Income Tax Calculator
Estimate your US federal income tax liability using 2024 tax brackets.
How this is calculated
Uses 2024 IRS tax brackets with standard deduction ($14,600 single / $29,200 married). State taxes not included.
Frequently Asked Questions About Income Tax Calculator
An income tax calculator estimates your federal tax liability based on your gross income and filing status. It shows your effective tax rate, marginal rate, and after-tax income to help you plan your finances.
What is the difference between effective and marginal tax rates?
Your effective tax rate is your total tax divided by your total income, showing the average percentage you pay. Your marginal tax rate is the percentage you pay on your last dollar earned and determines your tax bracket. Knowing both helps you understand your full tax picture.
Should I itemize deductions or take the standard deduction?
Use whichever gives you the larger deduction. In 2024, the standard deduction is $14,600 (single) or $29,200 (married). If your itemized deductions exceed this, itemizing saves you more tax. Most people benefit from the standard deduction.
Does this calculator include state and local taxes?
No, this calculator shows federal income tax only. State and local taxes vary widely by location and are not included. Your actual total tax bill may be higher depending on where you live.
How do tax brackets work?
Tax brackets are progressive, meaning different portions of your income are taxed at different rates. You don't pay your marginal rate on all income—only on income above each threshold. This calculator uses 2024 federal brackets.
What deductions can I use in this calculator?
You can enter itemized deductions like mortgage interest, charitable contributions, and medical expenses. If your itemized deductions don't exceed the standard deduction, just use the standard deduction (enter 0 for itemized).
Is this estimate accurate for my actual tax return?
This provides a general estimate for 2024. Your actual tax may differ based on credits, special situations, and deductions this calculator doesn't account for. Consult a tax professional or the IRS for precise calculations.