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Understanding your tax liability helps you plan finances and avoid surprises at tax time. This calculator estimates your federal income tax using 2024 brackets and standard deductions.
Income Tax Calculator
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Leave 0 to use standard deduction
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Results
Taxable Income
$60,400.00
Federal Tax
$8,341.00
State Tax
$3,750.00
Total Tax
$12,091.00
Effective Federal Rate
11.12%
Marginal Rate
22.00%
After-Tax Income
$62,909.00
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How It Works
Your taxable income (gross income minus deductions) is applied to progressive tax brackets. Each bracket taxes only the income within that range, not your entire income.
Formula
Taxable Income = Gross Income - Deductions; Tax = Sum of (Income in Bracket × Bracket Rate)Assumptions
- 2024 federal tax brackets
- Standard deduction unless itemized is higher
- No AMT calculation
- State tax estimated separately
Tax calculations are estimates based on 2024 federal brackets. Actual taxes may vary. Consult a tax professional for accurate filing.
Frequently Asked Questions
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