Income Tax Estimator
Get a simple estimate of your federal income tax liability.
How Much Will You *Actually* Owe in Taxes?
Your tax bill can be one of your largest yearly expenses, but it's often a complete mystery until it's time to file. This estimator gives you a rough, back-of-the-napkin calculation of your potential federal income tax liability. By getting an early estimate, you can plan ahead, adjust your withholdings, or set money aside to avoid any unpleasant surprises come tax season.
Note: This is a simplified estimator for US federal income tax only and does not account for all possible credits, deductions, or state and local taxes. It should be used for informational purposes only.
How to Estimate Your Tax Bill
To get your estimate, you'll need three key pieces of your financial picture:
- Gross Income: Your total income from all sources before any deductions.
- Filing Status: Typically 'Single' or 'Married Filing Jointly'.
- Deductions: The total amount of your tax deductions. You can enter the standard deduction for your filing status or an estimate of your itemized deductions.
The calculator will then estimate your total tax bill and your effective tax rate.
Marginal vs. Effective Tax Rate: What's the difference?
It's a common point of confusion. The US has a progressive tax system with different tax brackets.
- Marginal Tax Rate: This is the rate you pay on your *last* dollar of income. It's the highest tax bracket your income falls into.
- Effective Tax Rate: This is the *average* rate you pay on all your income. It's your total tax liability divided by your gross income. This calculator shows your effective tax rate, which is a more accurate representation of your overall tax burden.