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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.

Frequently Asked Questions

What is the difference between effective and marginal tax rate?

Your marginal tax rate is the highest bracket your income falls into — it applies only to dollars in that bracket. Your effective tax rate is your total tax divided by your total income, giving you the average rate you actually pay.

Does this calculator include state taxes?

No, this calculator estimates federal income tax and FICA (Social Security and Medicare) only. State income taxes vary widely and are not included. Visit the US Paycheck Calculator for state-specific estimates.

How do pre-tax deductions like 401k affect my taxes?

Pre-tax deductions reduce your taxable income, which may lower your tax bracket and reduce your overall tax bill. For example, contributing $10,000 to a 401k reduces your taxable income by $10,000, potentially saving you $2,200+ in federal tax.

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