Tax Calculation Results
Taxable Income
After deductions
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Federal Income Tax
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Effective Tax Rate
Tax ÷ Gross Income
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Marginal Tax Rate
Tax bracket
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Take-Home Pay (Annual)
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Take-Home Pay (Monthly)
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2024 Federal Tax Brackets
Understanding US Tax System 2024
The US federal income tax system is progressive, meaning higher income levels are taxed at higher rates. Understanding your tax bracket helps with financial planning.
2024 Federal Tax Brackets
| Single Filers | Married Filing Jointly | Tax Rate |
|---|---|---|
| Up to $11,600 | Up to $23,200 | 10% |
| $11,601 – $47,150 | $23,201 – $94,300 | 12% |
| $47,151 – $100,525 | $94,301 – $201,050 | 22% |
| $100,526 – $191,950 | $201,051 – $383,900 | 24% |
| $191,951 – $243,725 | $383,901 – $487,450 | 32% |
Key Tax Terms Explained
Taxable Income
Gross income minus deductions and exemptions.
Marginal Tax Rate
Tax rate on your last dollar of income.
Effective Tax Rate
Total tax ÷ total income = average tax rate.
Standard Deduction
Fixed amount all taxpayers can deduct ($13,850 single in 2024).
Frequently Asked Questions
What's the difference between marginal and effective tax rate?
Marginal rate = tax on last dollar earned. Effective rate = total tax ÷ total income (average rate).
Should I take standard or itemized deduction?
Take whichever is larger. Most taxpayers take standard unless they have large mortgage, medical, or charitable expenses.