Tax Calculator
Overview
Calculate your federal income tax, effective tax rate, and marginal tax bracket based on 2024 IRS tax brackets and deductions
Key Facts
| Field | Value |
|---|---|
| Calculator ID | tax |
| Category | Finance |
| Vertical | Finance & Economics |
| App route | /verticals/finance/tax |
| API endpoint | /api/public/calculate?id=tax |
Inputs
| Input ID | Label | Type | Required | Default | Constraints |
|---|---|---|---|---|---|
currency | Currency | select | Yes | USD | - |
filingStatus | Filing Status | select | Yes | single | - |
annualIncome | Annual Gross Income | currency | Yes | 75000 | min 0, max 100000000, step 1000 |
deductionType | Deduction Type | select | Yes | standard | - |
itemizedDeductions | Itemized Deductions | currency | No | 0 | min 0, max 10000000, step 500 |
preTaxContributions | 401(k)/IRA Contributions | currency | No | 0 | min 0, max 100000, step 500 |
How to Use
- Enter Income — Enter your annual gross income
- Select Filing Status — Select filing status (single, married, or head of household)
- Choose Deductions — Choose between standard or itemized deductions
- Add Contributions — Add pre-tax contributions (401k, IRA, HSA) if applicable
Result Surfaces
| Output | Display Type | Format |
|---|---|---|
| Computed results | result-card | - |
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FAQ
What is the difference between marginal and effective tax rate?
Marginal rate is the tax on your NEXT dollar earned (your top bracket). Effective rate is average tax on ALL income. Example: 22% marginal, 15% effective means next $1,000 raise costs $220 in tax, not $1,000 × 0.15.
How do tax brackets work?
Progressive system: you pay different rates on different portions of income. First $11,600 taxed at 10%, next chunk at 12%, etc. You never pay your top rate on all income. Moving to higher bracket only affects income ABOVE that threshold.
Should I use standard or itemized deduction?
Use whichever is higher. Standard: $14,600 (single), $29,200 (married). Itemize if: high mortgage interest + property tax + charity > standard. Most people (87%) use standard deduction.
Evidence
src/lib/calculators/registry.ts(metadata)src/lib/calculators/page-registry.ts(page/HowTo metadata)src/lib/calculators/finance/tax.ts(calculator config)
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