Federal Income Tax Calculator
Calculate your US federal income tax liability for 2024. This calculator uses the current tax brackets, standard deductions, and includes all filing statuses.
Tax Summary
Tax Bracket
2024 Tax Brackets
Understanding Federal Income Tax
Federal income tax is calculated based on your taxable income after deductions and credits. The US uses a progressive tax system with seven tax brackets, where higher income is taxed at higher rates.
2024 Federal Tax Brackets
| Tax Rate | Single | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | $0 to $11,600 | $0 to $23,200 | $0 to $16,550 |
| 12% | $11,601 to $47,150 | $23,201 to $94,300 | $16,551 to $63,100 |
| 22% | $47,151 to $100,525 | $94,301 to $201,050 | $63,101 to $100,500 |
| 24% | $100,526 to $191,950 | $201,051 to $383,900 | $100,501 to $191,950 |
| 32% | $191,951 to $243,725 | $383,901 to $487,450 | $191,951 to $243,700 |
| 35% | $243,726 to $609,350 | $487,451 to $731,200 | $243,701 to $609,350 |
| 37% | $609,351+ | $731,201+ | $609,351+ |
Standard Deductions for 2024
Standard Deduction Amounts
- Single: $14,600
- Married Filing Jointly: $29,200
- Married Filing Separately: $14,600
- Head of Household: $21,900
- Qualifying Widow(er): $29,200
Additional Amounts
- Age 65 or older: +$1,550
- Blind: +$1,550
- Both: +$3,100
- Dependent exemption: $0 (suspended through 2025)
How Federal Tax is Calculated
Tax Calculation Steps
Step 1: Determine Filing Status
Choose the appropriate filing status based on your marital status and household situation.
Step 2: Calculate Gross Income
Sum all income from wages, investments, business, etc.
Step 3: Subtract Deductions
Standard deduction or itemized deductions reduce taxable income.
Step 4: Apply Tax Brackets
Tax each portion of income at the appropriate bracket rate.
Step 5: Subtract Credits
Tax credits directly reduce tax liability.
Marginal vs. Effective Tax Rate
Marginal Tax Rate
The tax rate applied to your last dollar of income. This is the rate shown in tax brackets.
Example: If you're in the 22% bracket, each additional dollar is taxed at 22%.
Effective Tax Rate
Total tax paid divided by total income. This shows your overall tax burden.
Example: $10,000 tax on $75,000 income = 13.3% effective rate.
Common Tax Credits
| Credit Type | Maximum Amount | Eligibility |
|---|---|---|
| Earned Income Tax Credit | $7,430 | Low to moderate income workers |
| Child Tax Credit | $2,000 per child | Families with qualifying children |
| Education Credits | $2,500 | Students paying for higher education |
| Saver's Credit | $2,000 | Contributions to retirement accounts |
Tax Withholding and Estimated Taxes
Most taxpayers have federal income tax withheld from their paychecks throughout the year. If you don't have enough withholding or have other income, you may need to make quarterly estimated tax payments to avoid penalties.
Filing Requirements
You must file a federal income tax return if your gross income exceeds certain thresholds. The tax return is used to calculate your final tax liability and determine if you owe additional tax or are due a refund.
Key Takeaways
- Federal income tax uses a progressive bracket system
- 2024 has seven tax brackets ranging from 10% to 37%
- Standard deductions reduce taxable income
- Tax credits directly reduce tax liability
- Effective tax rate is usually lower than marginal rate
- Most taxpayers have taxes withheld from paychecks
- Tax brackets are adjusted annually for inflation
- Consult a tax professional for personalized advice