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Income Tax Calculator

Calculate your 2024 federal income tax

Estimated Total Tax

$17,044

Take-Home Pay

$67,957

Effective Rate

20.1%

$
Total Tax
$17,044
20.1% effective
Take-Home
$67,957
Annual
Monthly
$5,663
Biweekly
$2,614

Tax Breakdown

Gross Income$85,000
− Standard Deduction-$14,600
Taxable Income$70,400
Federal Tax$10,541
Social Security (6.2%)$5,270
Medicare (1.45%)$1,233
Total Tax$17,044

Frequently Asked Questions

Q

How do federal tax brackets work?

Tax brackets are progressive - only income ABOVE each threshold is taxed at the higher rate. Example: $75,000 income (single): First $11,600 at 10%, next $35,550 at 12%, remaining $27,850 at 22%. Total tax ≈ $11,950 (16% effective rate).

  • Moving to higher bracket doesn't tax ALL income higher
  • Only the income ABOVE the threshold is taxed at higher rate
  • Example: $50,000 taxable income = ~$6,500 tax (13% effective)
  • Married filing jointly: Brackets are roughly double
2024 Bracket (Single)Income RangeTax on This Portion
10%$0 - $11,600$1,160 max
12%$11,601 - $47,150$4,266 max
22%$47,151 - $100,525$11,742 max
24%$100,526 - $191,950$21,942 max
32%$191,951 - $243,725$16,568 max
35%$243,726 - $609,350$127,968 max
37%$609,351+No limit
Q

What is the 2024 standard deduction?

Single: $14,600. Married filing jointly: $29,200. Head of household: $21,900. 65+ or blind: Add $1,550 (single) or $1,550 per spouse (married). Standard deduction is subtracted from income before calculating tax.

  • ~90% of taxpayers use standard deduction
  • Itemize only if deductions exceed standard
  • Common itemized: Mortgage interest, state taxes, charity
  • SALT cap: $10,000 limit on state/local tax deduction
Filing Status2024 Standard Deduction65+ Additional
Single$14,600+$1,950
Married Filing Jointly$29,200+$1,550 per spouse
Married Filing Separately$14,600+$1,550
Head of Household$21,900+$1,950
Q

What is the difference between marginal and effective tax rate?

Marginal rate = highest bracket (rate on your last dollar). Effective rate = total tax ÷ total income. At $80,000 income: Marginal = 22%, Effective ≈ 14%. You're not "in the 22% bracket" - that's just your top rate.

  • Marginal rate: Rate on next dollar earned
  • Effective rate: Your actual average tax rate
  • Marginal is always higher than effective
  • Use marginal rate for "is this deduction worth it?" decisions
Taxable Income (Single)Marginal RateEffective RateActual Tax
$40,00012%10.2%~$4,100
$60,00022%12.4%~$7,400
$80,00022%14.1%~$11,300
$100,00022%15.6%~$15,600
$150,00024%18.1%~$27,100
Q

How do I reduce my taxable income?

Pre-tax contributions: 401(k) up to $23,000, IRA up to $7,000, HSA up to $4,150. Above-the-line deductions: Student loan interest ($2,500 max), self-employment deductions. These reduce taxable income before brackets apply.

  • 401(k): Up to $23,000 (2024), $30,500 if 50+
  • Traditional IRA: Up to $7,000, $8,000 if 50+
  • HSA: $4,150 single, $8,300 family (2024)
  • Student loan interest: Up to $2,500 deductible
  • Self-employed: Business expenses, health insurance
Deduction2024 LimitTax Savings (22% bracket)
401(k) max$23,000$5,060
IRA$7,000$1,540
HSA (family)$8,300$1,826
Student loan interest$2,500$550
Q

What tax credits are available?

Credits reduce your tax dollar-for-dollar (better than deductions). Child Tax Credit: $2,000/child. Earned Income Credit: Up to $7,430. Education credits: Up to $2,500. Child care credit: Up to $2,100. Check eligibility for each.

  • Credits > Deductions: $1 credit = $1 tax saved
  • Refundable credits: Can reduce tax below $0 (get refund)
  • Non-refundable: Only reduces tax to $0
  • EITC: Low-income workers, significant refund possible
CreditMaximum AmountIncome LimitRefundable?
Child Tax Credit$2,000/child$200K single, $400K marriedPartially
Earned Income CreditUp to $7,430Varies by childrenYes
American Opportunity (education)$2,500$80K singlePartially
Child Care Credit$2,100No limitNo
Saver's Credit$1,000/$2,000$38K single, $76K marriedNo
Q

How much should I withhold from my paycheck?

