Income Tax Calculator
Calculate your federal and state income taxes, FICA taxes, and take-home pay for 2024.
Income Information
Deductions & Pre-Tax
Tax Summary
| Tax Bracket | Tax Rate | Taxable Amount | Tax Owed |
|---|---|---|---|
| $0.00 - $11,600.00 | 10.0% | $11,600.00 | $1,160.00 |
| $11,600.00 - $47,150.00 | 12.0% | $35,550.00 | $4,266.00 |
| $47,150.00 - $100,525.00 | 22.0% | $13,250.00 | $2,915.00 |
| Total Federal Tax: | $8,341.00 | ||
What is Income Tax Calculator?
An income tax calculator helps you estimate your federal and state income taxes, Social Security, Medicare taxes, and your after-tax income. Understanding your tax burden helps with financial planning and budgeting.
How Income Taxes Work
The US uses a progressive tax system where higher income levels are taxed at higher rates. Your marginal tax rate is the rate applied to your last dollar of income, while your effective tax rate is your total tax divided by your total income.
Types of Taxes on Income
- Federal Income Tax: Progressive rates from 10% to 37% based on income and filing status
- State Income Tax: Varies by state, from 0% to over 13%. Some states have no income tax
- Social Security Tax: 6.2% on wages up to $160,200 (2024 limit)
- Medicare Tax: 1.45% on all wages, plus 0.9% additional tax on high earners
Deductions and Credits
Deductions reduce your taxable income, while credits reduce your tax owed dollar-for-dollar. Common deductions include the standard deduction, mortgage interest, charitable donations, and state and local taxes (SALT).
Tax Planning Strategies
- Maximize 401(k) Contributions: Reduces current taxable income
- HSA Contributions: Triple tax advantage (deductible, grows tax-free, tax-free withdrawals)
- Tax-Loss Harvesting: Offset investment gains with losses
- Roth IRA Conversions: Consider converting traditional IRA funds during low-income years
- Timing Income: Manage when you receive bonuses or sell investments
Important Notes
- This calculator provides estimates based on 2024 tax brackets and rates
- Actual taxes may vary due to additional deductions, credits, or income sources
- State tax calculations use simplified flat rates - actual state taxes may be progressive
- Consider consulting a tax professional for complex situations