Tax Calculator
Estimate federal and state income taxes.
Tax Calculator
Estimate federal and state income taxes.
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Child tax credit, earned income credit, education credits, etc.
Understanding Federal Income Tax
Federal income tax is the tax levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities. The taxes collected fund government programs, infrastructure, defense, social services, and more.
The United States uses a progressive tax system, meaning higher income levels are taxed at higher rates. This ensures that tax burden is distributed based on ability to pay.
2024 Federal Tax Brackets
Tax brackets determine what percentage of your income you pay at different income levels. Remember: only the income within each bracket is taxed at that rate, not your entire income.
Single Filers
| Rate | Income Range |
|---|---|
| 10% | $0 - $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 |
Married Filing Jointly
| Rate | Income Range |
|---|---|
| 10% | $0 - $23,200 |
| 12% | $23,201 - $94,300 |
| 22% | $94,301 - $201,050 |
| 24% | $201,051 - $383,900 |
| 32% | $383,901 - $487,450 |
| 35% | $487,451 - $731,200 |
| 37% | Over $731,200 |
2024 Standard Deductions
Standard deductions reduce your taxable income. You can choose between the standard deduction or itemizing deductions (whichever is higher).
| Filing Status | Standard Deduction |
|---|---|
| Single | $14,600 |
| Married Filing Jointly | $29,200 |
| Married Filing Separately | $14,600 |
| Head of Household | $21,900 |
Strategies to Reduce Your Tax Bill
Maximize Retirement Contributions
Contribute to 401(k), IRA, or other retirement accounts to reduce taxable income.
Health Savings Account (HSA)
Contribute to an HSA for triple tax benefits: deductible, tax-free growth, and tax-free withdrawals.
Education Credits
Claim American Opportunity or Lifetime Learning credits for education expenses.
Charitable Donations
Donate to qualified charities to claim itemized deductions.
Mortgage Interest
Deduct mortgage interest if you itemize (up to $750,000 in mortgage debt).
Child Tax Credit
Claim up to $2,000 per qualifying child under 17 years old.
Frequently Asked Questions
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