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Tax Calculator 2024
Calculate your federal income tax, FICA taxes, and optimize your tax strategy
Gross Income
$75,000
Annual income
Total Tax
$14,079
Federal + FICA
Take-Home Pay
$60,922
After taxes
Effective Rate
18.77%
Total tax rate
Income & Filing Status
For Child Tax Credit ($2,000 each)
Single
Unmarried, divorced, or legally separated
Standard Deduction: $14,600
Marginal Tax Rate: 22.00%
Deductions & Credits
Pre-tax Deductions
2024 limit: $23,000
Tax Deductions
Tax Credits
Tax Breakdown
Monthly Payroll
Gross Pay: $6,250
Federal Tax: -$695
Social Security: -$388
Medicare: -$91
Net Pay: $5,077
Annual Tax Summary
Taxable Income: $60,400
Federal Income Tax: $8,341
FICA Taxes: $5,738
Tax Credits: -$0
Total Tax Liability: $14,079
FICA Tax Breakdown
Social Security (6.2%): $4,650
Medicare (1.45%): $1,088
Total FICA: $5,738
💡 Tax Planning Tips
- • Consider maximizing 401(k) contributions (current: $0, max: $23,000)
- • Consider maximizing HSA contributions for triple tax advantage
Tax Bracket Breakdown
| Tax Bracket | Income Range | Taxable Income | Tax Owed | % of Total Tax |
|---|---|---|---|---|
| 10.00% | $0 - $11,600 | $11,600 | $1,160 | 19.2% |
| 12.00% | $11,600 - $47,150 | $35,550 | $4,266 | 58.9% |
| 22.00% | $47,150 - $100,525 | $13,250 | $2,915 | 21.9% |
| 24.00% | $100,525 - $191,675 | - | - | - |
| 32.00% | $191,675 - $243,725 | - | - | - |
| 35.00% | $243,725 - $609,350 | - | - | - |
| 37.00% | $609,350 - ∞ | - | - | - |
2024 Tax Planning Guide
Key 2024 Limits
- • 401(k) contribution: $23,000 (+$7,500 catch-up)
- • IRA contribution: $7,000 (+$1,000 catch-up)
- • HSA contribution: $4,300 individual / $8,550 family
- • Social Security wage base: $160,200
- • Gift tax exclusion: $18,000
Tax Strategies
- • Maximize pre-tax retirement contributions
- • Consider Roth conversions in low-income years
- • Bunch itemized deductions in alternating years
- • Harvest tax losses to offset gains
- • Use HSA as retirement account after age 65