Income Tax Calculator (US)
Calculate US income tax
Income Tax Calculator (US)
Calculate US federal income tax for 2024 tax year
Enter Details
Standard deduction: $14,600
Tax Calculation Results
Taxable Income
$35,400
Income Tax
$4,016
Additional Medicare Tax (0.9%)
$0
Net Investment Income Tax (3.8%)
$0
Total Tax
$4,016
Marginal Tax Rate
12%
How to Use the US Income Tax Calculator
Our US Income Tax Calculator helps you estimate your federal income tax liability for the 2024 tax year. Simply enter your annual income, select your filing status, and choose your deduction options to get accurate calculations.
Step-by-Step Guide:
- Enter your gross annual income from all sources
- Select your filing status (Single, Married Filing Jointly, etc.)
- Choose whether to use the standard deduction
- Add any additional deductions (medical, charitable, etc.)
- Review your tax calculation and marginal tax rate
- Download the results for your tax planning
Features of Our US Income Tax Calculator
2024 Tax Brackets
Updated with the latest 2024 federal income tax brackets and rates
All Filing Statuses
Support for Single, Married Filing Jointly, Married Filing Separately, and Head of Household
Standard Deductions
Automatic calculation of standard deductions based on filing status
Additional Taxes
Includes Additional Medicare Tax and Net Investment Income Tax calculations
Marginal Tax Rate
Shows your marginal tax rate to help with tax planning decisions
Download Results
Save your tax calculation results as a text file for record-keeping
Why Use Our US Income Tax Calculator?
Understanding your tax liability is crucial for financial planning. Our calculator provides accurate estimates based on current tax laws and helps you make informed decisions about deductions and withholdings.
Benefits:
- ✓Estimate your tax refund or payment
- ✓Understand marginal tax rates
- ✓Plan deductions and credits
- ✓Compare filing statuses
Use Cases:
- ✓Year-end tax planning
- ✓W-4 form adjustments
- ✓Retirement planning
- ✓Investment decisions
Who Should Use This Calculator?
This calculator is designed for taxpayers who want to understand their federal income tax obligations and make informed financial decisions.
Individual Taxpayers
Estimate your annual tax liability and plan withholdings
Married Couples
Compare tax liability when filing jointly vs separately
Small Business Owners
Plan quarterly tax payments and estimated taxes
Investors
Understand tax implications of investment income
Tax Professionals
Quick tax estimates for client consultations
Students
Learn about progressive taxation and tax brackets
Understanding US Federal Income Tax System
Progressive Tax System
The US uses a progressive tax system where tax rates increase as income increases. This means higher-income earners pay a larger percentage of their income in taxes. The system is designed to be fair by taxing higher earners at higher rates.
2024 Tax Brackets (Single)
- • $0 - $11,600: 10%
- • $11,601 - $47,150: 12%
- • $47,151 - $100,525: 22%
- • $100,526 - $191,950: 24%
- • $191,951 - $243,725: 32%
- • $243,726 - $609,350: 35%
- • Over $609,350: 37%
2024 Tax Brackets (Married Filing Jointly)
- • $0 - $23,200: 10%
- • $23,201 - $94,300: 12%
- • $94,301 - $201,050: 22%
- • $201,051 - $383,900: 24%
- • $383,901 - $487,450: 32%
- • $487,451 - $731,200: 35%
- • Over $731,200: 37%
Filing Statuses
- Single: Unmarried individuals or married filing separately
- Married Filing Jointly: Married couples filing one return together
- Married Filing Separately: Married couples filing separate returns
- Head of Household: Unmarried individuals supporting dependents
Standard Deductions
The standard deduction is a fixed dollar amount that reduces your taxable income. You can choose between taking the standard deduction or itemizing deductions. Most taxpayers take the standard deduction as it's simpler.
2024 Standard Deductions:
- • Single: $14,600
- • Married Filing Jointly: $29,200
- • Married Filing Separately: $14,600
- • Head of Household: $21,900
Additional Taxes
Additional Medicare Tax (0.9%)
High earners (over $200,000 for single filers) pay an additional 0.9% Medicare tax on wages and self-employment income.
Net Investment Income Tax (3.8%)
Investors with modified adjusted gross income over $200,000 pay 3.8% on investment income including interest, dividends, and capital gains.
Frequently Asked Questions
What is the difference between marginal and effective tax rates?
Your marginal tax rate is the rate you pay on your last dollar of income. Your effective tax rate is your total tax divided by your total income, representing the average rate you pay on all income.
Should I itemize deductions or take the standard deduction?
Compare your itemized deductions (mortgage interest, state taxes, charitable donations, etc.) with the standard deduction. Choose the option that gives you the larger deduction amount.
What is estimated tax payment?
Self-employed individuals and those with investment income must make quarterly estimated tax payments if they expect to owe at least $1,000 in tax and their withholding and credits are less than the smaller of 90% of the tax shown on the current year's return or 100% of the tax shown on the prior year's return.
How does marriage affect my tax brackets?
Married couples filing jointly have higher tax brackets than single filers, which can result in tax savings due to the marriage bonus. However, married filing separately often results in higher tax liability.
What are tax credits vs deductions?
Tax deductions reduce your taxable income, while tax credits reduce your tax liability dollar-for-dollar. Credits are generally more valuable than deductions of the same amount.
How often are tax brackets adjusted?
Tax brackets are typically adjusted annually for inflation. The IRS releases new brackets each year based on the Consumer Price Index. The calculator uses the most current 2024 tax brackets.