Income Tax Calculator
Calculate your annual income tax, including federal, state, and FICA taxes
Results
Take-Home Pay
$0.00
Annual after-tax income
Total Tax
$0.00
Federal + State + FICA
Effective Tax Rate
0.00%
Total tax / Gross income
Marginal Tax Rate
0.00%
Tax rate on next dollar
Federal Tax
$0.00
State Tax
$0.00
FICA Tax
$0.00
2024 Federal Tax Brackets
| Rate | Single | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | Up to $11,600 | Up to $23,200 | Up to $16,550 |
| 12% | $11,601 - $47,150 | $23,201 - $94,300 | $16,551 - $63,100 |
| 22% | $47,151 - $100,525 | $94,301 - $201,050 | $63,101 - $100,500 |
| 24% | $100,526 - $191,950 | $201,051 - $383,900 | $100,501 - $191,950 |
| 32% | $191,951 - $243,725 | $383,901 - $487,450 | $191,951 - $243,700 |
| 35% | $243,726 - $609,350 | $487,451 - $731,200 | $243,701 - $609,350 |
| 37% | Over $609,350 | Over $731,200 | Over $609,350 |
Understanding Income Tax
Progressive Tax System
The U.S. uses a progressive tax system where different portions of your income are taxed at different rates. As your income increases, you pay a higher percentage on the amount within each bracket.
Types of Taxes
- Federal Income Tax: Based on your income level and filing status
- State Income Tax: Varies by state, some states have no income tax
- FICA Taxes: Social Security (6.2%) and Medicare (1.45%)
Common Deductions
- Standard deduction or itemized deductions
- 401(k) and IRA contributions
- HSA contributions
- Student loan interest
- Mortgage interest
- Charitable contributions
Tax Credits and Deductions
Common Tax Credits
- Child Tax Credit (up to $2,000 per qualifying child)
- Earned Income Tax Credit
- American Opportunity Credit (education)
- Lifetime Learning Credit
- Child and Dependent Care Credit
Tax-Advantaged Accounts
- Traditional 401(k): $23,000 limit (2024)
- Traditional IRA: $7,000 limit (2024)
- HSA: $4,150 individual, $8,300 family (2024)
- FSA: $3,200 limit (2024)
Tax Planning Tips
Tax Reduction Strategies
- Maximize retirement contributions
- Use tax-advantaged accounts
- Bundle itemized deductions
- Harvest tax losses
- Time income and deductions
Important Deadlines
- Tax filing deadline: April 15, 2024
- Q1 estimated tax: April 15, 2024
- Q2 estimated tax: June 17, 2024
- Q3 estimated tax: Sept 16, 2024
- Q4 estimated tax: Jan 15, 2025