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Calculate federal and state income taxes, deductions, credits, and take-home pay with detailed breakdown
$75,000
Standard Deduction: $13,850
$2,000 per qualifying child
Annual Take-Home Pay
$0
$0 per month
Effective Rate
0.00%
Marginal Rate
0.00%
This calculator provides estimates based on current 2024 IRS tax brackets and standard deduction amounts. Actual tax liability may vary based on your complete financial situation, additional income sources, and specific deductions or credits you qualify for. This tool is designed for informational and planning purposes. For personalized tax advice, please consult a qualified tax professional or CPA. Tax laws are subject to change.
An income tax calculator is a comprehensive financial tool that helps you estimate your federal and state income tax liability based on your income, filing status, deductions, and credits. It calculates your taxable income, applies the appropriate tax brackets, and determines your total tax owed or refund expected. Our advanced calculator goes beyond basic tax estimation by providing detailed breakdowns of your effective tax rate, marginal tax rate, FICA taxes, and take-home pay.
Whether you're a W-2 employee, self-employed, or have multiple income sources, our calculator helps you understand your complete tax picture. It includes features for comparing standard vs itemized deductions, analyzing tax credits, planning quarterly estimated taxes, and optimizing your withholding to avoid surprises at tax time. Use it for tax planning, budgeting, or evaluating the tax impact of financial decisions like raises, bonuses, or retirement contributions.
Start by entering your annual gross income from all sources: W-2 wages, self-employment income, interest, dividends, capital gains, rental income, and other taxable income. Select your filing status (Single, Married Filing Jointly, Married Filing Separately, Head of Household, or Qualifying Widow(er)) as this significantly impacts your tax brackets and standard deduction.
Decide between standard deduction ($13,850 single, $27,700 married for 2024) or itemized deductions. If itemizing, enter mortgage interest, state/local taxes (SALT capped at $10,000), charitable donations, and medical expenses exceeding 7.5% of AGI. The calculator automatically recommends the option that saves you more.
Include pre-tax contributions that reduce your taxable income: Traditional 401(k)/IRA contributions (up to $22,500/$6,500), HSA contributions ($3,850 single/$7,750 family), student loan interest (up to $2,500), educator expenses, self-employment tax deduction, and alimony paid (for pre-2019 divorces).
Enter eligible tax credits: Child Tax Credit ($2,000 per child), Earned Income Credit, education credits, dependent care credit, and energy credits. Review your complete tax summary showing federal tax, state tax, FICA, effective rate, marginal rate, and take-home pay. Use the breakdown to identify tax-saving opportunities.
Calculate both federal and state income taxes with support for all 50 states and their unique tax brackets.
See exactly which tax brackets your income falls into with visual breakdown of marginal vs effective rates.
Automatic calculation of Social Security (6.2%) and Medicare (1.45%) taxes with Additional Medicare Tax.
Compare standard and itemized deductions side-by-side to maximize your tax savings automatically.
Calculate Child Tax Credit, EITC, education credits, and other credits that directly reduce your tax bill.
See your actual net income after all federal, state, and FICA taxes with per-paycheck breakdown.
Calculate quarterly estimated tax payments for self-employed individuals and independent contractors.
Optimize your W-4 allowances to avoid large refunds or tax bills - get the right withholding amount.
The U.S. uses a progressive tax system with seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your income is divided into portions, with each portion taxed at its corresponding rate. For example, if you're single with $60,000 income, you pay 10% on the first $11,000, 12% on income from $11,001 to $44,725, and 22% on the remaining amount. You don't pay 22% on all $60,000 - this is a common misconception.
Contribute the maximum to 401(k) ($22,500) and IRA ($6,500) to reduce taxable income. If you're 50+, add catch-up contributions ($7,500 for 401k, $1,000 for IRA). This can save $5,000-$10,000 in taxes annually.
HSA offers triple tax benefits: tax-deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses. Contribute up to $3,850 (single) or $7,750 (family) to reduce taxable income.
