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Income Tax Calculator

Select the year and input the required parameters to calculate the tax rate and amount you need to return to your state’s government obeying federal taxation law through this calculator.

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The Income Tax Calculator is designed to estimate federal tax refunds or amounts owed especially prepared for U.S. Residents. It leverages 2023 and 2024 tax brackets for 1040-ES estimation, planning, and comparison.

What is The Federal Income Tax?

The Internal Revenue Service (IRS) normally directs the federal income tax. It is one of the largest foundations of revenue for the federal government of the U.S. Every American who is working and serving the state is legally bound to file a federal income tax return with the IRS every year. Other than that, there are many people who pay their taxes the whole year usually in the form of payroll taxes which are withheld from their paychecks if they do not pay tax.  

The Taxable Income:

Before you pay any amount as a tax to your state, it is important to calculate your proper taxable income. After that, a federal income tax estimator for 2023 – 2024 can help you to calculate your taxes. For calculating your taxable income there is a simple process:
  • First of all, estimate your gross income.
  • Now subtract all the deductions and exemptions such as contributions to a 401(k) or pension plan.
  • The amount you will get as a resulting figure will be your taxable income amount.
  • Now you can calculate your tax according to your income with the federal tax calculator 2023 and 2024.

Other Taxable Incomes:

The other taxable incomes are as follows:
  • Interest Income   
  • Short-Term Capital Gains/Losses
  • Long-Term Capital Gains/Losses
  • Ordinary Dividends
  • Qualified Dividends
  • Passive Incomes

Tax Brackets:

The United States (U.S.) has seven federal income taxes that are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Typically, the tax brackets assist in understanding what income tax rates will apply to your taxable income in federal income tax calculations. The federal income tax is deducted on the basis of the federal income tax brackets 2023-2024 to calculate the income tax rates that will apply to your taxable income.

2023-24 Tax Brackets and Federal Income Tax Rates

The 2023 IRS(Internal Revenue Services) for the federal government is roughly a 5.4% shift upward from 2023.  The 2023 tax rates, ranging from 10% to 37%, remain the same as in previous years for taxpayers The income tax table below shows the brackets and rates that apply to income earned in 2023. All the Tax returns for the 2023 tax year will be due April 2023 or October 2025 with an extension submitted according to the table below:

2023-2024 Tax Brackets: Single Filers

Tax Rate Taxable income bracket Tax owed
10% $0 to $11,600 10 % taxable income
12% $11,601 to $47,150. $1,160 plus 12% of the amount over $11,600.
22% $47,151 to $100,525. $5,426 plus 22% of the amount over $47,150.
24% $100,526 to $191,950. $17,168.50 plus 24% of the amount over $100,525.
32% $191,951 to $243,725. $39,110.50 plus 32% of the amount over $191,950.
35% $243,726 to $609,350. $55,678.50 plus 35% of the amount over $243,725.
37% $609,351 or more. $183,647.25 plus 37% of the amount over $609,350.

2023-2024 Tax Brackets: Married, Filing Jointly

Tax rate Taxable income bracket Taxes owed
10% $0 to $23,200. 10% of taxable income.
12% $23,201 to $94,300. $2,320 plus 12% of the amount over $23,200.
22% $94,301 to $201,050. $10,852 plus 22% of the amount over $94,300.
24% $201,051 to $383,900. $34,337 plus 24% of the amount over $201,050.
32% $383,901 to $487,450. $78,221 plus 32% of the amount over $383,900.
35% $487,451 to $731,200. $111,357 plus 35% of the amount over $487,450.
37% $731,201 or more. $196,669.50 + 37% of the amount over $731,200.
The income tax calculator is the best support to make the estimates about the refunds as well as the potential owed amount that will be applicable on an income federal tax. The income tax estimator shows the tax calculations that depend on the federal income tax brackets of 2023 and 2024.

Filing Status of Taxpayer:

Filing status is that parameter that determines the income levels for your Federal tax bracket. It is significant in the calculations of your standard deduction, your personal exemptions, and deductions that phase out incomes. The federal income tax calculator also uses the filing status to tell you how much federal income tax amount you get back (refund) or owe. Have a look at the different filing statuses below that are the most important factors in calculating the income tax:

Married Filing Jointly:

In case of marriage, you will be able to file a joint return with your partner. But If your spouse died during the year of tax, then you will still be able to file a joint return for the same year. You may also pick to file distinctly as “Married Filing Separately”.

Qualified Widow:

When you and your partner file a joint tax return but later your spouse dies then it will come in the category of qualified widow. For this, it is also mandatory to have at least one child who is dependent on you.

Single:

For this status, there are three cases:
  • A divorced person
  • All those who are legally separated
  • All the unmarried people

Head of Household:

It is the status for all those people who are unmarried and pay more than half of the cost to keep a home. People can choose this status if they are married but don’t live with their partner at any time for the duration of the last six months of the year.

Married Filing Separately:

When you are married, you can choose to file separate returns. Your filing status for this option will be “Married Filing Separately”. For all these filing statuses you can make an estimate of your tax amount with the help of a free tax estimator.

What Are Tax Credits?

Congress formulates and then hands out the tax credits to all the taxpayers. For all taxpayers, they support lowering tax bills by reducing the amount of tax they own. It is significant to make the division between non-refundable and refundable tax credits.
  • Nonrefundable credits have the ability to reduce total tax liability to $0, but it cannot go beyond $0. If there is any unused non-refundable tax credit it will expire and cannot be approved for the next year.
  • Alternatively, refundable tax credit amounts give taxpayers entitlement to the full amount. Refundable tax credits are usually less common than non-refundable tax credits.
Some of the examples of some common tax credits are divided into the four groups explained below:

Income:

It is one of the most noticeable refundable tax credits and is usually only accessible to low or moderate-income households who are making up to a little over $50,000.

Children:

It is possible to claim up to $2,000 for one child, and out of $2000 there is a specific amount of $1,400 which is refundable.

Education:

The requirement to claim it is at least 18 years of age. Individuals should not be a full-time students, and cannot be claimed as a dependent on any other person's return. In America, there is a maximum annual credit of $2,500 for every student.

Environmental:

All those properties that are powered by solar, natural wind, geothermal energy, or fuel-cell
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