Income Tax Estimator
Estimate federal income tax owed based on taxable income and filing status.
Calculator
Federal income tax
$12,065
After-tax income
$47,935
Effective tax rate
20.11%
What is income tax?
This estimator calculates federal income tax using 2024 tax brackets. It applies the standard deduction and progressive tax rates based on your filing status.
Example
A single filer with $60,000 taxable income owes about $9,715 in federal income tax for 2024.
Money-saving tips
- •Maximize deductions and credits to lower taxable income.
- •Contribute to retirement accounts to reduce taxable income.
- •Adjust withholding with your W-4 to avoid surprises.
Common mistakes
- •Confusing tax deductions with tax credits — credits reduce tax dollar-for-dollar.
Financial definitions
- Taxable income
- Income after deductions and exemptions; the amount taxed.
- Marginal rate
- The rate applied to your last dollar of income.
Frequently asked questions
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