Tax Calculator
Calculate your federal income tax, effective tax rate, and marginal tax bracket based on 2024 IRS tax bracketsInputs
Tax brackets use USD (other currencies for display only)
Determines your standard deduction and brackets
Salary, wages, self-employment, etc.
Most filers use standard deduction
401(k), traditional IRA, HSA contributions reduce taxable income
Enter values to see results
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What is this?
The Tax Calculator estimates your 2024 federal income tax using the official IRS progressive tax bracket system. It calculates your total tax owed, effective tax rate, marginal rate, and take-home pay based on your filing status, income, deductions, and pre-tax contributions. Note: This calculator only includes federal income tax, not FICA or state taxes.How to use
Enter your annual income, select filing status (single, married, head of household), choose between standard or itemized deductions, and add any pre-tax contributions like 401(k) or HSA. The calculator shows your tax owed, effective vs marginal rates, take-home pay, and how much more you can earn before hitting the next bracket. Currency selector available.Tips
- Maximize 401(k) contributions ($23,000 limit) to reduce taxable income and save on taxes
- Use HSA if available ($4,150 limit) - triple tax advantage makes it the best tax shelter
- Most filers benefit from standard deduction ($14,600 single, $29,200 married) over itemizing
- Your effective tax rate is lower than marginal rate - don't fear bracket creep too much
- Consider traditional IRA ($7,000 limit) for immediate tax deduction if income qualifies
- Bunch charitable donations every other year to exceed standard deduction threshold
- Adjust W-4 withholding if you get big refunds (you're giving government interest-free loan)
- Use tax loss harvesting to offset gains and reduce taxable income by up to $3,000/year
- Remember FICA (7.65%) and state taxes significantly increase total tax burden beyond federal
- Plan tax-reducing moves before year-end (Dec 31) - most strategies require action by then
Disclaimer: This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual results may vary based on lender terms, market conditions, and individual circumstances. Consult a qualified financial advisor before making financial decisions. See our full disclaimer for details.