At Joy of Giving Calculator, we believe that giving to charity is serious business. Not only should you take the time to research the charities you consider supporting, but you should analyze your finances to see how much you can afford in your efforts to bring about maximum institutional change.
Simply enter the amount you'd like to give and your tax bracket (see chart). The calculator will display the net cost of the donation and the tax savings. You may be surprised to learn that you can afford to be even more generous than you thought.
Donation:
Tax Rate %:
Net Cost of Donation
Tax Savings
Income Tax Rates/ Slabs for the financial year 2011-2012 (A.Y. 2012-2013) for Individual, HUF, woman, senior citizen and senior citizen of 80 Years and more (Tax bracket Chart)
Upto Rs. 1,80,000/-
Nil
Rs. 1,80,001/- to Rs. 5,00,000/-
10 per cent
Rs. 5,00,001/- to Rs. 8,00,000
20 per cent
Above Rs. 8,00,000/-
30 per cent
Upto Rs. 1,90,000/-
Rs. 1,90,000/- to Rs. 5,00,000/-
Upto Rs. 2,50,000/-
Rs. 2,50,001/- to Rs. 5,00,000/-
Upto Rs. 5,00,000/-
For More 20011-12 Federal Income Tax Brackets (USA & Other Country us only ) click Here
Calculation Standard.
Marginal Tax Rate
Single
Married Filing Jointly or Qualified Widow(er)
Married Filing Separately
Head of Household
10%
$0 - $8,350
$0 - $16,700
$0 - $11,950
15%
$8,350 - $33,950
$16,700 - $67,900
$11,950 - $45,500
25%
$33,950 - $82,250
$67,900 - $137,050
$33,950 - $68,525
$45,500- $117,450
28%
$82,250 - $171,550
$137,050- $208,850
$68,525 - $104,425
$117,450- $190,200
33%
$171,500 - $372,950
$208,850 - $372,950
$104,425 - $186,475
$190,200- $372,950
35%
Over $372,950
Over $186,475
Keep in mind that you must itemize your deductions in order to gain a tax benefit. Make sure that when itemized, your total deductions are greater than your standard deduction. If they're not, stick with the standard deduction. For 2009, the basic standard deductions are:
*Your standard deduction may be increased if you are age 65 or older or blind.
