Use our Income Tax Calculator to estimate federal and state taxes. Plan your finances, understand deductions, and know your expected tax liability.
Understanding your tax obligations doesn’t have to be complicated. Our Income Tax Calculator helps you estimate your federal and state tax liability or potential refund based on your income, filing status, deductions, and credits. Whether you’re planning for the upcoming tax season or just want to understand your current tax situation, this free calculator provides accurate estimates to help you make informed financial decisions.
Calculate Your Taxes Now
Get an instant estimate of your tax refund or amount owed for the current tax year.
How Our Income Tax Calculator Works
Our Income Tax Calculator provides accurate tax estimates based on current IRS tax brackets and rates
The Income Tax Calculator on CalculatorHunt takes the complexity out of tax estimation by using the latest tax brackets, rates, and deduction information. Simply input your details, and our calculator does the heavy lifting for you.
What Our Calculator Considers
- Filing status (single, married filing jointly, head of household, etc.)
- Annual gross income from all sources
- Standard or itemized deductions
- Tax credits you qualify for
- Retirement contributions (401(k), IRA)
- Other adjustments to income
What You’ll Learn
- Estimated federal tax liability or refund
- Your effective tax rate
- Your marginal tax rate and tax bracket
- How deductions and credits affect your taxes
- Potential tax-saving opportunities
Ready to Calculate Your Taxes?
Get a clear picture of your tax situation in just a few minutes.
Understanding Income Tax Basics
Before diving into calculations, it’s helpful to understand how income taxes work in the United States. The federal income tax system is progressive, meaning tax rates increase as your income rises. Different portions of your income are taxed at different rates based on tax brackets.
Types of Taxable Income
The IRS considers various types of income when determining your tax liability:
Employment Income
- Wages and salaries (W-2)
- Tips and gratuities
- Bonuses and commissions
Investment Income
- Interest and dividends
- Capital gains
- Rental property income
Other Income
- Self-employment earnings
- Retirement distributions
- Social Security benefits
Understanding Adjusted Gross Income (AGI)
Your adjusted gross income is a critical figure in tax calculations. It represents your total gross income minus specific deductions called “adjustments to income” or “above-the-line deductions.” These may include:
- Traditional IRA contributions
- Student loan interest (up to $2,500)
- Self-employment tax deduction
- Health Savings Account (HSA) contributions
- Qualified educator expenses
Your AGI affects your eligibility for certain tax credits and deductions, making it an important number to understand when planning your taxes.
Need to Calculate Your AGI?
Our Income Tax Calculator automatically determines your AGI based on your inputs.
Federal Income Tax Brackets for 2024-2025
Understanding tax brackets is essential for accurate tax planning. The U.S. uses a progressive tax system with seven tax brackets ranging from 10% to 37%. Your income is taxed in chunks according to these brackets, not all at the highest rate.
| Tax Rate | Single Filers | Married Filing Jointly | Head of Household | Married Filing Separately |
| 10% | $0 – $11,600 | $0 – $23,200 | $0 – $16,550 | $0 – $11,600 |
| 12% | $11,600 – $47,150 | $23,200 – $94,300 | $16,550 – $63,100 | $11,600 – $47,150 |
| 22% | $47,150 – $100,525 | $94,300 – $201,050 | $63,100 – $100,500 | $47,150 – $100,525 |
| 24% | $100,525 – $191,950 | $201,050 – $383,900 | $100,500 – $191,950 | $100,525 – $191,950 |
| 32% | $191,950 – $243,725 | $383,900 – $487,450 | $191,950 – $243,700 | $191,950 – $243,725 |
| 35% | $243,725 – $609,350 | $487,450 – $731,200 | $243,700 – $609,350 | $243,725 – $365,600 |
| 37% | Over $609,350 | Over $731,200 | Over $609,350 | Over $365,600 |
Marginal vs. Effective Tax Rates
Marginal Tax Rate
Your marginal tax rate is the tax rate you pay on your last dollar of income. It’s the highest bracket your income reaches. For example, if you’re a single filer with taxable income of $50,000, your marginal tax rate is 22%.
