Income Tax Calculator
Calculate your federal income tax using 2024 tax brackets and standard deduction.
How do tax brackets work?
Tax brackets are progressive - you pay different rates on different portions of income, not one rate on everything. Example: $60,000 single filer - First $11,000 taxed at 10% ($1,100), next $33,725 at 12% ($4,047), remaining $15,275 at 22% ($3,361). Total tax = $8,508 (14.2% effective rate), NOT $13,200 (22% on everything). This is why raises always increase take-home pay.
Will a raise bump me into a higher tax bracket?
Yes, but you still earn more money! Only income ABOVE the bracket threshold is taxed at higher rate. Example: You earn $44,000 (12% bracket), get $2,000 raise to $46,000 (22% bracket). Only the $1,275 above $44,725 is taxed at 22%, rest stays at 12%. Your $2,000 raise costs ~$440 in extra tax, you keep $1,560. Higher bracket never means less take-home.
When are taxes due?
Federal tax returns due April 15 (or next business day). Extensions to October 15 available but you must still pay estimated tax by April 15 to avoid penalties. Quarterly estimated taxes for self-employed: April 15, June 15, September 15, January 15. W-2 employees have taxes withheld automatically. File early for faster refunds; wait if expecting corrections (1099s arrive by January 31).
How can I lower my tax bill?
Maximize tax-advantaged accounts: 401(k) ($23,000 limit), IRA ($7,000 limit), HSA ($4,150 single). These reduce taxable income dollar-for-dollar. Tax credits (better than deductions): Child Tax Credit ($2,000/child), Earned Income Credit (low income), education credits, residential energy credits. Self-employed: Deduct business expenses, home office, vehicle mileage. Itemize if deductions exceed standard.