Income Tax Calculator

Calculate your federal income tax for 2024. Get detailed breakdown by tax bracket.

2024 Federal Tax Brackets

Single Filers

10%$0 - $11,600
12%$11,600 - $47,150
22%$47,150 - $100,525
24%$100,525 - $191,950
32%$191,950 - $243,725
35%$243,725 - $609,350
37%$609,350 - ∞

Married Filing Jointly

10%$0 - $23,200
12%$23,200 - $94,300
22%$94,300 - $201,050
24%$201,050 - $383,900
32%$383,900 - $487,450
35%$487,450 - $731,200
37%$731,200 - ∞

Understanding Federal Income Tax

The United States uses a progressive tax system with seven tax brackets. This means you pay different rates on different portions of your income, not a flat rate on your entire income.

How Tax Brackets Work

Many people misunderstand how tax brackets work. You don't pay your highest bracket's rate on all your income. Instead:

  • Income up to the first bracket is taxed at 10%
  • Income in the second bracket is taxed at 12%
  • And so on through each bracket you qualify for
  • Only the portion of income in each bracket is taxed at that rate

Effective vs. Marginal Tax Rate

Marginal Tax Rate

The rate you pay on your last dollar of income. This is your highest tax bracket.

Effective Tax Rate

The average rate you pay on all your income. Always lower than your marginal rate.

Tax Planning Tips

  • ✓Maximize Deductions: Contribute to 401(k), IRA, or HSA to reduce taxable income
  • ✓Tax Credits: Take advantage of available tax credits
  • ✓Timing: Consider timing income and deductions strategically
  • ✓Professional Help: Consult a tax professional for complex situations

Disclaimer: This calculator provides estimates for federal income tax only. It doesn't include state taxes, deductions, or credits. Consult a tax professional for accurate tax planning.

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