Effective Tax Rate
Your effective tax rate is the actual percentage of your income that you pay in taxes after accounting for all brackets. It’s always lower than your marginal rate in a progressive system. For example, that same single filer with $50,000 in taxable income would have an effective tax rate of about 13.5%.
Find Your Tax Bracket
Use our calculator to determine your tax bracket and see how it affects your overall tax liability.
Tax Deductions and Credits: Lowering Your Tax Bill
Understanding the difference between tax deductions and tax credits is crucial for minimizing your tax liability. Both can reduce what you owe, but they work in fundamentally different ways.
Tax Deductions
Deductions reduce your taxable income before tax rates are applied. Their value depends on your tax bracket—the higher your bracket, the more valuable a deduction becomes.
Standard vs. Itemized Deductions
| Filing Status | 2024 Standard Deduction |
| Single | $14,600 |
| Married Filing Jointly | $29,200 |
| Head of Household | $21,900 |
| Married Filing Separately | $14,600 |
Common Itemized Deductions
- Mortgage interest (limits apply)
- State and local taxes (SALT) up to $10,000
- Charitable contributions
- Medical expenses exceeding 7.5% of AGI
- Student loan interest (up to $2,500)
Tax Credits
Credits directly reduce your tax bill dollar-for-dollar, making them more valuable than deductions of the same amount. A $1,000 tax credit saves you exactly $1,000 in taxes.
Refundable vs. Non-refundable Credits
Refundable credits can reduce your tax liability below zero, resulting in a refund. Non-refundable credits can only reduce your tax liability to zero.
Common Tax Credits
- Child Tax Credit (up to $2,000 per qualifying child)
- Earned Income Tax Credit (for low to moderate income)
- American Opportunity Tax Credit (education)
- Lifetime Learning Credit (education)
- Child and Dependent Care Credit
- Retirement Savings Contribution Credit (Saver’s Credit)
See How Deductions and Credits Affect Your Taxes
Our calculator lets you experiment with different deductions and credits to see their impact on your tax liability.
Choosing the Right Filing Status
Your filing status significantly impacts your tax rates, standard deduction amount, and eligibility for certain credits. Selecting the correct status is one of the most important decisions when calculating your taxes.
Single
For unmarried individuals or those legally separated from a spouse. This status typically has lower standard deductions and narrower tax brackets than other statuses.
Married Filing Jointly
For married couples combining their income and deductions. Generally offers the most tax advantages, including higher standard deductions and wider tax brackets.
Married Filing Separately
For married couples who choose to file separate returns. May benefit couples with significant individual deductions or when one spouse wants to be responsible only for their own tax liability.
Head of Household
For unmarried individuals who pay more than half the cost of keeping up a home for a qualifying person. Offers higher standard deductions and more favorable tax brackets than single status.
Important Consideration
Your filing status is determined by your marital status as of December 31 of the tax year. Even if you were married for just one day of the year (December 31), you’re considered married for the entire tax year.
Not Sure Which Filing Status to Choose?
Our calculator can help you compare tax outcomes with different filing statuses.
Special Tax Considerations
Beyond the basics, several special situations can affect your tax calculations. Our Income Tax Calculator accounts for these factors to provide the most accurate estimate possible.
Self-Employment Taxes
If you’re self-employed, you’re responsible for both the employer and employee portions of Social Security and Medicare taxes (15.3% total). However, you can deduct half of this tax on your return.
Alternative Minimum Tax (AMT)
The AMT is a parallel tax system designed to ensure that higher-income taxpayers pay at least a minimum amount of tax, regardless of deductions. Our calculator helps determine if you might be subject to AMT.
Capital Gains Tax
Income from selling investments is taxed differently depending on how long you held the asset. Long-term capital gains (assets held over a year) generally have lower tax rates than short-term gains.
Retirement Contributions and Taxes
Traditional Retirement Accounts
Contributions to traditional 401(k)s and IRAs are generally tax-deductible, reducing your current taxable income. For 2024, you can contribute up to $23,500 to a 401(k) ($31,000 if you’re 50 or older) and up to $7,000 to an IRA ($8,000 if you’re 50 or older).
