Get a quick estimate of your U.S. federal income tax liability with this simple tool. It's designed for planning and informational purposes.
Step 1: Enter Your Annual Income
In the "Annual Income" field, enter your total gross income for the year. This should be your income before any deductions or credits.
Step 2: Select Your Filing Status
Choose your tax filing status from the dropdown menu. The options are based on standard IRS categories:
- Single: For unmarried individuals.
- Married Filing Jointly: For married couples who wish to file one tax return together.
- Married Filing Separately: For married couples who choose to file separate returns.
- Head of Household: For unmarried individuals who pay more than half the costs of keeping up a home for a qualifying person.
Step 3: Estimate Your Tax
Click the "Estimate Tax" button. The calculator will use the 2024 federal tax brackets to compute your estimated tax liability.
Step 4: Understand the Results
The tool will provide a detailed breakdown of your estimate:
- Total Tax: The total estimated amount of federal income tax you may owe.
- Effective Tax Rate: Your total tax shown as a percentage of your total income. This is different from your marginal tax bracket.
- Tax Bracket Breakdown: A table showing how your income is taxed progressively through the different tax brackets.
Disclaimer: This tool provides a simplified estimate based on gross income and standard tax brackets. It does not account for tax deductions (like the standard deduction), credits, capital gains, or state and local taxes. For accurate tax planning, please consult a qualified tax professional.