Federal Income Tax Calculator
2024 federal income tax calculator
Click here for a 2024 Federal Tax Refund Estimator.
Taxes are unavoidable and without planning, the annual tax liability can be very uncertain. Use the following calculator to help determine your estimated tax liability along with your average and marginal tax rates.
Use this federal income tax calculator to estimate your federal tax bill and look further at the changes to the federal income tax brackets and rates.
Results
Based upon the information you provided, it appears that your estimated federal income tax liability will be approximately $6,232. Your effective tax rate is 11.2% and your marginal tax rate is 12.0%.
Summary Table
Estimated Tax Analysis | ||
---|---|---|
Gross income (ordinary income rates) | $85,000 | |
Taxable Pass-Through Income | + | $0 |
Traditional IRA contributions | - | $0 |
Adjusted gross income | = | $85,000 |
Standard/Itemized deductions | - | $29,200 |
Taxable income | = | $55,800 |
Tax liability before credits (includes taxes on pass-through income) | $6,232 | |
Child tax credits | - | $0 |
Family tax credits | - | $0 |
Estimated tax liability | = | $6,232 |
Graph
Further Resources
- Calculate your estimated 2024 federal income tax refund.
- Read about 5 common tax deductions
- Calculate to determine if you should adjust you payroll withholdings this year.
- Discuss how much money you really have after taxes.
- Calculate your tax freedom day - how many days you have to work to pay your federal taxes.
FINANCIAL PLANNERS – Affordable Financial Planning Software – www.PlannerPortal.com
Additional Calculators
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This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.