Income Tax Calculator
Estimate your 2024 US federal income tax liability. This calculator factors in your filing status, gross income, and standard or itemized deductions to provide a clear picture of your tax burden and take-home pay.
2024 Federal Income Tax Brackets
For the 2024 tax year (taxes filed in 2025), the IRS has adjusted the brackets for inflation.
| Tax Rate | Single Filers | Married (Joint) |
|---|---|---|
| 10% | $0 – $11,600 | $0 – $23,200 |
| 12% | $11,601 – $47,150 | $23,201 – $94,300 |
| 22% | $47,151 – $100,525 | $94,301 – $201,050 |
| 24% | $100,526 – $191,950 | $201,051 – $383,900 |
| 32% | $191,951 – $243,725 | $383,901 – $487,450 |
| 35% | $243,726 – $609,350 | $487,451 – $731,200 |
| 37% | Over $609,350 | Over $731,200 |
About Income Tax Calculator
The US federal income tax system is progressive, meaning that as your income increases, you pay a higher percentage of tax on the additional dollars earned. This can make calculating your actual tax bill complicated.
Our calculator simplifies this process by applying the 2024 IRS tax brackets to your specific situation, helping you understand not just what you owe, but your effective tax rate—the actual percentage of your total income that goes to the IRS.
What This Calculator Is Good For
- Financial Planning: Estimate your tax liability to avoid surprises during tax season.
- Salary Negotiation: Understand how a raise will actually impact your take-home pay.
- Withholding Adjustment: Determine if you should adjust your W-4 with your employer.
- Budgeting: Plan your monthly expenses based on your actual net income.
Limitations & Considerations
- State & Local Taxes: This calculator only estimates federal income tax. State and local taxes are not included.
- FICA Taxes: Social Security and Medicare taxes (7.65% for most employees) are not factored in.
- Tax Credits: This tool does not account for tax credits like the Child Tax Credit or EITC, which can significantly reduce your bill.
- Other Income: Capital gains, dividends, and self-employment income may be taxed differently.
How Income Tax is Calculated
Taxable Income = Gross Income - Deductions
Progressive Tax:
Income is divided into "buckets" (brackets). Each bucket is taxed at its specific rate. Your total tax is the sum of taxes from all applicable buckets.