Federal Income Tax Calculator

What is the difference between marginal and effective tax rate?

Your marginal rate is the rate on your last dollar of income — the highest bracket you reach. Your effective rate is your total tax divided by total income, which is always lower. For example, earning $75,000 as single places you in the 22% marginal bracket, but your effective rate is about 13–14%.

Should I take the standard deduction or itemize?

Take whichever is higher. The 2024 standard deduction ($14,600 single / $29,200 MFJ) is so large that about 90% of taxpayers use it. You'd need more than $14,600 in deductible expenses (mortgage interest, state taxes up to $10K, charitable donations, medical expenses above 7.5% of AGI) to benefit from itemizing.

Does this include state income tax?

No — this calculates federal income tax only. Most states have their own income tax (0% in Texas, Florida, Nevada, Washington, Alaska, Wyoming, South Dakota; up to 13.3% in California). Use the Paycheck Calculator for a combined federal + state + FICA estimate.

What are the 2024 tax brackets?

Single filers: 10% on first $11,600; 12% on $11,600–$47,150; 22% on $47,150–$100,525; 24% on $100,525–$191,950; 32% on $191,950–$243,725; 35% on $243,725–$609,350; 37% above $609,350. MFJ brackets are roughly double the single brackets.