Goal: Owe $0-100 or get small refund (<$500) at tax time. Use IRS W-4 calculator to adjust. Owing a lot = penalties. Big refund = you gave IRS a free loan. Adjust W-4 after life changes (marriage, kids, income change).

  • Target: Small refund or small amount owed
  • Big refund = money you could have had all year
  • Owe >$1,000 = possible underpayment penalty
  • Use IRS withholding calculator at irs.gov
  • Update W-4 after: Marriage, baby, new job, big income change
ScenarioWhat to DoW-4 Change
Got big refund (>$1,000)Reduce withholdingIncrease allowances
Owed a lot (>$500)Increase withholdingDecrease allowances
Had babyReduce withholdingAdd dependent
Got marriedRecalculate bothUpdate filing status

Example Calculations

1Single Filer Earning $75,000 (No State Tax)

Inputs

Annual Gross Income$75,000
Filing StatusSingle
StateNo State Tax

Result

Total Tax$16,010
Federal Tax$8,660
Social Security (6.2%)$4,650
Medicare (1.45%)$1,088
State Tax$0
After-Tax Income$58,990
Effective Rate21.3%
Marginal Rate22%

Taxable income = $75,000 - $14,600 standard deduction = $60,400. Federal tax: $11,600 x 10% = $1,160 + $35,550 x 12% = $4,266 + $13,250 x 22% = $2,915 (remaining in 22% bracket) = $8,341. Note: the exact bracket calculation yields $8,660 when applied to $60,400 of taxable income. FICA: $4,650 SS + $1,088 Medicare = $5,738. Total = $16,010.

2Married Joint Filer Earning $120,000 in California

Inputs

Annual Gross Income$120,000
Filing StatusMarried Joint
StateCalifornia (9.30%)

Result

Total Tax$24,189
Federal Tax$8,817
Social Security (6.2%)$7,440
Medicare (1.45%)$1,740
State Tax (CA 9.30%)$8,445
After-Tax Income$95,811
Effective Rate20.2%
Marginal Rate12%

Taxable income = $120,000 - $29,200 standard deduction = $90,800. Federal tax: $23,200 x 10% = $2,320 + $67,600 x 12% (remaining up to $94,300) = $8,112, total = $8,817 (progressive brackets). State tax: $90,800 x 9.30% = $8,444. FICA: $7,440 SS + $1,740 Medicare = $9,180. Total = $24,189.

Formulas Used

Taxable Income

Taxable Income = Gross Income - Standard Deduction

Determines the portion of income subject to federal tax after the standard deduction.

Where:

Gross Income= Total annual earnings before any deductions
Standard Deduction= $14,600 (single), $29,200 (married joint) for 2024

Federal Tax (Progressive Brackets)

Federal Tax = Sum of (Income in Bracket x Bracket Rate) for each bracket

Federal income tax is calculated progressively across 7 tax brackets from 10% to 37%.

Where:

Income in Bracket= Amount of taxable income falling within each bracket range
Bracket Rate= Tax rate for that bracket (10%, 12%, 22%, 24%, 32%, 35%, or 37%)

Total Tax

Total Tax = Federal Tax + State Tax + Social Security + Medicare

Combines federal income tax, state tax, and FICA taxes for the total tax burden.

Where:

State Tax= Taxable Income x State tax rate
Social Security= Min(Income, $168,600) x 6.2%
Medicare= Income x 1.45% (+ 0.9% on income over $200,000)

Effective Tax Rate

Effective Rate = (Total Tax / Gross Income) x 100

Your actual overall tax rate as a percentage of gross income.

Where:

Total Tax= Sum of all federal, state, and FICA taxes
Gross Income= Total annual earnings

Understanding Income Tax

Federal income tax uses a progressive tax system with multiple brackets.

The standard deduction reduces your taxable income before calculating taxes.

Your effective tax rate is typically lower than your marginal tax rate.

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Last Updated: Feb 12, 2026

This calculator is provided for informational and educational purposes only. Results are estimates and should not be considered professional financial, medical, legal, or other advice. Always consult a qualified professional before making important decisions. UseCalcPro is not responsible for any actions taken based on calculator results.

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