Income Tax Calculator

Estimate your federal and state income taxes

Income Information

Enter your income and filing details

2024 standard: Single $14,600 | Married $29,200 | Head of Household $21,900

Varies by state: 0% (9 states) to 13.3% (California)

Understanding U.S. Income Taxes

Federal Income Tax

The U.S. uses a progressive tax system with seven tax brackets. You don't pay the same rate on all your income - you pay increasing rates as your income increases through each bracket.

2024 Tax Brackets

Single Filers:

  • 10% on income up to $11,600
  • 12% on income $11,600 - $47,150
  • 22% on income $47,150 - $100,525
  • 24% on income $100,525 - $191,950
  • 32% on income $191,950 - $243,725
  • 35% on income $243,725 - $609,350
  • 37% on income over $609,350

FICA Taxes

FICA (Federal Insurance Contributions Act) taxes fund Social Security and Medicare.

  • Social Security: 6.2% on income up to $168,600 (2024 limit)
  • Medicare: 1.45% on all income
  • Additional Medicare: 0.9% on income over $200,000

State Income Taxes

Most states charge income tax, but rates vary widely:

  • No Income Tax (9 states): Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming
  • Low Tax (<4%): Arizona, Colorado, Illinois, Indiana, etc.
  • Medium Tax (4-7%): New York, Massachusetts, Virginia, etc.
  • High Tax (>7%): California (up to 13.3%), Hawaii, New Jersey

Deductions

Standard Deduction (2024)

  • Single: $14,600
  • Married Filing Jointly: $29,200
  • Head of Household: $21,900

Itemized Deductions

You can choose to itemize instead of taking the standard deduction if your itemized deductions exceed the standard amount:

  • Mortgage interest (up to $750,000 in debt)
  • State and local taxes (SALT) - capped at $10,000
  • Charitable contributions
  • Medical expenses (exceeding 7.5% of AGI)

Tax Credits vs. Deductions

Deductions reduce taxable income. Credits reduce tax owed dollar-for-dollar.

Common Tax Credits:

  • Child Tax Credit: Up to $2,000 per qualifying child
  • Earned Income Tax Credit (EITC): For lower-income workers
  • Retirement Savings Credit: For contributing to retirement accounts
  • Education Credits: American Opportunity Credit, Lifetime Learning Credit

How to Reduce Your Taxes

  1. Contribute to retirement accounts: 401(k), IRA contributions are pre-tax
  2. Max out HSA: Health Savings Accounts are triple tax-advantaged
  3. Claim all eligible credits: Child tax credit, education credits, etc.
  4. Time income and deductions: Strategic timing can reduce taxes
  5. Harvest investment losses: Offset capital gains
  6. Donate to charity: Deductible if you itemize

Important Dates

  • April 15: Tax filing deadline (or next business day)
  • October 15: Extended filing deadline (if extension filed)
  • January 15: Q4 estimated tax payment due
  • Quarterly: Estimated tax payments (if self-employed)

Estimated vs. Actual

This calculator provides estimates. Your actual tax may vary based on:

  • Additional income sources (investments, side business, etc.)
  • Tax credits you qualify for
  • Itemized deductions
  • State and local tax rules
  • Changes in tax law

Consult a tax professional for personalized advice and to ensure accuracy.