Income Tax Calculator
Estimate your 2024 Federal Tax Liability. Understand your Effective Rate and plan your deductions.
Income Details
Your total taxable earnings before deductions.
Estimated Annual Tax
Federal Only
Tax Summary
The US Tax Code is complex, but the core concept is the Progressive Tax. This means high earners pay a higher percentage on their extra income, not their total income.
The tax rate applied to the very last dollar you earned. (e.g., "I'm in the 22% bracket").
The actual percentage of your total income that went to the IRS. This is usually much lower than your marginal rate.
The "Bonus" Trap
Many people worry that a bonus will push them into a higher tax bracket and they will net less money. This is impossible.
Important Note on Withholding
However, employers often withhold taxes on bonuses at a flat 22% rate. This might feel like a higher tax, but you will get the difference back as a refund when you file your return.
Smart Tax Strategies
Pre-Tax Accounts
Reducing your Taxable Income is the most effective way to lower your bill. Contributing to a 401(k) or HSA (Health Savings Account) comes directly off the top.
Check 401(k) ImpactKnow Your "Take Home"
Gross salary is a vanity metric. Your budget should strictly be based on net pay. Calculated your tax? Now see what's left in your real paycheck. Use our Salary Calculator to convert this to an hourly or monthly takeaway.
The Math: Progressive Tax System
Federal Income Tax is calculated using a "marginal" bracket system. We sum the tax from each bracket bucket.
2024 Federal Income Tax Brackets (Single)
The official IRS brackets for Single filers in the 2024 tax year (filed in 2025).
| Tax Rate | Taxable Income Range | Tax Owed |
|---|---|---|
| 10% | $0 to $11,600 | 10% of taxable income |
| 12% | $11,601 to $47,150 | $1,160 + 12% of amount over $11,600 |
| 22% | $47,151 to $100,525 | $5,426 + 22% of amount over $47,150 |
| 24% | $100,526 to $191,950 | $17,168.50 + 24% of amount over $100,525 |
| 32% | $191,951 to $243,725 | $39,110.50 + 32% of amount over $191,950 |
Related Tools
Does moving to a higher tax bracket mean I earn less?
No. This is a common myth. Only the income *above* the bracket threshold is taxed at the higher rate. Your first dollars are always taxed at the lower rates, so earning more always results in higher take-home pay.
Standard Deduction vs. Itemizing: Which is better?
For most people (approx. 90%), the **Standard Deduction** ($14,600 for singles in 2024) is better. You should only itemize if your mortgage interest, state taxes, and charitable donations exceed that amount.
Why is my refund so big/small?
A refund just means you overpaid the government throughout the year. It's not free money; it's your own money coming back interest-free. Ideally, you want a refund close to $0.
What is FICA tax?
Federal Insurance Contributions Act (FICA) taxes fund Social Security (6.2%) and Medicare (1.45%). These are flat rates taken from your paycheck in addition to federal income tax.
How do 401(k) contributions lower my taxes?
Traditional 401(k) contributions are 'Pre-Tax.' If you earn $100k and contribute $20k, the IRS only taxes you as if you earned $80k. This can save you thousands in immediate liability.
Tax Glossary
AGI (Adjusted Gross Income)
Your total income minus specific "above-the-line" deductions like student loan interest and IRA contributions.
Standard Deduction
A flat amount that lowers your taxable income. In 2024, it is $14,600 for single filers and $29,200 for married couples.
Taxable Income
The final amount used to calculate your tax. Gross Income - Deductions = Taxable Income.
W-4 Form
The form you give your employer to tell them how much tax to withhold from each paycheck.
About This Calculator
This Income Tax Calculator uses the official 2024 IRS tax brackets for Single filers. It performs a stepwise calculation through each bracket to determine total liability. It assumes the Standard Deduction is not taken in the input (Calculator inputs should be Taxable Income).