Should I use standard or itemized deductions?

Use whichever is higher. For 2024, the standard deduction is $14,600 (single) or $29,200 (married filing jointly). Itemize if your mortgage interest, state taxes, charitable donations, and other deductions exceed these amounts.

Does this include state taxes?

This calculator focuses on federal income tax only. State taxes vary widely—some states have no income tax, while others can add 10%+ to your tax burden. Add your state rate separately for total tax estimates.

What are tax credits vs deductions?

Deductions reduce your taxable income (saving you tax at your marginal rate). Credits directly reduce your tax owed dollar-for-dollar. A $1,000 credit is worth more than a $1,000 deduction.

Are these 2024 tax brackets?

Yes, this calculator uses the 2024 federal tax brackets and standard deductions as set by the IRS. Brackets are adjusted annually for inflation.

Finance

Tax Calculator (US)

Calculate your US federal income tax based on 2024 tax brackets. See your tax breakdown by bracket, effective rate, and estimated take-home pay.

Annual Gross Income*

Filing Status

Standard Deduction ($14,600)Itemized Deductions

Tax Credits

Made with love

Support

Related Calculators

You might also find these calculators useful

Salary Calculator

Convert salary between hourly, weekly, monthly, and annual

Retirement Calculator

Plan your retirement savings

Compound Interest Calculator

Calculate compound interest growth over time

Boat Loan Calculator

Calculate your monthly boat payment

Calculate Your US Federal Income Tax

Estimate your federal income tax liability using 2024 tax brackets. Our calculator shows exactly how much tax you owe in each bracket, your effective tax rate, and your take-home pay after taxes.

Understanding US Federal Income Tax

The US uses a progressive tax system with marginal tax brackets. This means only the income within each bracket is taxed at that rate, not your entire income. For 2024, there are seven federal tax brackets ranging from 10% to 37%. Your 'marginal rate' is the highest bracket your income reaches, while your 'effective rate' is your actual average tax rate.

Tax Calculation

Tax = Σ (Income in Bracket × Bracket Rate)

How to Calculate Your Taxes

Frequently Asked Questions

Your marginal rate is the highest bracket your income reaches (e.g., 22%). Your effective rate is your actual average rate after applying all brackets (typically much lower). For example, someone in the 22% bracket might have an effective rate of only 12%.