Income Tax Calculator

Estimate your 2024 federal income tax using current tax brackets. See a detailed breakdown by bracket, your effective tax rate, and marginal rate.

Tax Information

$

Total income before any deductions

$

IRA, HSA, student loan interest, etc.

Enter your income details and click Calculate to see your federal tax breakdown.

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Pro Tip

If you're close to a bracket boundary, contributing to a traditional 401(k) or IRA can lower your taxable income and reduce your marginal rate.

Explore 401(k) Calculator →

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Understanding Federal Income Tax

The U.S. federal income tax system is progressive, meaning your income is taxed at increasing rates as it rises through defined brackets. Not all of your income is taxed at the same rate -- only the portion within each bracket is taxed at that bracket's rate.

Before your income is taxed, you reduce it by deductions. You can choose the standard deduction (a fixed amount based on filing status) or itemize deductions such as mortgage interest, state and local taxes, and charitable contributions.

Above-the-line deductions (like contributions to a traditional IRA, student loan interest, and HSA contributions) reduce your Adjusted Gross Income (AGI) before you apply the standard or itemized deduction.

Your marginal tax rate is the rate on the last dollar of income, while your effective tax rate is the average rate across all your income. Understanding the difference is key to smart tax planning.

Federal Income Tax Calculation

Tax = Σ (Income in Bracketi × Ratei)

Where:

Taxable Income = AGI minus deductions (standard or itemized)

AGI = Gross income minus above-the-line deductions

Rate_i = The marginal rate for each bracket

Example

Single filer with $85,000 gross income, standard deduction ($14,600):

  • • AGI = $85,000
  • • Taxable Income = $85,000 - $14,600 = $70,400
  • • 10% on first $11,600 = $1,160
  • • 12% on $11,600-$47,150 = $4,266
  • • 22% on $47,150-$70,400 = $5,115
  • • Total Tax = $10,541 | Effective Rate = 12.4%

Frequently Asked Questions

What are the 2024 federal tax brackets?
For 2024, single filers face rates of 10% (up to $11,600), 12% ($11,601-$47,150), 22% ($47,151-$100,525), 24% ($100,526-$191,950), 32% ($191,951-$243,725), 35% ($243,726-$609,350), and 37% (over $609,350). Married filing jointly brackets are roughly double these thresholds.
Should I take the standard deduction or itemize?
Take whichever is larger. In 2024, the standard deduction is $14,600 for single filers and $29,200 for married filing jointly. Itemize only if your deductible expenses (mortgage interest, state/local taxes up to $10,000, charitable gifts, etc.) exceed the standard deduction.
What is the difference between marginal and effective tax rate?
Your marginal rate is the tax rate on your last dollar of income. Your effective rate is your total tax divided by gross income. Due to the progressive system, your effective rate is always lower than your marginal rate.
Does this calculator include state taxes?
No, this calculator estimates federal income tax only. State income taxes vary widely -- some states have no income tax while others have rates up to 13.3%. Use our Take-Home Pay calculator for a combined estimate.
What are above-the-line deductions?
Also called adjustments to income, these include traditional IRA contributions, HSA contributions, student loan interest (up to $2,500), self-employed health insurance premiums, and educator expenses ($300). They reduce your AGI before you apply the standard or itemized deduction.