Income Tax Calculator
Calculate your 2024-2025 federal income tax, estimate refunds, and plan your tax strategy.
Basic Information
Person 1 Income
Other Income
Deductions & Credits
Enter your tax information to see your results
- Select Filing Status: Choose your tax filing status (Single, Married Filing Jointly, etc.)
- Enter Income Information: Input wages from W-2 forms, business income, and other income sources
- Add Deductions: Include itemized deductions like mortgage interest, charitable donations, and state taxes
- Review Results: See your estimated tax liability, refund, and effective tax rate
1. Gross Income
Gross = Wages + Business Income + Interest + Dividends + Capital Gains + Other Income
2. Adjusted Gross Income (AGI)
AGI = Gross Income - Above-the-line Deductions (IRA, Student Loan Interest, etc.)
3. Taxable Income
Taxable Income = AGI - max(Standard Deduction, Itemized Deductions)
4. Federal Tax
Applied using progressive tax brackets based on filing status
Should I take the standard deduction or itemize?
The calculator automatically uses whichever deduction is larger. Itemize if your deductions exceed the standard deduction for your filing status.
How are capital gains taxed?
Long-term capital gains (held > 1 year) are taxed at preferential rates of 0%, 15%, or 20% based on your income level.
What is self-employment tax?
Self-employment tax is 15.3% (Social Security + Medicare) on business income. Half of this tax is deductible from your AGI.
Does this calculator consider AMT?
This calculator provides estimates based on regular tax calculations. For complex situations involving AMT, consult a tax professional.