Income Tax Calculator
Estimate your federal income tax liability and take-home pay (Simplified for 2024 Single Filers).
Income Details
Estimated Annual Tax
$
Tax Summary
Gross Income$75,000
Effective Tax Rate%
Annual Take Home$
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Understanding Your Tax Structure
The United States uses a progressive tax system. This means that as your income rises, you pay higher tax rates only on the income that falls into higher brackets.
Marginal vs. Effective Rate
Many people misunderstand their "tax bracket." If you are in the 22% bracket, that doesn't mean you pay 22% on all your income. You only pay 22% on the income above the previous bracket's limit.
- Marginal Rate: The rate applied to the very last dollar you earned.
- Effective Rate: The actual percentage of your total income that goes to the IRS. This is almost always lower than your marginal rate.
Standard Deduction
This calculator estimates taxes on Gross Income. However, nearly everyone qualifies for the Standard Deduction (e.g., ~$14,600 for singles in 2024), which directly reduces your taxable income before any tax is calculated.