Roth Accounts
Contributions to Roth 401(k)s and Roth IRAs are made with after-tax dollars, so they don’t reduce your current taxable income. However, qualified withdrawals in retirement are completely tax-free, which can be a significant advantage.
Plan for Retirement While Saving on Taxes
See how retirement contributions can reduce your current tax liability.
State Income Taxes
In addition to federal income tax, most states also impose their own income taxes. State tax rates and rules vary significantly, with some states having no income tax at all.
States with No Income Tax
- Alaska
- Florida
- Nevada
- New Hampshire (taxes only interest and dividend income)
- South Dakota
- Tennessee
- Texas
- Washington
- Wyoming
How State Taxes Affect Your Overall Tax Burden
State income taxes are generally deductible on your federal return if you itemize deductions, but the deduction is limited to $10,000 combined with property taxes and other state and local taxes (SALT deduction). Our calculator can help you understand how your state taxes affect your overall tax picture.
Calculate Your Combined Federal and State Taxes
Our calculator includes state tax estimates for a complete picture of your tax situation.
Tax Planning Strategies
Strategic tax planning throughout the year can significantly reduce your tax liability. Here are some effective strategies to consider:
Timing Income and Expenses
- Defer income to next year when possible
- Accelerate deductions into the current year
- Bunch itemized deductions in alternating years
- Harvest investment losses to offset gains
Maximizing Deductions
- Contribute to tax-advantaged retirement accounts
- Use Health Savings Accounts (HSAs) if eligible
- Track business expenses meticulously
- Make charitable contributions strategically
Credit Optimization
- Understand all credits you qualify for
- Time education expenses for maximum credits
- Plan child-related expenses for relevant credits
- Consider energy-efficient home improvements
Year-End Tax Planning Checklist
Before December 31st
- Max out 401(k) contributions
- Make charitable donations
- Pay deductible expenses
- Harvest tax losses on investments
- Review estimated tax payments
By Tax Filing Deadline
- Contribute to IRAs
- Fund HSA accounts
- Make SEP-IRA contributions (self-employed)
- File for an extension if needed
- Pay any taxes owed to avoid penalties
Plan Your Tax Strategy
Use our calculator to test different tax planning scenarios and see their impact on your tax bill.
How to Use Our Income Tax Calculator
Getting an accurate tax estimate with our calculator is simple. Follow these steps to get the most out of this tool:
Enter Your Personal Information
Select your filing status (single, married filing jointly, etc.) and enter the tax year you want to calculate.
Input Your Income Details
Enter your gross income from all sources, including wages, self-employment, investments, and other income.
Add Deductions and Credits
Enter your standard or itemized deductions, retirement contributions, and any tax credits you expect to claim.
Review Your Results
The calculator will display your estimated tax liability or refund, effective tax rate, and marginal tax rate.
Adjust and Optimize
Try different scenarios to see how changes in income, deductions, or credits affect your tax outcome.
Pro Tip: Gather Your Documents
For the most accurate results, have these documents handy when using the calculator:
- Last year’s tax return
- Recent pay stubs
- 1099 forms for other income
- Records of deductible expenses
- Information about tax credits you plan to claim
Ready to Calculate Your Taxes?
Our user-friendly calculator makes tax estimation quick and easy.
Frequently Asked Questions About Income Taxes
What’s the difference between marginal and effective tax rates?
Your marginal tax rate is the rate you pay on your last dollar of income (your highest tax bracket). Your effective tax rate is the average rate you pay on your total taxable income. For example, if you’re in the 22% tax bracket, you don’t pay 22% on all your income—only on the portion that falls within that bracket. Your effective rate will be lower than your marginal rate.
How accurate is this income tax calculator?
Our Income Tax Calculator uses the latest tax brackets, rates, and deduction information to provide accurate estimates. However, it’s important to note that it’s an estimation tool and not a substitute for professional tax advice. Your actual tax liability may vary based on specific circumstances not captured by the calculator.
Should I take the standard deduction or itemize?
