What is the standard deduction?

For 2024: Single $14,600 · Married Filing Jointly $29,200 · Married Filing Separately $14,600 · Head of Household $21,900. You can override it with your own itemized deductions if those are higher.

What is effective vs marginal tax rate?

The marginal rate is the rate applied to your last dollar of income (your tax bracket). The effective rate is your total tax divided by gross income — always lower than the marginal rate because lower income is taxed at lower rates.

Does this include FICA (Social Security & Medicare)?

No. This calculator covers federal income tax only. FICA adds 7.65% on wages up to the Social Security wage base ($168,600 in 2024).

How do I reduce my tax bill?

Common strategies: maximize 401(k)/IRA contributions (reduces taxable income), claim all eligible deductions and credits, consider HSA contributions, and time capital gains/losses strategically.

Hometax calculator

Tax Calculator

Estimate 2024 US federal income tax and take-home pay.

Annual income ($)

Filing status

Use itemized deductions instead of standard ($14,600)

Gross income$75,000

Deduction− $14,600

Taxable income$60,400

Federal tax$8,341

Effective rate11.12%

Marginal rate22%

Take-home pay$66,659

Tax Bracket Breakdown

Rate	Income in bracket	Tax
10%	$11,600	$1,160
12%	$35,550	$4,266
22%	$13,250	$2,915
Total		$8,341

2024 US federal income tax only. Does not include state tax, FICA, or credits.

How US federal income tax works

The US uses a progressive tax system — higher income is taxed at higher rates, but only the portion that falls within each bracket. If you're in the 22% bracket, you don't pay 22% on all your income; you pay 10% on the first slice, 12% on the next, and 22% only on the income above the 12% threshold.

Before tax is calculated, your income is reduced by a deduction. The standard deduction ($14,600 for single filers in 2024) is the simplest choice — just subtract it and you're done. If you have large itemized deductions (mortgage interest, state taxes, charitable donations), you can use those instead if they exceed the standard deduction.

The result is your taxable income. Apply the brackets to this amount to get your marginal tax. Divide total tax by gross income to get your effective rate — always lower than your marginal rate.

Ways to reduce your tax bill

401(k) / IRA contributions

Pre-tax contributions reduce your taxable income dollar-for-dollar. $20,000 in a traditional 401(k) at 22% saves $4,400 in tax.

Health Savings Account (HSA)

Triple tax advantage: contributions reduce income, growth is tax-free, withdrawals for medical expenses are tax-free.

Itemize deductions

Mortgage interest, state and local taxes (up to $10,000), and charitable donations can exceed the standard deduction for many homeowners.

Tax credits

Credits reduce tax directly (not just income). Child tax credit, earned income credit, and education credits can significantly lower your bill.

This calculator estimates federal income tax only. Consult a tax professional for personalised advice.

Frequently Asked Questions

These are 2024 US federal income tax brackets (for returns filed in 2025). State taxes are not included.