Federal Tax Calculator 2024
Calculate your federal income tax liability for 2024. Estimate taxes owed, potential refund, and see your effective tax rate. Updated with the latest tax brackets and standard deductions.
Tax Information
Pre-tax Contributions
Understanding Federal Income Tax
2024 Tax Year Updates
Standard Deductions
- • Single: $13,850
- • Married Filing Jointly: $27,700
- • Head of Household: $20,800
Key Changes
- • Tax brackets adjusted for inflation
- • Higher standard deductions
- • Updated contribution limits
How Tax Brackets Work
The U.S. uses a progressive tax system, meaning higher income is taxed at higher rates. However, you only pay the higher rate on income that falls within that bracket.
Example: $75,000 Income (Single Filer)
Tax Planning Strategies
Reduce Taxable Income
- • Maximize 401(k) contributions ($22,500 limit)
- • Contribute to traditional IRA ($6,000 limit)
- • Use HSA for medical expenses ($3,650 limit)
- • Consider tax-loss harvesting
Maximize Deductions
- • Compare standard vs. itemized deductions
- • Track charitable contributions
- • Deduct mortgage interest
- • State and local tax deduction (up to $10,000)
Common Tax Credits
Child Tax Credit: Up to $2,000 per qualifying child under 17, with up to $1,500 refundable.
Earned Income Tax Credit (EITC): Refundable credit for low to moderate income workers, especially those with children.
American Opportunity Tax Credit: Up to $2,500 per student for qualified education expenses in the first four years of college.
Lifetime Learning Credit: Up to $2,000 per tax return for qualified education expenses.
2024 Federal Tax Brackets
Single Filers
Married Filing Jointly
Frequently Asked Questions
What are the 2024 federal tax brackets?
For 2024, the tax brackets are: 10% ($0-$11,000), 12% ($11,001-$44,725), 22% ($44,726-$95,375), 24% ($95,376-$182,050), 32% ($182,051-$231,250), 35% ($231,251-$578,125), and 37% ($578,126+) for single filers.
How is my tax liability calculated?
Your tax liability is calculated using a progressive tax system. You pay 10% on the first $11,000, 12% on income from $11,001 to $44,725, and so on. Only income in each bracket is taxed at that bracket's rate.
What's the difference between marginal and effective tax rate?
Your marginal tax rate is the rate on your last dollar of income. Your effective tax rate is your total tax divided by total income - this is your overall tax burden percentage.
What deductions can I take?
You can take either the standard deduction ($13,850 for single filers in 2024) or itemize deductions like mortgage interest, state taxes (up to $10,000), and charitable contributions - whichever is higher.
When do I owe taxes vs get a refund?
If your tax liability is less than what was withheld from your paychecks, you get a refund. If you owe more than was withheld, you'll need to pay the difference by the tax deadline.