You should choose whichever option gives you the larger deduction. For most taxpayers, especially after recent tax law changes that nearly doubled the standard deduction, taking the standard deduction is more beneficial. However, if you have significant mortgage interest, charitable contributions, medical expenses, or other deductible expenses, itemizing might save you more. Our calculator can help you compare both scenarios.
How do tax credits differ from deductions?
Tax deductions reduce your taxable income, while tax credits directly reduce your tax liability dollar-for-dollar. For example, a
Frequently Asked Questions About Income Taxes
What’s the difference between marginal and effective tax rates?
Your marginal tax rate is the rate you pay on your last dollar of income (your highest tax bracket). Your effective tax rate is the average rate you pay on your total taxable income. For example, if you’re in the 22% tax bracket, you don’t pay 22% on all your income—only on the portion that falls within that bracket. Your effective rate will be lower than your marginal rate.
How accurate is this income tax calculator?
Our Income Tax Calculator uses the latest tax brackets, rates, and deduction information to provide accurate estimates. However, it’s important to note that it’s an estimation tool and not a substitute for professional tax advice. Your actual tax liability may vary based on specific circumstances not captured by the calculator.
Should I take the standard deduction or itemize?
You should choose whichever option gives you the larger deduction. For most taxpayers, especially after recent tax law changes that nearly doubled the standard deduction, taking the standard deduction is more beneficial. However, if you have significant mortgage interest, charitable contributions, medical expenses, or other deductible expenses, itemizing might save you more. Our calculator can help you compare both scenarios.
How do tax credits differ from deductions?
Tax deductions reduce your taxable income, while tax credits directly reduce your tax liability dollar-for-dollar. For example, a $1,000 deduction might save you $220 if you’re in the 22% tax bracket, but a $1,000 tax credit saves you exactly $1,000 regardless of your bracket. This makes credits generally more valuable than deductions of the same amount.
What if I make estimated tax payments?
If you’re self-employed or have income not subject to withholding, you may need to make quarterly estimated tax payments. Our calculator can help you determine how much you should pay each quarter to avoid underpayment penalties. You can enter these payments in the calculator to see their impact on your final tax bill or refund.
How do state taxes affect my federal return?
State and local income taxes are deductible on your federal return if you itemize deductions, but this deduction is limited to $10,000 combined with property taxes (the SALT deduction). Our calculator can help you understand how your state taxes affect your overall tax picture and whether itemizing makes sense for your situation.
Still Have Questions?
Try our calculator to see how different scenarios affect your taxes, or explore our other tax resources.
,000 deduction might save you 0 if you’re in the 22% tax bracket, but a
Frequently Asked Questions About Income Taxes
What’s the difference between marginal and effective tax rates?
Your marginal tax rate is the rate you pay on your last dollar of income (your highest tax bracket). Your effective tax rate is the average rate you pay on your total taxable income. For example, if you’re in the 22% tax bracket, you don’t pay 22% on all your income—only on the portion that falls within that bracket. Your effective rate will be lower than your marginal rate.
How accurate is this income tax calculator?
Our Income Tax Calculator uses the latest tax brackets, rates, and deduction information to provide accurate estimates. However, it’s important to note that it’s an estimation tool and not a substitute for professional tax advice. Your actual tax liability may vary based on specific circumstances not captured by the calculator.
Should I take the standard deduction or itemize?
You should choose whichever option gives you the larger deduction. For most taxpayers, especially after recent tax law changes that nearly doubled the standard deduction, taking the standard deduction is more beneficial. However, if you have significant mortgage interest, charitable contributions, medical expenses, or other deductible expenses, itemizing might save you more. Our calculator can help you compare both scenarios.
How do tax credits differ from deductions?
Tax deductions reduce your taxable income, while tax credits directly reduce your tax liability dollar-for-dollar. For example, a $1,000 deduction might save you $220 if you’re in the 22% tax bracket, but a $1,000 tax credit saves you exactly $1,000 regardless of your bracket. This makes credits generally more valuable than deductions of the same amount.
What if I make estimated tax payments?
If you’re self-employed or have income not subject to withholding, you may need to make quarterly estimated tax payments. Our calculator can help you determine how much you should pay each quarter to avoid underpayment penalties. You can enter these payments in the calculator to see their impact on your final tax bill or refund.
