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Federal Income Tax Calculator (2024)

Calculate your estimated US Federal Income Tax based on the 2024 IRS brackets for Single Filers.

2024 Federal Tax (Single Filer)

Calculate your estimated US federal income tax based on 2024 IRS brackets.

$
$85k

The standard deduction for Single Filers in 2024 is $14,600. This calculator estimates Federal Income Tax only. It does not include State Taxes, FICA (Social Security & Medicare), or local taxes.

Total Federal Tax
$10,541
Effective Rate
12.4%
After Federal Income Tax:$74,459

Excludes Social Security, Medicare (FICA), state/local taxes, credits, and other deductions.

Tax Bracket Breakdown

Tax RateTaxable AmountTax Owed
10%$11,600$1,160
12%$35,550$4,266
22%$23,250$5,115
Total$70,400$10,541
Your Top Marginal Tax Rate22%

Understanding US Federal Income Tax

1

Progressive Tax Brackets

The US uses a progressive tax system. This means you do not pay your highest tax rate on all your income. You only pay the higher rate on the amount of income that falls into that specific bracket.

2

Marginal vs Effective Rate

Your Marginal Rate is the highest bracket your income reaches. Your Effective Rate is the actual percentage of your total income paid in taxes (which is always lower).

3

Standard Deduction

For 2024, the standard deduction for a single filer is $14,600. This amount is subtracted from your gross income before any tax is calculated.

Strategy: Standard vs Itemized

When filing your federal taxes, you have a choice to either take the Standard Deduction or to Itemize your deductions. The goal is to choose the option that reduces your taxable income the most.

  • The Standard Deduction: For 2024, the standard deduction is $14,600 for single filers. This is a flat, no-questions-asked reduction of your taxable income.
  • Itemized Deductions: These include specific out-of-pocket expenses like mortgage interest, state and local taxes (SALT, up to $10,000), large medical expenses, and charitable contributions.
  • The Breakeven Rule: You should only itemize if your total eligible expenses add up to more than $14,600. If they fall below this amount, simply taking the standard deduction will save you more money and make filing much simpler.