Tax credits directly reduce your tax bill dollar-for-dollar. Don't miss Child Tax Credit ($2,000), EITC (up to $7,430), education credits ($2,500), or energy credits (30% of solar installation costs).
Sell investments at a loss to offset capital gains. You can deduct up to $3,000 in net losses against ordinary income annually, with unlimited carryforward for future years.
If your itemized deductions are close to the standard deduction, bunch two years of charitable donations, medical expenses, or property taxes into one year to exceed the threshold and maximize savings.
While not federally deductible, many states offer tax deductions for 529 education savings contributions. Earnings grow tax-free and withdrawals for education are tax-free.
If expecting higher income next year, defer income to this year and accelerate deductions. If expecting lower income, do the opposite. Strategic timing can save thousands in taxes.
If you're 70ÂŊ+, donate up to $100,000 directly from your IRA to charity. This satisfies RMD requirements without increasing taxable income - better than itemizing charitable deductions.
These deductions reduce your Adjusted Gross Income (AGI) and are available whether you itemize or take the standard deduction: Traditional IRA contributions (up to $6,500, $7,500 if 50+), HSA contributions ($3,850 single/$7,750 family), student loan interest (up to $2,500), educator expenses ($300), self-employment tax (50% deductible), self-employed health insurance, alimony paid (pre-2019 divorces), and moving expenses (military only).
Standard Deduction 2024: Single: $13,850, Married Filing Jointly: $27,700, Head of Household: $20,800. Additional $1,850 if 65+ or blind ($1,500 for married). Most taxpayers (about 90%) take the standard deduction because it's higher than their itemized deductions.
Itemized Deductions: Consider itemizing if you have: high mortgage interest (on loans up to $750,000), significant state/local taxes (SALT capped at $10,000), large charitable donations, substantial medical expenses (exceeding 7.5% of AGI), casualty losses from federally declared disasters, or gambling losses (up to gambling winnings). Use our calculator to compare both options automatically.
An income tax calculator is a tool that helps you estimate your federal and state income tax liability based on your income, filing status, deductions, and credits. It calculates your taxable income, applies current tax brackets, and shows your estimated tax owed or refund. This calculator provides estimates for planning purposes - your actual tax liability may vary based on your complete financial situation.
Federal income tax uses a progressive bracket system with rates ranging from 10% to 37% for 2024. Your income is divided into portions, with each portion taxed at its corresponding rate. First, deductions are subtracted from gross income to determine taxable income, then tax is calculated by applying the bracket rates to different income ranges. The progressive system means you only pay higher rates on income that falls within higher brackets.
The standard deduction is a fixed amount that reduces your taxable income ($13,850 for single filers, $27,700 for married filing jointly in 2024). Itemized deductions let you deduct specific expenses like mortgage interest, state/local taxes (capped at $10,000), charitable donations, and qualifying medical expenses. You should choose whichever option gives you the larger deduction. Most taxpayers benefit from the standard deduction.
Your marginal tax rate is the percentage you pay on your last dollar of income - essentially your highest tax bracket. Your effective tax rate is your total tax divided by your total income, representing the average rate you pay overall. Due to progressive taxation, your effective rate is typically lower than your marginal rate. For example, someone in the 24% bracket might have an effective rate of 15-18%.
Tax credits directly reduce your tax bill dollar-for-dollar. Common credits include the Child Tax Credit ($2,000 per qualifying child), Earned Income Tax Credit for lower-income workers, education credits (American Opportunity and Lifetime Learning), Child and Dependent Care Credit, Saver's Credit for retirement contributions, and energy efficiency credits. Unlike deductions, credits reduce your actual tax owed rather than just your taxable income.
Take-home pay is calculated by subtracting all taxes and deductions from your gross income. This includes federal income tax, state income tax (if applicable), Social Security tax (6.2%), Medicare tax (1.45%), and any pre-tax deductions like 401(k) contributions or health insurance premiums. The calculator shows a detailed breakdown of each withholding to help you understand your net income per paycheck.
