US Federal Income Tax Calculator
For Tax Year 2024
Understanding Your Federal Income Tax in 2024
Navigating the US tax system can feel complex. This guide breaks down the key concepts for the 2024 tax year—from filing statuses and deductions to the marginal tax brackets—to help you better understand your financial picture.
What’s My Filing Status?
Your filing status is the first key to determining your tax liability. It sets your standard deduction amount and tax brackets. The most common statuses are:
- Single: For unmarried individuals.
- Married Filing Jointly (MFJ): For married couples who choose to file one tax return together. This is the most common status for married couples as it often results in a lower tax bill.
- Head of Household (HoH): For unmarried individuals who pay for more than half of the household expenses and have a qualifying child or dependent living with them. This status offers a larger standard deduction and more favorable tax brackets than the Single status.
Standard vs. Itemized Deductions
Deductions reduce the amount of your income that is subject to tax. You can choose to take either the standard deduction or to itemize your deductions.
The Standard Deduction
A fixed dollar amount that you can subtract from your income. The amount depends on your filing status, age, and whether you are blind. Most taxpayers use the standard deduction because of its simplicity.
For 2024, the standard deductions are:
- Single: $14,600
- Married Filing Jointly: $29,200
- Head of Household: $21,900
Itemized Deductions
If your total eligible expenses exceed the standard deduction amount, you might save more by itemizing. Common itemized deductions include mortgage interest, state and local taxes (up to $10,000), large medical expenses, and charitable contributions. This calculator uses the standard deduction for simplicity.
How Do Tax Brackets Work?
The U.S. has a progressive, marginal tax system. This means that as your income increases, it’s taxed at progressively higher rates. However, you only pay the higher rate on the portion of your income that falls into that specific bracket—not on your entire income.
For example, a Single filer with $50,000 in taxable income pays 10% on the first $11,600 and 12% on the rest, not 12% on the full $50,000. This is a common misconception.
2024 Federal Income Tax Brackets (Single Filer)
| Tax Rate | Taxable Income Bracket |
|---|---|
| 10% | $0 to $11,600 |
| 12% | $11,601 to $47,150 |
| 22% | $47,151 to $100,525 |
| 24% | $100,526 to $191,950 |
| 32% | $191,951 to $243,725 |
| 35% | $243,726 to $609,350 |
| 37% | Over $609,350 |
Other Taxes and Credits to Consider
- FICA Taxes: This is a separate federal payroll tax that funds Social Security and Medicare. It’s calculated as 6.2% for Social Security on income up to $168,600 (in 2024) and 1.45% for Medicare on all earnings. Your employer pays a matching amount. Our calculator includes an estimate for FICA.
- Tax Credits: Unlike deductions, tax credits are a dollar-for-dollar reduction of your tax bill. Common credits include the Child Tax Credit, the Earned Income Tax Credit (EITC), and education credits. These are highly specific to your situation and are not included in this general calculator.
- State & Local Taxes: Most states (and some cities) have their own income taxes, which are separate from your federal tax bill. Be sure to account for these in your financial planning.