Income Tax Calculator
Use this calculator to estimate your federal income tax based on your income, filing status, deductions, and adjustments.
Income Tax Calculator
Estimate your federal income tax based on your income, filing status, and deductions.
Income Tax Calculator (2023 Tax Year)
Federal Income Tax Results
About This Calculator
This calculator provides estimates for federal income tax based on 2023 tax brackets and standard deductions. It does not include state or local taxes, Social Security, Medicare taxes, or other potential taxes and credits.
Remember that this is a simplified estimation. For accurate tax advice tailored to your specific situation, please consult with a tax professional.
How to Use This Calculator
This calculator helps you make informed financial decisions by providing accurate estimates based on the information you provide. Follow these steps:
Enter Your Details
Fill in all required fields with your financial information.
Adjust Parameters
Use sliders and toggles to customize scenarios and assumptions.
View Results
Get instant calculations that update as you change inputs.
Compare Options
Try different scenarios to find the best financial solution.
Understanding Income Tax
Federal income tax is a progressive tax system, meaning that the tax rate increases as your income increases. The U.S. has tax brackets, where different portions of your income are taxed at different rates.
Filing Status
Your filing status determines your tax brackets and standard deduction amount. The main filing statuses are Single, Married Filing Jointly, Head of Household, and Married Filing Separately.
Deductions and Adjustments
Deductions reduce your taxable income. You can either take the standard deduction (a fixed amount based on your filing status) or itemize your deductions if they exceed the standard deduction amount.
Adjustments to income (also called "above-the-line deductions") reduce your gross income before the standard or itemized deductions are applied. Examples include student loan interest and contributions to qualifying retirement accounts.