Tax Calculator
Estimate your federal and state income taxes with our comprehensive tax calculator. Get detailed breakdowns, tax bracket analysis, and potential savings scenarios.
Federal & State Tax Calculator
💰 Income Information
📋 Deductions & Status
📌 Important Notes
- • Based on 2024 tax year
- • Simplified state tax calculations
- • Does not include FICA taxes
- • Consult a tax professional for accuracy
Understanding Your Tax Calculation
Tax Brackets Explained
The U.S. uses a progressive tax system with marginal tax brackets. You don't pay the same rate on all your income - you pay lower rates on the first portions of income and higher rates only on income above certain thresholds.
Effective vs Marginal Rate
- • Marginal Rate: Tax rate on your last dollar of income
- • Effective Rate: Average tax rate on all your income
- • Your effective rate is always lower than your marginal rate
Deduction Strategies
- • Standard Deduction: Fixed amount based on filing status
- • Itemized Deductions: Sum of eligible expenses
- • Common itemized deductions: mortgage interest, state/local taxes, charitable donations
- • You can only use standard OR itemized (whichever is higher)
⚠️ Important Disclaimers
- • Based on 2024 tax year brackets and deductions
- • Does not include FICA taxes (Social Security, Medicare)
- • State tax calculations are simplified estimates
- • Does not account for tax credits
- • Consult a tax professional for precise calculations
💡 Tax Planning Tips
- • Maximize retirement contributions (401k, IRA)
- • Consider HSA contributions if eligible
- • Time capital gains and losses strategically
- • Keep records of all deductible expenses
- • Review withholdings to avoid penalties