This tax calculator estimates your 2024 US federal income tax based on the current tax brackets, standard deductions and filing status. It does not include state taxes, AMT, self-employment tax or other adjustments. Always consult a tax professional for accurate filing advice.
Frequently Asked Questions
What is the difference between effective and marginal tax rate?
Your marginal rate is the bracket your last dollar of income falls into. Your effective rate is the actual percentage of your total income paid in tax. Because the US system is progressive, your effective rate is always lower than your marginal rate.
Should I take the standard deduction or itemize?
Take whichever is larger. The 2024 standard deduction is $14,600 (single) or $29,200 (married jointly). Itemizing makes sense if your qualifying expenses (mortgage interest, charitable donations, state taxes up to $10,000, etc.) exceed the standard deduction.
What are the 2024 tax brackets?
For single filers: 10% up to $11,600 · 12% $11,601–$47,150 · 22% $47,151–$100,525 · 24% $100,526–$191,950 · 32% $191,951–$243,725 · 35% $243,726–$609,350 · 37% over $609,350.