from federal income taxes.

Wage income
Filing Status
Number of Dependents
Flat Tax Rate
(Keeping Gramm 1% lower than the others)
Fill in below so your taxes will be calculated:
Non-Wage income (Int./Div.)
Capital Gains (& Distrib.)
Mortgage Int., Charitable Contrib.
Other Itemized Deduct. (State/Local Tax, Medical, etc.)

Only income above $ 22700.00 would be taxed (Armey) Your Armey Flat Tax would be: $ 3791.00 Only income above $ 26200.00 would be taxed (Forbes) Your Forbes Flat Tax would be: $ 3196.00 Only income above $ 27000.00 would be taxed (Gramm) Your Gramm Flat Tax would be: $ 3120.00 Under Current Taxation Laws: Gross Income = $ 46500 Deductions = $ 7000 Exemptions = $ 5000 ($2500/person incl. self for 1995) Taxable Income = $ 34500 Tax Bracket = 15 % Your current income tax is $ 5175.00