Tax Calculator

Calculate your federal income tax using current tax brackets. See your effective tax rate and after-tax income.

Taxable Income = Gross Income - Deductions; Tax = Progressive bracket calculation; Effective Rate = Total Tax / Gross Income
$75,000 single filer with $13,850 standard deduction: Taxable = $61,150, Tax = $9,988, Effective rate = 13.3%, After-tax = $65,012

What tax bracket am I in?

2024 federal tax brackets (single): 10% ($0-$11,000), 12% ($11,001-$44,725), 22% ($44,726-$95,375), 24% ($95,376-$182,100), 32% ($182,101-$231,250), 35% ($231,251-$578,125), 37% ($578,126+). IMPORTANT: Tax is progressive - you don't pay your bracket rate on all income. Someone earning $50,000 pays 10% on first $11k, 12% on next $33,725, and 22% on remaining $5,275.

What is the difference between marginal and effective tax rate?

Marginal rate: Tax rate on your last dollar earned (your bracket). Effective rate: Total tax / total income (actual average rate). Example: $75,000 income, single filer pays ~$11,000 tax. Marginal rate = 22% (your bracket), Effective rate = 14.7% (actual rate paid). You'll see effective rate is always lower than marginal because of progressive brackets.

Should I take standard deduction or itemize?

Take standard deduction unless itemized deductions exceed it. 2024 standard: Single $13,850, Married $27,700, HOH $20,800. Itemize if: High mortgage interest, large charitable donations, significant medical expenses, or high state/local taxes. ~90% of filers use standard deduction since 2018 tax law changes. TurboTax/tax software calculates both automatically.

What deductions can I claim?

Standard deduction: Automatic, no tracking needed. Itemized deductions: Mortgage interest, property tax (capped $10k), charitable donations, medical expenses (over 7.5% income), state income tax. Above-the-line deductions (reduce AGI): Student loan interest, IRA contributions, HSA contributions, educator expenses. These stack with standard deduction. Keep receipts for itemized deductions.