Tax Bracket Calculator
2024 federal income tax brackets
$
Federal Tax
$10,541
After Tax Income
$74,459
Effective Rate
15.0%
Marginal Rate
22%
Taxable Income
$70,400
Tax Bracket Breakdown
10% ($0 - $11,600)$1,160
12% ($11,600 - $47,150)$4,266
22% ($47,150 - $100,525)$5,115
Where Your Money Goes
Take Home
Tax
Understanding Federal Tax Brackets (2024)
The U.S. uses a progressive tax system, meaning different portions of your income are taxed at different rates. Your "marginal tax rate" is the rate applied to your last dollar of income, while your "effective tax rate" is the average rate across all your income.
Standard vs. Itemized Deductions
The standard deduction reduces your taxable income by a flat amount based on your filing status. Alternatively, you can itemize deductions if your qualifying expenses (mortgage interest, charitable donations, state/local taxes, etc.) exceed the standard deduction amount.