Finance
Income Tax Estimator
Estimate your 2024 federal income tax. See your effective tax rate, take-home pay, and how deductions affect your tax bill.
Est. Federal Tax
$9,441
Effective Tax Rate
11.8%
Take-Home Pay
$70,559
Tax Breakdown
Frequently asked questions
Does this include state income tax?
No — this calculator estimates federal income tax only. State income tax varies widely: some states have no income tax, others have flat rates, and most have progressive brackets. Consult a tax professional for your state's rates.
What is the difference between standard and itemized deductions?
The standard deduction is a flat amount based on your filing status. Itemized deductions let you deduct specific expenses (mortgage interest, charitable donations, medical expenses, state taxes). You should use whichever gives you a larger deduction.
What is the difference between marginal and effective tax rate?
Your marginal rate is the rate on your last dollar of income — it's your tax bracket. Your effective rate is your total tax divided by your total income. For example, you might be in the 22% bracket but have a 13% effective rate.
Does this account for FICA (Social Security and Medicare)?
No — FICA taxes (7.65% for employees, 15.3% for self-employed) are separate from federal income tax. This calculator shows only federal income tax. Add roughly 7.65% of your income for a more complete picture if you're an employee.
Estimate your 2024 federal income tax with our free tax estimator. Enter your filing status, annual income, and deductions to see your estimated tax, effective rate, and take-home pay.
Uses the 2024 federal tax brackets and standard deductions. Choose between standard and itemized deductions to see how they affect your tax bill. Great for tax planning and salary negotiations.