Income Tax Calculator
Estimate your US federal income tax using 2024 brackets. See tax breakdown by bracket, effective rate, and take-home pay.
About this Calculator
Estimate your US federal income tax using 2024 brackets. See tax breakdown by bracket, effective rate, and take-home pay.
Formula & Calculations
Formula
Tax = Σ (bracket income × bracket rate)Where:
- GI=Gross annual income
- D=Total deductions (standard or custom)
- TI=Taxable income (gross income minus deductions)
- BR=Tax bracket rate for each income segment
Assumptions
- Uses 2024 US federal tax brackets for the selected filing status.
- Standard deductions: Single $14,600, Married Joint $29,200, Head of Household $21,900.
- Does not include state taxes, FICA (Social Security/Medicare), tax credits, or other adjustments.
Calculation Examples
Example 1
A single filer earning $75,000 takes the $14,600 standard deduction. Taxable income of $60,400 falls into the 10% and 12% brackets, with a portion in the 22% bracket.
Example 2
Married filing jointly with $150,000 income and $29,200 standard deduction results in taxable income of $120,800, spread across the 10%, 12%, and 22% brackets.
Example 3
High income earners see their effective rate approach the higher brackets, with a substantial portion of income taxed at 32% and 35%.
Frequently Asked Questions
What is the difference between marginal and effective tax rate?
Your marginal tax rate is the rate applied to your last dollar of income (your highest bracket). Your effective tax rate is the average rate you pay on all income — total tax divided by total income. The effective rate is always lower than the marginal rate in a progressive tax system.
Should I take the standard deduction or itemize?
Take whichever is larger. For 2024, the standard deduction is $14,600 (Single), $29,200 (Married Joint), and $21,900 (Head of Household). If your itemized deductions (mortgage interest, charitable donations, state/local taxes, medical expenses) exceed the standard deduction, itemize.