Income Tax Calculator
Calculate your federal income tax and see your effective tax rate.
Calculate Income Tax
Standard deductions: Single $13,850, Married $27,700, HOH $20,800
About Income Tax
The U.S. federal income tax system is progressive, meaning higher income is taxed at higher rates. Understanding your tax liability helps with financial planning and budgeting.
Tax Rates (2024)
- 10%: Up to $11,000 (single) / $22,000 (married)
- 12%: $11,000 - $44,725 / $22,000 - $89,050
- 22%: $44,725 - $95,375 / $89,050 - $190,750
- 24%: $95,375 - $182,100 / $190,750 - $364,200
- 32%: $182,100 - $231,250 / $364,200 - $462,500
- 35%: $231,250 - $578,125 / $462,500 - $693,750
- 37%: Over $578,125 / Over $693,750
Key Concepts
- Marginal Rate: Tax rate on your last dollar of income
- Effective Rate: Average tax rate on total income
- Taxable Income: Income after deductions
- Standard Deduction: Flat deduction amount based on filing status
Ways to Reduce Tax
- Contribute to 401(k) or traditional IRA
- Use HSA (Health Savings Account)
- Claim eligible deductions and credits
- Donate to qualified charities
- Consider tax-loss harvesting for investments
Important Notes
- This calculator estimates federal tax only, not state or local taxes
- Actual tax may vary based on credits, additional income, and deductions
- Tax brackets are adjusted annually for inflation
- Consult a tax professional for personalized advice