FICA (Federal Insurance Contributions Act) tax funds Social Security and Medicare. It consists of Social Security tax at 6.2% on wages up to $160,200 (2024 limit) and Medicare tax at 1.45% on all wages. High earners pay an additional 0.9% Medicare tax on income over $200,000 (single) or $250,000 (married filing jointly). Most employees pay a combined 7.65% FICA tax, with employers matching this amount.
Traditional 401(k) contributions are made pre-tax, which means they reduce your taxable income for the year you contribute. For 2024, you can contribute up to $22,500 ($30,000 if age 50 or older). Roth 401(k) contributions are made after-tax but qualified withdrawals are tax-free in retirement. HSA contributions (up to $3,850 single/$7,750 family) also reduce taxable income and offer additional tax benefits.
Nine states do not impose state income tax on wages: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. New Hampshire only taxes interest and dividend income, not wages. While these states don't have income tax, they may have higher sales taxes, property taxes, or other fees to fund state services. Consider your complete tax situation when evaluating state tax burdens.
Legal tax reduction strategies include maximizing retirement contributions (401(k), IRA), contributing to an HSA, claiming all eligible tax credits and deductions, harvesting investment losses to offset gains, making charitable donations, timing income and deductions strategically, and utilizing education savings accounts like 529 plans. Consider consulting a tax professional to identify strategies specific to your situation.
Review your W-4 withholding when you experience major life changes such as marriage, divorce, birth of a child, home purchase, or significant income changes. Also adjust if you consistently receive large refunds (indicating over-withholding) or owe significant amounts at tax time (under-withholding). The IRS provides a Tax Withholding Estimator tool to help determine appropriate withholding levels.
The Alternative Minimum Tax is a parallel tax system that ensures higher-income taxpayers pay a minimum amount of tax. It uses different rules, disallowing certain deductions and applying rates of 26% and 28%. For 2024, the AMT exemption is $81,300 (single) or $126,500 (married filing jointly). Due to increased exemption amounts in recent years, fewer middle-income taxpayers are affected by AMT.
Our calculator uses official IRS tax brackets and regulations. For detailed tax information, refer to these authoritative sources:
Our income tax calculator uses the official 2024 IRS tax brackets, standard deduction amounts, and FICA tax rates published by the Internal Revenue Service. We update our calculations annually when the IRS releases new tax year adjustments to ensure accuracy.
The calculator applies the progressive tax bracket system correctly, calculating tax on each portion of income at its corresponding rate. This ensures accurate effective tax rate calculations that reflect how the U.S. tax system actually works, not simplified estimates.
Beyond basic federal tax, we calculate state income taxes for all 50 states, FICA taxes (Social Security and Medicare) with proper wage base limits, and Additional Medicare Tax for high earners. This provides a complete picture of your total tax liability.
All calculations are shown with detailed breakdowns so you can understand exactly how your tax is computed. We believe in transparency and helping users learn about the tax system, not just providing a number.
Most calculators only do federal taxes. We calculate state income tax for all 50 states with accurate brackets and rates, including states with no income tax.
Automatically compares standard vs itemized deductions and recommends the best option. Competitors make you calculate this manually.
Interactive charts show exactly how much you pay in each tax bracket. See your marginal vs effective rate visually, not just numbers.
Get specific W-4 recommendations to optimize your withholding. Most calculators don't help you adjust your paycheck withholding.
Includes Social Security, Medicare, and Additional Medicare Tax with wage base limits. Shows your complete payroll tax picture.
Calculate quarterly estimated tax payments with payment due dates. Essential for freelancers and contractors - missing from most calculators.
Get personalized suggestions to reduce your tax bill based on your specific situation. We don't just calculate - we help you save.
Perfect experience on mobile, tablet, and desktop. Calculate your taxes anywhere, anytime with our mobile-optimized interface.