Income Tax Calculator
Estimate your 2024 US Federal Income Tax liability. See your effective tax rate, marginal bracket, and projected take-home pay instantly.
How Federal Income Tax Works
The US Federal Income Tax system is progressive. This means you do not pay one single rate on all your income. Instead, your income is divided into chunks (brackets), and each chunk is taxed at a specific rate.
For example, if you are in the 22% bracket, you do not pay 22% on your entire income. You pay 10% on the first chunk, 12% on the next chunk, and only 22% on the dollars that fall into that top bucket.
Standard Deduction (2024)
Before tax is calculated, the IRS allows you to subtract a "Standard Deduction" from your gross income to determine your Taxable Income.
- Single: $14,600
- Married Filing Jointly: $29,200
- Head of Household: $21,900
Effective vs. Marginal Rate
- Marginal Rate: The tax rate applied to the very last dollar you earned. This is your "tax bracket".
- Effective Rate: The actual percentage of your total income that went to the IRS. This is always lower than your marginal rate because lower chunks of your income were taxed at 0%, 10%, or 12%.
? Frequently Asked Questions
No. This calculator estimates US Federal Income Tax only. State taxes vary significantly—some states (like Texas, Florida, Washington) have 0% income tax, while others (like California, New York) have high rates.
FICA (Federal Insurance Contributions Act) is separate from income tax. It funds Social Security (6.2%) and Medicare (1.45%). This calculator focuses solely on Federal Income Tax liability.
Generally, you should only itemize if your total deductible expenses (mortgage interest, state taxes, charitable donations, etc.) exceed the Standard Deduction amount for your filing status.