Understanding Federal Income Tax
The United States uses a progressive tax system where different portions of your income are taxed at different rates. This calculator estimates your federal income tax based on the 2024 tax brackets, along with Social Security and Medicare taxes.
2024 Tax Brackets (Single Filers)
- 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
Standard Deductions for 2024
- Single: $14,600
- Married Filing Jointly: $29,200
- Married Filing Separately: $14,600
- Head of Household: $21,900
FICA Taxes
- Social Security: 6.2% on earnings up to $168,600
- Medicare: 1.45% on all earnings (plus 0.9% additional on earnings over threshold)
Disclaimer
This calculator provides estimates based on 2024 federal tax rates. It does not include state taxes, local taxes, or all possible deductions and credits. Consult a tax professional for accurate tax planning.