How accurate are the tax calculations?

Taxes can be difficult to accurately estimate for every individual as the tax code is very complex. However, the model uses general assumptions, such as using the Standard deduction for each filing status, instead of an itemized deduction, and follows the exact income tax brackets by income level for the four filing status categories(i.e. Single, Married filing Jointly, etc) of the US tax code. You can select the State and Filing status method, either at the start of the model, or later by tapping Setting, then Tax filing status and State. Each state tax rate is the average tax rate used per state. For non US countries the model uses the current year tax brackets by income level for those countries. For Canada and Italy you can select the Provincial/Territory or Region as well. For non US countries the model also applies tax breaks for family and children based on local regulations.