Tax Calculator

Tax Calculator

Understanding your tax liability helps with financial planning. This calculator estimates your federal and state income taxes based on 2024 tax brackets.

Key Terms

• Gross Income — Total income before deductions and taxes.
• Taxable Income — Income after deductions (standard or itemized).
• Marginal Tax Rate — The rate applied to your last dollar of income.
• Effective Tax Rate — Total tax divided by gross income.
• Standard Deduction — A fixed amount subtracted from income ($13,850 single, $27,700 married in 2024).

2024 Federal Tax Brackets

• 10% — $0 to $11,000 (single) / $0 to $22,000 (married)
• 12% — $11,001 to $44,725 (single) / $22,001 to $89,450 (married)
• 22% — $44,726 to $95,375 (single) / $89,451 to $190,750 (married)
• 24% — $95,376 to $182,050 (single) / $190,751 to $364,200 (married)
• 32% — $182,051 to $231,250 (single) / $364,201 to $462,500 (married)
• 35% — $231,251 to $578,125 (single) / $462,501 to $693,750 (married)
• 37% — Over $578,125 (single) / Over $693,750 (married)

Tax Planning Tips

• Contribute to tax-advantaged accounts (401k, IRA, HSA).
• Consider tax-loss harvesting in investment accounts.
• Track deductible expenses like charitable donations and mortgage interest.
• Adjust your W-4 withholding to avoid overpaying taxes.
• Consult a tax professional for complex situations.