Calculator.info

Income Tax Calculator

Calculate your federal and state income tax based on your income and filing status

Tax Information

Tax Summary

Taxable Income$60,400.00

Income after deductions

Total Tax$11,361.00

Combined federal and state tax

Take-Home Income$63,639.00

After-tax income

Effective Tax Rate15.2%

Average tax rate on total income

Marginal Tax Rate22.0%

Tax rate on next dollar earned

Tax Breakdown:

10% Tax Bracket:$1,160.00
12% Tax Bracket:$4,266.00
22% Tax Bracket:$2,915.00
5% Tax Bracket:$3,020.00

Understanding Income Tax Basics

Income tax is a percentage of your income that you pay to the government. The U.S. uses a progressive tax system, meaning tax rates increase as your income rises. Understanding how tax brackets work is key to managing your tax liability.

Key Concepts

  • • Progressive tax brackets
  • • Marginal vs. effective tax rates
  • • Taxable vs. non-taxable income
  • • Deductions and credits
  • • Filing status implications

Income Types

  • • Earned income (wages, salary)
  • • Investment income
  • • Self-employment income
  • • Rental income
  • • Retirement distributions

Tax Deductions and Credits

Standard Deduction

  • • Single: $14,600 (2024)
  • • Married Filing Jointly: $29,200
  • • Head of Household: $21,900
  • • Automatic qualification
  • • No itemization required

Common Itemized Deductions

  • • Mortgage interest
  • • State and local taxes
  • • Charitable contributions
  • • Medical expenses
  • • Investment expenses

Popular Tax Credits

  • • Child Tax Credit
  • • Earned Income Credit
  • • Education credits
  • • Energy efficiency credits
  • • Retirement savings credit

Understanding Tax Brackets (2024)

Single Filers

• 10%: $0 - $11,600

• 12%: $11,601 - $47,150

• 22%: $47,151 - $100,525

• 24%: $100,526 - $191,950

• 32%: $191,951 - $243,725

• 35%: $243,726 - $609,350

• 37%: Over $609,350

Married Filing Jointly

• 10%: $0 - $23,200

• 12%: $23,201 - $94,300

• 22%: $94,301 - $201,050

• 24%: $201,051 - $383,900

• 32%: $383,901 - $487,450

• 35%: $487,451 - $731,200

• 37%: Over $731,200

Tax Planning Strategies

Income Strategies

  • • Maximize pre-tax contributions
  • • Time income recognition
  • • Consider Roth conversions
  • • Harvest investment losses
  • • Bundle deductible expenses

Retirement Planning

  • • Max out 401(k) contributions
  • • Consider IRA options
  • • HSA contributions
  • • Catch-up contributions
  • • Required minimum distributions

Year-End Planning

  • • Review withholdings
  • • Charitable giving
  • • Business purchases
  • • Education expenses
  • • Document organization