Income Tax Estimator
Estimate your federal income tax using 2024 tax brackets. Calculate taxes for employees, self-employed, and determine refunds or amounts owed.
Income Tax Estimator
Estimate your federal income tax based on 2024 tax brackets and rates
Child tax credit, education credits, etc.
Taxable Income
$60,400
Estimated Tax
$8,341
Effective Rate
11.1%
After-Tax Income
$66,659
Tax Bracket Breakdown
2024 Federal Tax Brackets
| Tax Rate | Single | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | $0 - $11,600 | $0 - $23,200 | $0 - $16,550 |
| 12% | $11,601 - $47,150 | $23,201 - $94,300 | $16,551 - $63,100 |
| 22% | $47,151 - $100,525 | $94,301 - $201,050 | $63,101 - $100,500 |
| 24% | $100,526 - $191,950 | $201,051 - $383,900 | $100,501 - $191,950 |
| 32% | $191,951 - $243,725 | $383,901 - $487,450 | $191,951 - $243,700 |
| 35% | $243,726 - $609,350 | $487,451 - $731,200 | $243,701 - $609,350 |
| 37% | $609,351+ | $731,201+ | $609,351+ |
2024 Standard Deductions
Single
$14,600
Married Joint
$29,200
Married Separate
$14,600
Head of Household
$21,900
Additional deduction for those 65+ or blind: $1,550 (single/HOH) or $1,300 (married).
Understanding Marginal vs Effective Tax Rates
Marginal Tax Rate
The tax rate applied to your last dollar of income. If you're in the 22% bracket, your next dollar of income is taxed at 22% - but not all your income is taxed at this rate.
Effective Tax Rate
Your total tax divided by your total income. This is your actual tax burden as a percentage. Due to progressive brackets, it's always lower than your marginal rate.
Example: Single Filer with $75,000 Income
• 10% on first $11,600 = $1,160
• 12% on $11,601 - $47,150 = $4,266
• 22% on $47,151 - $60,400 (taxable) = $2,915
• Marginal Rate: 22% | Effective Rate: ~11.2%
How to Use This Calculator
Basic Calculator Tab
Enter your gross income, filing status, and deduction type to see your estimated tax, effective rate, and a breakdown by tax bracket. Great for quick estimates.
W-2 Employee Tab
Enter your W-2 income and withholding to determine if you'll get a refund or owe money. Input values from Box 1 (wages) and Box 2 (federal tax withheld) of your W-2.
Self-Employed Tab
For freelancers and business owners. Calculates self-employment tax (15.3%), QBI deduction (20%), and income tax to show your total tax burden and take-home pay.
Common Tax Credits for 2024
Child Tax Credit
Up to $2,000 per qualifying child under 17
Earned Income Tax Credit
Up to $7,830 for low-to-moderate income workers
Child and Dependent Care Credit
Up to $3,000 for one or $6,000 for two+ dependents
American Opportunity Credit
Up to $2,500 per student for college expenses
Lifetime Learning Credit
Up to $2,000 per return for education expenses
Saver's Credit
Up to $1,000 ($2,000 married) for retirement contributions
Self-Employment Tax Explained
Self-employed individuals pay both the employer and employee portions of Social Security and Medicare taxes.
Social Security
12.4% on income up to $168,600 (2024)
Medicare
2.9% on all net earnings
Total SE Tax
15.3% (calculated on 92.35% of net)
Good news: You can deduct 50% of SE tax when calculating your income tax, and you may qualify for the 20% QBI (Qualified Business Income) deduction.
Frequently Asked Questions
Is this calculator accurate for state taxes?
No, this calculator only estimates federal income tax. State income taxes vary widely - some states have no income tax while others have rates up to 13.3%. Calculate state taxes separately.
Should I itemize or take the standard deduction?
Itemize only if your itemized deductions (mortgage interest, state taxes up to $10,000, charitable donations, etc.) exceed the standard deduction for your filing status.
What if I have multiple jobs or income sources?
Add all income together for the most accurate estimate. Each employer withholds as if they're your only job, which may result in under-withholding if you have multiple income sources.
When should I adjust my W-4 withholding?
If this calculator shows you'll owe a large amount or get a large refund, consider adjusting your W-4. A large refund means you're giving the government an interest-free loan.
Disclaimer
This calculator provides estimates based on 2024 federal tax rates and is for informational purposes only. Actual tax liability may differ based on deductions, credits, and other factors not accounted for here. For accurate tax advice, consult a qualified tax professional or use official IRS tools.