Income Tax Calculator
Calculate your US federal income tax, FICA taxes, and state taxes for 2024-2025 tax year. Get accurate tax estimates with detailed breakdowns.
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Understanding Federal Income Taxes
How Federal Income Tax Works
Income in America is taxed by the federal government, most state governments, and many local governments. The federal income tax system is progressive, meaning the rate of taxation increases as income increases. Marginal tax rates range from 10% to 37%.
This means you don't pay the same rate on all your income. Instead, you pay different rates on different portions of your income, with higher rates applying only to income above certain thresholds.
2024 Federal Tax Brackets
| Filing Status | Taxable Income | Tax Rate |
|---|---|---|
| Single | $0 - $11,600 | 10% |
| $11,600 - $47,150 | 12% | |
| $47,150 - $100,525 | 22% | |
| $100,525 - $191,950 | 24% | |
| $191,950 - $243,725 | 32% | |
| $243,725 - $609,350 | 35% | |
| $609,350+ | 37% |
Key Tax Concepts
Marginal Tax Rate
The tax rate you pay on your last dollar of income. This is the highest rate that applies to your income.
Effective Tax Rate
Your total tax divided by your total income. This gives you the average rate you pay on all your income.
FICA Taxes
Social Security (6.2%) and Medicare (1.45%) taxes. These are separate from income tax and fund social programs.
Deductions & Credits
Standard Deduction
Single: $14,600 (2024). Married Filing Jointly: $29,200. This reduces your taxable income.
Itemized Deductions
Mortgage interest, state/local taxes, charitable contributions, medical expenses over 7.5% of AGI.
Tax Credits
Direct reductions of your tax bill. Examples: Child Tax Credit, Earned Income Credit, education credits.
Important Tax Information
- • These calculations are estimates for the 2024-2025 tax year
- • State and local taxes vary significantly by location
- • Consult a tax professional for complex situations
- • Tax laws can change, so verify current rates
- • This calculator does not account for all possible deductions and credits
Frequently Asked Questions
What's the difference between marginal and effective tax rate?
Your marginal rate is the highest rate you pay (on your last dollar), while your effective rate is the average rate across all your income. For example, if you earn $50,000, you might have a 22% marginal rate but only a 12% effective rate.
Should I take the standard deduction or itemize?
Take whichever is higher. Most people benefit from the standard deduction unless they have significant mortgage interest, state/local taxes, or charitable contributions.
How do retirement contributions affect my taxes?
Traditional 401(k) and IRA contributions reduce your taxable income, potentially lowering your tax bill. Roth contributions don't reduce current taxes but offer tax-free withdrawals in retirement.