Understanding your federal and state income tax liability helps you plan withholding, estimate quarterly payments, and evaluate tax-reduction strategies. Our calculator applies current IRS tax brackets, standard deductions, and common credits to give you an accurate estimate of what you actually owe.
For single filers: 10% on income up to $11,600; 12% from $11,601–$47,150; 22% from $47,151–$100,525; 24% from $100,526–$191,950; 32% from $191,951–$243,725; 35% from $243,726–$609,350; 37% above $609,350. Married filing jointly has different (wider) thresholds.
Your marginal rate is the rate on your last dollar of income (your tax bracket). Your effective rate is total taxes paid divided by total income—it is always lower than your marginal rate because lower income is taxed at lower rates.
In 2024, the standard deduction is $14,600 for single filers and $29,200 for married filing jointly. You should itemize only if your deductible expenses (mortgage interest, state taxes up to $10,000 SALT cap, charitable donations, medical expenses over 7.5% of AGI) exceed the standard deduction.
Since the 2017 Tax Cuts and Jobs Act, deductions for state and local taxes (property tax plus income or sales tax) are capped at $10,000 per year ($5,000 if married filing separately). This cap disproportionately affects high-income taxpayers in high-tax states.
The IRS requires withholding or estimated payments covering at least 90% of your current-year tax liability, or 100% of last year's tax (110% if AGI exceeds $150,000). If you are self-employed or have significant investment income, pay quarterly estimated taxes by the IRS deadlines.
A 3.8% surtax applies to net investment income (dividends, capital gains, rental income) for single filers with MAGI above $200,000 or married couples above $250,000. This is on top of the regular capital gains tax rate.