Federal Income Tax calculator

🧾 Tax Information Input

Enter your income and tax details for 2024 tax year

Filing Status

Income Sources

Wages, Salaries, Tips ($)

Interest Income ($)

Dividend Income ($)

Capital Gains ($)

Other Income ($)

Deductions

Deduction Type

Withholdings & Credits

Federal Tax Withheld ($)

Child Tax Credit ($)

Other Credits ($)

📊 Tax Calculation Results

Your federal income tax breakdown

Enter your tax information to see federal tax calculations

📈 Tax Brackets Breakdown

Your income across different tax brackets

📊 Income vs Tax Visualization

Comparison of income components and tax liability

Understanding Federal Income Tax

Federal income tax is calculated using a progressive tax system with different rates applying to different income ranges (tax brackets). Understanding these brackets helps optimize your tax strategy.

Progressive Tax System

Higher income levels are taxed at progressively higher rates, but only the income in each bracket is taxed at that bracket's rate.

Standard vs Itemized

Choose between standard deduction or itemizing deductions like mortgage interest, charitable donations, and state taxes.

Tax Credits

Credits directly reduce tax owed dollar-for-dollar, making them more valuable than deductions which only reduce taxable income.

Effective Tax Rate

Your effective rate is the percentage of total income paid in taxes, typically lower than your marginal rate.

Advanced Federal Income Tax Calculator