Tax Freedom Day Assess how many days you'll work to pay your federal tax liability. You are viewing this website at a small screen resolution which doesn't support calculators. Click here to view this calculator. Have A Question About This Topic? Name Email Address Message Thank you! Oops! Related Content When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases. When Do You Need a Will? When do you need a will? The answer is easy: Right Now. Disability and Your Finances In the event of an unforeseen accident or illness, disability insurance may be a good way to protect your income and savings.