The Facts About Income Tax Want to be Smarter With Your Money? Join our mailing list and get news and info to support your financial goals. First Name Last Name Email Address Thank you! Oops! Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. Share | Related Content Federal Income Tax Use this calculator to estimate your income tax liability along with average and marginal tax rates. What Do Your Taxes Pay For? Here's a breakdown of how the federal government spends your tax money. Home Mortgage Deduction Use this calculator to assess the potential benefits of a home mortgage deduction.