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Income Tax Calculator
Use this free Income Tax Calculator to estimate your federal tax liability and rate. Simple, accurate, and easy to use for tax planning.
The Income Tax Calculator estimates your federal tax liability based on the 2024 progressive tax brackets. It takes into account your filing status and standard deductions to provide a clear picture of your taxable income, total tax, and effective tax rate.
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INPUT VALUES
When to Use This Calculator
Use this calculator to:
- Estimate Taxes: Quickly see how much you might owe to the IRS for the year.
- Understand Your Bracket: Differentiate between your marginal tax rate (the rate on your last dollar earned) and your effective tax rate (the average rate you pay).
Example Scenario
Example Scenario:
- Gross Income: $75,000
- Filing Status: Single (assuming standard deduction of $14,600)
Calculations:
- Taxable Income: $75,000 - $14,600 = $60,400.
- Tax Brackets:
  1. 10% on first $11,600 = $1,160.
  2. 12% on income between $11,600 and $47,150 = $4,266.
  3. 22% on remaining $13,250 = $2,915.
- Total Tax: $1,160 + $4,266 + $2,915 = $8,341.