2024 U.S. Federal Tax Calculator
Estimate your federal income taxes with standard or itemized deductions and see your effective and marginal rates.
What this calculator does
It estimates your federal income tax, effective and marginal rates, based on your inputs for filing status, income, and deductions.
How income tax is calculated
Taxable income = income − deductions. Tax owed is computed per bracket, then credits/withholding adjust your final liability.
Who should use this
- Wage earners planning withholdings
- Freelancers estimating quarterly taxes
Examples
- Single filer, $85,000 income, standard deduction → Effective rate around 15–18%
- Married filing jointly, $150,000 income → Check marginal vs effective difference
Understanding Income Taxes
Marginal vs Effective Tax Rate
Understanding the difference between marginal and effective tax rates is crucial for tax planning:
Marginal Tax Rate
Your marginal tax rate is the rate you pay on your last dollar of income—the highest tax bracket your income reaches. For example, if you're in the 22% bracket, your marginal rate is 22%.
Effective Tax Rate
Your effective tax rate is your total tax divided by your total income—the average rate you actually pay. This is always lower than your marginal rate because lower portions of your income are taxed at lower brackets.
Example: If you earn $85,000 as a single filer in 2024, your marginal rate might be 22%, but your effective rate (total tax ÷ income) might be around 15-18% after accounting for deductions and progressive brackets.
Standard vs Itemized Deductions
You can choose to take either the standard deduction or itemize your deductions—whichever is larger:
Standard Deduction
A fixed amount that reduces your taxable income. For 2024:
- Single: $14,600
- Married filing jointly: $29,200
- Married filing separately: $14,600
- Head of household: $21,900
Advantages: Simple, no record-keeping required, automatically applied.
Itemized Deductions
Specific expenses you can deduct, including:
- Medical expenses exceeding 7.5% of AGI
- State and local taxes (SALT) up to $10,000
- Mortgage interest
- Charitable contributions
- Casualty and theft losses
Advantages: Can exceed standard deduction if you have significant qualifying expenses.
Disadvantages: Requires detailed record-keeping and documentation.
How Tax Brackets Work
The U.S. uses a progressive tax system with multiple brackets. Your income is taxed at different rates as it moves through brackets:
Example for 2024 Single Filer:
- First $11,600: 10%
- $11,601-$47,150: 12%
- $47,151-$100,525: 22%
- $100,526-$191,950: 24%
- And so on...
If you earn $85,000, you don't pay 22% on all $85,000. You pay 10% on the first portion, 12% on the next, and 22% only on income above $47,150.