MoneyMath

Tax Calculator

Calculate federal and state income taxes with advanced optimization strategies

Federal & State Income Tax Calculator

Tax Calculation Results

Total Tax:$22,762.50
Effective Rate:30.3%
Marginal Rate:22.0%
After-Tax Income:$52,237.50

2024 Tax Brackets & Rates

Tax brackets work in layers - you pay each rate only on income within that bracket range.

👤 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%$609,351+
💑 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%$731,201+
💔 Married Filing Separately
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 - $365,600
37%$365,601+
🏠 Head of Household
10%$0 - $16,550
12%$16,551 - $63,100
22%$63,101 - $100,500
24%$100,501 - $191,950
32%$191,951 - $243,700
35%$243,701 - $609,350
37%$609,351+

📋 2024 Standard Deductions

Single:$14,600
Married Joint:$29,200
Head of Household:$21,900

💡 How Tax Brackets Work

You don't pay the top rate on all your income. Only income above each threshold gets taxed at the higher rate.

Quick & Interesting Facts

📅 Tax Day: April 15th

Standard deduction: $14,600 (2024 Single)

💰 Top marginal rate is 37%

Single: $609,350+ | Joint: $731,200+

🏛️ 7 states have no income tax

TX, FL, WA, NV, TN, SD, WY

📊 Progressive tax system

Higher income = higher marginal rate

🎯 Effective vs Marginal rate

Effective rate is your actual tax percentage

💡 Credits vs Deductions

Credits reduce tax dollar-for-dollar

📈 401(k) max: $23,000 (2024)

Pre-tax contributions reduce taxable income

🏥 HSA triple tax advantage

Deductible, grows tax-free, tax-free withdrawals

📋 Itemize if deductions > standard

Mortgage interest, donations, state taxes

⚖️ Tax-loss harvesting

Offset gains with investment losses