Tax Calculator
Estimate your income tax, effective tax rate, and take-home pay based on your salary, deductions, and filing status.
Tax Calculator
Standard deduction for 2023: $13,850 (Single), $27,700 (Married)
Understanding Income Tax
Income tax is a tax imposed on individuals or entities that varies with respective income or profits. Taxable income is calculated as total income minus deductions and exemptions.
Federal Tax Brackets (2023)
| Tax Rate | Single Filer | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | $0 - $11,000 | $0 - $22,000 | $0 - $15,700 |
| 12% | $11,001 - $44,725 | $22,001 - $89,450 | $15,701 - $59,850 |
| 22% | $44,726 - $95,375 | $89,451 - $190,750 | $59,851 - $95,350 |
| 24% | $95,376 - $182,100 | $190,751 - $364,200 | $95,351 - $182,100 |
| 32% | $182,101 - $231,250 | $364,201 - $462,500 | $182,101 - $231,250 |
| 35% | $231,251 - $578,125 | $462,501 - $693,750 | $231,251 - $578,100 |
| 37% | $578,126+ | $693,751+ | $578,101+ |
Standard Deductions (2023)
Single
$13,850
For individuals who are not married and don't qualify for another filing status
Married Filing Jointly
$27,700
For married couples filing a joint return
Head of Household
$20,800
For unmarried taxpayers who provide a home for certain dependents
Married Filing Separately
$13,850
For married individuals filing separate returns
Common Tax Deductions
Itemized Deductions
- Mortgage interest
- State and local taxes
- Charitable contributions
- Medical expenses (over 7.5% of AGI)
Above-the-Line Deductions
- Student loan interest
- Health savings account contributions
- Self-employed health insurance
- Retirement account contributions
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Disclaimer:
This calculator provides estimates based on 2023 US federal tax brackets and standard deductions. Tax laws change frequently, and individual circumstances vary. For accurate tax advice, consult with a tax professional.