Income Tax Calculator
Estimate your income tax liability with custom federal, state, and local tax rates.
Important Notice
These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.
People Also Ask
How are income taxes calculated?
Federal income tax uses marginal rates - higher rates apply only to income above each threshold. Your effective rate is lower than your marginal bracket. State and local taxes add to federal liability.
What is my tax bracket?
Tax brackets for 2024: 10% (up to $11,600), 12% ($11,601-$47,150), 22% ($47,151-$100,525), 24% ($100,526-$191,950), 32%, 35%, 37% for higher incomes. These are for single filers.
How can I reduce my taxable income?
Common deductions: 401(k) contributions, HSA contributions, student loan interest, mortgage interest, and charitable donations. Pre-tax benefits reduce taxable income before calculations.
What is the difference between marginal and effective tax rate?
Marginal rate is your highest bracket - the rate on your last dollar earned. Effective rate is total tax divided by total income. Effective is always lower due to graduated brackets.
Do I need to pay state income tax?
Nine states have no income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Other states have rates ranging from about 1% to 13%.
What are FICA taxes?
FICA includes Social Security (6.2% up to $168,600 in 2024) and Medicare (1.45% on all income, plus 0.9% additional on income over $200,000). These are separate from income tax.