Tax Year

2021

Federal Tax Analysis

Last Name, First Name
Form 1040 - U.S. Individual Tax Return

Prepared By

Information in this report is based on

tax return data furnished by the client.
Read the Disclaimer attached to this
report and Terms to learn more.
 The Bottom Line
The total amount of Federal Income Tax paid, or due, based on taxable income during the
tax year. Note, this figure is independent from any withholding, pre-payments, refund, or
balance due payments made separately.

E ective Tax Rate

Total Income $39,696
Taxable Income $11,926
Total Tax (Federal) $2,163

Federal Take Home 81.9%

Effective Tax Rate 18.1%
Your Effective Tax Rate is Taxable Income divided by your Total Tax.

Tax Bracket
(Single)
Marginal Tax Rate 22%
Your Tax Bracket, also referred to as your Marginal Tax Rate, is the rate of tax in which any
additional income is taxed at. As you receive more taxable income, the higher your rate of tax.

10%
12% 22% 24% 32% 35% 37%
Single Tax Brackets

10% - $0 to $9,950
12% - $9,950 to $40,525
22%- $40,526 to $86,375
24% - $86,376 to $164,925
32% - $164,926 to $209,425
35% - $209,426 to $523,600
37% - $523,600 or More

$0 $120,000 $240,000 $360,000 $480,000 $600,000

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 Prior Year Comparisons

Analyzing changes from last year for either increases or decreases in Total Income, Federal
Tax, Taxable Income, and Effective Tax Rate.

Total Income Taxable Income

5% 31%
2020 2021 2020 2021

$42,065 $39,696 $17,259 $11,926

$50,000

$37,500

$25,000

$12,500

$0
Total Income Taxable Income
2020 2021

Federal Tax E ective Tax Rate

46.8% 23%
2020 2021 2020 2021

$4,073 $2,163 23.6% 18.1%

$4,200 24%

$3,150 18%

$2,100 12%

$1,050 6%

$0 0%
Federal Tax Federal Tax

2020 2021 2020 2021

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 Two-Year Comparison
Percentage comparisons between the most recently prepared tax return and the prior year.

INCOME 2021 2020 Di erence ($) Di erence (%)

Wages, salaries, tips, etc… 139,141 123,200 15,941 13%

Interest Income 12 6 6 100%

Dividend Income 557 38,405 (37,848) -99%

Taxable IRA Distribution 0 3,307 (3,307) -100%

Capital Gain or Loss 3,340 1,888 1,452 77%

Form 4797 Gain or Loss (6,063) 0 (6,063) N/A

Rent, Royalties, Partnership, 26,301 (17,810) 44,111 -248%

S-Corp, trust

Other Income (123,592) (106,930) (16,662) 16%

Total Income 39,696 42,066 (2,370) -6%

DEDUCTIONS 2021 2020 Di erence ($) Di erence (%)

AGI Adjustments 0 0 0 N/A

Itemized or Standard 25,100 24,800 300 1%

Deduction

Quali ed Business Income 2,670 6 2,664 44,400%

Deduction

TAX COMPUTATION 2021 2020 Di erence ($) Di erence (%)

Taxable Income 11,926 17,259 (5,333) -31%

Tax Before Credits 2,537 3,742 (1,205) -32%

Total Credits 374 0 374 N/A

Tax After Credits 2,163 4,073 (1,910) -47%

Other Taxes 0 331 (331) -100%

Total Tax 2,163 4,073 (1,910) -47%

TAX RATES 2021 2020 Di erence ($) Di erence (%)

Marginal Tax Rate 22% 22% 0% 0%

E ective Tax Rate 18.1% 23.6% -5.5% -23%

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 SUPPLEMENTAL SERVICES
For consultation services needed in the current year, please contact us for assistance.

Video Call Consultation

Video consultation to discuss:

• Accounting or tax-related questions
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proactively reduce Federal and State income tax liabilities

Estimated Tax Projection & Report

Projected Tax Calculations & Estimated Tax Report for the

current and future years, with quarterly schedule for
payments.
• Review tax-related transactions
• Estimated Tax Report deliverable
• Comparing current year tax projections with prior year,
if applicable.
• Calculate tax savings, based on “What if ” scenarios

Book 30-Minute or 1-Hour Consultations at

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Important Links
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‣ Upload Documents Link: https://www.dropbox.com/request/ECQnLkDfsKBHoqakA9kN

 DISCLAIMER
This Federal Tax Analysis is solely for the intended receiver and does not apply to any other taxpayer, and for any
other purpose. The information and advice included in this document are non-transferable as each taxpayer’s
situation is factually unique. The information and advice included in this document is not vitri cation of income or
supporting document for creditworthiness.

Paci coTax, LLC does not guarantee, certify, or ensure the outcome of a tax liability and related interest and
penalties. The tax due (or refund expected) is not guaranteed based on a number of factors such as adjustments
by tax authorities, missing information not provided in the tax preparation process, levies, liens, or other events
which may occur. Should an Amended Return be necessary based on missing information, a separate fee for tax
preparation will be due for the amended return. Penalties and Interest charges for late returns, adjustments,
audits, or other corrections made by the IRS or State Tax authorities are not the responsibility of Paci coTax, LLC
regardless of when or how the information is provided.
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