Tax Calculator

Calculate your federal tax liability, effective tax rate, and take-home pay. Estimate your taxes for 2024 with our comprehensive tax calculator.

Federal Tax Calculator

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Understanding Federal Income Taxes

Federal income taxes are calculated using a progressive tax system where different portions of your income are taxed at different rates. Understanding how your taxes are calculated can help you make better financial decisions.

2024 Tax Brackets (Single Filer)

  • 10%: $0 to $11,600
  • 12%: $11,601 to $47,150
  • 22%: $47,151 to $100,525
  • 24%: $100,526 to $191,950
  • 32%: $191,951 to $243,725
  • 35%: $243,726 to $609,350
  • 37%: $609,351 and above

Common Tax Deductions

  • Standard Deduction: $14,600 for single filers, $29,200 for married filing jointly
  • Retirement Contributions: 401(k), IRA, and other qualified retirement plans
  • Health Savings Account: Contributions to HSA accounts
  • Student Loan Interest: Up to $2,500 in interest paid
  • Charitable Donations: Cash and non-cash contributions
  • State and Local Taxes: Up to $10,000 (SALT deduction)

Tax Planning Strategies

  • Maximize Retirement Contributions: Reduce taxable income through 401(k) and IRA contributions
  • Tax-Loss Harvesting: Offset capital gains with investment losses
  • Charitable Giving: Donate appreciated assets for maximum tax benefit
  • Health Savings Accounts: Use HSA for triple tax advantage
  • Timing Income: Defer income to lower tax years when possible

Pro Tip: Consider consulting with a tax professional for complex tax situations, especially if you have multiple income sources, business income, or significant investments.

Filing Status Options

  • Single: Unmarried individuals
  • Married Filing Jointly: Married couples filing together
  • Married Filing Separately: Married couples filing separately
  • Head of Household: Unmarried individuals supporting dependents
  • Qualifying Widow(er): Surviving spouse with dependent children

Important Tax Deadlines

  • April 15: Individual tax returns due (or next business day)
  • October 15: Extended filing deadline (with extension request)
  • Quarterly: Estimated tax payments for self-employed individuals
  • December 31: Year-end tax planning deadline