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Income Tax Calculator

Calculate your federal income tax liability, effective tax rate, and estimate your tax refund or amount owed.

Filing Information

Income Information

Deductions

Withholding & Credits

Tax Calculation Results

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Tax Brackets Applied

Complete the form above to see which tax brackets were applied to your income.

Comparison with Previous Year

Complete the form above to see how your current tax situation compares to previous years.

Tax Planning Tips

Complete the form above to receive personalized tax planning recommendations.

Understanding Income Tax

Federal income tax is progressive, meaning higher income levels are taxed at higher rates. Understanding how tax brackets work can help you plan better.

Key Concepts:

  • Marginal Tax Rate: The rate applied to your last dollar of income
  • Effective Tax Rate: Your average tax rate across all income
  • Taxable Income: After deductions and exemptions
  • Tax Credits: Direct reduction of tax liability

2024 Standard Deductions:

  • Single: $14,600
  • Married Filing Jointly: $29,200
  • Married Filing Separately: $14,600
  • Head of Household: $21,900

Common Deductions:

  • Mortgage interest
  • State and local taxes (up to $10,000)
  • Charitable contributions
  • Medical expenses (over 7.5% of AGI)

Tax Calculation

Tax = (Taxable Income × Bracket Rate) - Base Amount

Tax is calculated progressively on income within each bracket.

Tax Planning Tips:

  • Contribute to retirement accounts to reduce taxable income
  • Consider tax-loss harvesting for investments
  • Maximize available tax credits
  • Adjust withholding to avoid large refunds or payments
  • Consider timing of income and deductions

Disclaimer

This calculator provides estimates only. Tax laws are complex and subject to change. Consult with a tax professional for personalized advice.