Calculate your income tax, tax refund, or tax due based on your filing status, income, deductions, and credits.
A tax calculator helps you estimate your income tax liability, potential refund, or amount due based on your income, filing status, deductions, and credits. Understanding your tax situation can help with financial planning and avoiding surprises at tax time.
For a married couple filing jointly with $75,000 income, $27,700 standard deduction, and $10,000 in tax withholdings:
Taxable Income = $75,000 - $27,700 = $47,300
Total Tax = $5,236 (calculated using tax brackets)
Tax Refund = $10,000 - $5,236 = $4,764
The U.S. tax system uses a progressive tax structure with different tax brackets:
| Tax Rate | Income Range |
|---|---|
| 10% | Up to $23,200 |
| 12% | $23,201 to $94,300 |
| 22% | $94,301 to $201,050 |
| 24% | $201,051 to $383,900 |
| 32% | $383,901 to $487,450 |
| 35% | $487,451 to $731,200 |
| 37% | Over $731,200 |
Key tax concepts:
Understanding these concepts can help you make informed financial decisions and potentially reduce your tax liability through proper planning.
Taxable income is calculated as:
Total tax is calculated using progressive tax brackets:
Tax due or refund is calculated as:
• Single: $14,600
• Married Filing Jointly: $29,200
• Head of Household: $21,900
• Child Tax Credit: Up to $2,000 per child
• Earned Income Tax Credit: Up to $7,430
• Education Credits: American Opportunity Credit, Lifetime Learning Credit
• Child and Dependent Care Credit: Up to $3,000
• Contribute to retirement accounts (401k, IRA)
• Use Health Savings Accounts (HSAs)
• Itemize deductions if they exceed standard deduction
• Take advantage of tax credits
• Consider tax-loss harvesting investments