Income Tax Calculator 2024 — Federal Tax Estimate

Your marginal tax rate is the rate on your last dollar of income (your top bracket). Your effective rate is your total tax divided by your total income — almost always lower because lower income dollars are taxed at lower rates. For example, a single filer with $100,000 taxable income has a 22% marginal rate but pays an effective rate of about 17%.

For 2024: Single — $14,600; Married Filing Jointly — $29,200; Head of Household — $21,900; Married Filing Separately — $14,600. These amounts are higher for taxpayers 65 or older or legally blind.

Itemize if your deductible expenses (mortgage interest, state/local taxes up to $10,000, charitable donations, medical expenses exceeding 7.5% of AGI) exceed the standard deduction for your filing status. About 90% of taxpayers now take the standard deduction after the 2017 Tax Cuts and Jobs Act nearly doubled it.

Tax credits directly reduce the tax you owe, dollar for dollar. A $2,000 tax credit saves you $2,000 in taxes. A $2,000 deduction saves you only $440 if you're in the 22% bracket. Refundable credits (like the Earned Income Tax Credit) can even result in a refund if they exceed your tax liability.