How do state taxes affect my federal return?
State and local income taxes are deductible on your federal return if you itemize deductions, but this deduction is limited to $10,000 combined with property taxes (the SALT deduction). Our calculator can help you understand how your state taxes affect your overall tax picture and whether itemizing makes sense for your situation.
Still Have Questions?
Try our calculator to see how different scenarios affect your taxes, or explore our other tax resources.
,000 tax credit saves you exactly
Frequently Asked Questions About Income Taxes
What’s the difference between marginal and effective tax rates?
Your marginal tax rate is the rate you pay on your last dollar of income (your highest tax bracket). Your effective tax rate is the average rate you pay on your total taxable income. For example, if you’re in the 22% tax bracket, you don’t pay 22% on all your income—only on the portion that falls within that bracket. Your effective rate will be lower than your marginal rate.
How accurate is this income tax calculator?
Our Income Tax Calculator uses the latest tax brackets, rates, and deduction information to provide accurate estimates. However, it’s important to note that it’s an estimation tool and not a substitute for professional tax advice. Your actual tax liability may vary based on specific circumstances not captured by the calculator.
Should I take the standard deduction or itemize?
You should choose whichever option gives you the larger deduction. For most taxpayers, especially after recent tax law changes that nearly doubled the standard deduction, taking the standard deduction is more beneficial. However, if you have significant mortgage interest, charitable contributions, medical expenses, or other deductible expenses, itemizing might save you more. Our calculator can help you compare both scenarios.
How do tax credits differ from deductions?
Tax deductions reduce your taxable income, while tax credits directly reduce your tax liability dollar-for-dollar. For example, a $1,000 deduction might save you $220 if you’re in the 22% tax bracket, but a $1,000 tax credit saves you exactly $1,000 regardless of your bracket. This makes credits generally more valuable than deductions of the same amount.
What if I make estimated tax payments?
If you’re self-employed or have income not subject to withholding, you may need to make quarterly estimated tax payments. Our calculator can help you determine how much you should pay each quarter to avoid underpayment penalties. You can enter these payments in the calculator to see their impact on your final tax bill or refund.
How do state taxes affect my federal return?
State and local income taxes are deductible on your federal return if you itemize deductions, but this deduction is limited to $10,000 combined with property taxes (the SALT deduction). Our calculator can help you understand how your state taxes affect your overall tax picture and whether itemizing makes sense for your situation.
Still Have Questions?
Try our calculator to see how different scenarios affect your taxes, or explore our other tax resources.
,000 regardless of your bracket. This makes credits generally more valuable than deductions of the same amount.
What if I make estimated tax payments?
If you’re self-employed or have income not subject to withholding, you may need to make quarterly estimated tax payments. Our calculator can help you determine how much you should pay each quarter to avoid underpayment penalties. You can enter these payments in the calculator to see their impact on your final tax bill or refund.
How do state taxes affect my federal return?
State and local income taxes are deductible on your federal return if you itemize deductions, but this deduction is limited to ,000 combined with property taxes (the SALT deduction). Our calculator can help you understand how your state taxes affect your overall tax picture and whether itemizing makes sense for your situation.
Still Have Questions?
Try our calculator to see how different scenarios affect your taxes, or explore our other tax resources.
Take Control of Your Tax Situation Today
Understanding your tax liability doesn’t have to be complicated. Our Income Tax Calculator provides a clear, accurate estimate of your federal and state taxes, helping you make informed financial decisions and identify potential tax-saving opportunities.
Whether you’re planning for the upcoming tax season, considering major financial changes, or simply want to understand your current tax situation better, our calculator gives you the insights you need to take control of your taxes.
Ready to Calculate Your Taxes?
Get started with our free, easy-to-use Income Tax Calculator and take the first step toward optimizing your tax situation.
Disclaimer: This calculator is provided for informational purposes only. While we strive for accuracy, tax laws are complex and subject to change. The results should not be considered as tax advice. Please consult with a qualified tax professional for advice specific to your situation.