Income Tax Calculator

Income Tax Calculator

Annual Gross Income Personal Allowance Other Deductions Frequency Annual Monthly Weekly Tax Slabs (JSON) [ {"upTo":10000,"rate":0}, {"upTo":40000,"rate":10}, {"upTo":100000,"rate":20}, {"upTo":null,"rate":30} ]

Enter details and click Calculate.

 

Income Tax Calculator

 (Estimate your federal and state income taxes for 2024)

 Input Your Details:

 Status of the File:  A Single 🟢 Married Filing Jointly

 🟢 Head of Household

 Taxable Income: $_______ (after deductions)

 State: _______ (for state tax estimates)

 Deductions:

 Standard Deduction: $13,850 for a single person and $27,700 for married people ✅ Itemized Deductions?  $_______ (if higher than standard)

 Credits:

 Child Tax Credit ($2,000 per child): _______ kids

 Additional Credits: $_______ Calculate:

 💰 Estimated Federal Tax: $_______

 💰 Estimated State Tax: $_______ (varies by state)

 💵 Effective Tax Rate: ___% (tax ÷ income)

 How Things Work: Federal Tax Brackets (2024):

 10%: $0–$11,600 (Single)

 12%: $11,601–$47,150

 22%: $47,151–$100,525

 [… up to 37%]

 Example: $60,000 income (Single) =

 $1,160 (10%) + $4,266 (12%) + $2,827 (22%) = $8,253 total tax.

 State Taxes:

 CA: 1–13.3% | TX: 0% | NY: 4–10.9%

 Example Calculation:

 Status: Married Filing Jointly

 Income: $120,000

 Standard Deduction: -$27,700

 Taxable Income: $92,300

 Federal Tax: ~$9,600

 State Tax (CA): ~$5,200

 12.3% Effective Rate Important Factors: ✔ Deductions: Lower taxable income = less tax.

 Credits: directly lower owed taxes (such as the Child Tax Credit). ✔ Capital Gains: Taxed at 0%, 15%, or 20% if from investments.

 Tips to Reduce Taxes:

 Reduces taxable income by maximizing contributions to a 401(k) or IRA. Use HSAs/FSA: Tax-free medical savings.

 Claim Credits: EITC, education credits, etc.

 Try It:

 🔹 Single, $50,000: $_______ tax

 🔹 Married, $150,000: $_______ tax

 (Please note that the IRS Tax Withholding Estimator provides exact figures.)