- Federal Income Tax Rates:
- **TAXTABLE_TAXYEAR_DEFINITION**
- Filing status
- Choose your filing status. Your filing status determines the income levels for your Federal tax rates. It is also used to determine your standard deduction, and many deduction or credit phaseout income ranges. The ‘Filing Status’ table summarizes the five possible filing status choices. Your marital status as of the last day of the year determines your filing status.
| Married Filing Jointly | If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year and you did not remarry, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately". |
| Qualified Surviving Spouse | Generally, you qualify for this status for two years after the year of your spouse's death, as long as you and your spouse qualified to file a joint tax return in the year of their death and you did not remarry. You are also required to have at least one dependent child or stepchild for whom you are the primary provider. |
| Single | Use this filing status if you don't qualify for any other filing status. Generally, If you are divorced, legally separated or unmarried as of the last day of the year (and you are not using another filing status) you should use this status. |
| Head of Household | This is the status for unmarried individuals (or individuals considered unmarried) that pay for more than half of the cost to keep up a home for qualifying individuals who live with the taxpayer for more than one-half of the year. (The taxpayer's dependent parent does not have to live with the taxpayer but can still qualify provided you pay over half of the cost of keeping up the parent's home.). You can also choose this status if you are married, but didn't live with your spouse at any time during the last six months of the year. |
| Married Filing Separately | If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately". |
- Dependents qualifying for child tax credit
- Enter the number of dependent children that qualify for the child tax credit. To qualify, a child must be under age 17 at the end of the year. They must be either your child, one of your siblings or your foster child or a child of any of them (for example your grandchild). In addition, they must have lived with you for more than half of the year, not provide more than half of their own support and must be claimed as a dependent on your tax return. In 2024, for each qualifying child you can receive up to a $2,000 tax credit.
| Married Filing Jointly | $400,000 | $50 reduction for every $1,000 over threshold |
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| Qualified Surviving Spouse | $400,000 | $50 reduction for every $1,000 over threshold |
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| Single | $200,000 | $50 reduction for every $1,000 over threshold |
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| Heads of Household | $200,000 | $50 reduction for every $1,000 over threshold |
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| Married Filing Separately | $200,000 | $50 reduction for every $1,000 over threshold |
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- Dependents qualifying for other dependent credit
- Enter the number of dependent individuals that qualify for the "Other Dependent Credit". In 2024, you may be eligible for a nonrefundable credit of up to $500 per qualifying dependent. Generally, to qualify the dependent can't have already been claimed as a qualifying child, they must have lived with you for more than half of the year, not provide more than half of their own support and must be claimed as a dependent on your tax return. The income phaseout for this credit follows the same rules and limits as the child tax credit.
- Wages, salaries, tips, etc.
- Enter your total of all wages, salaries, tips, etc. For this entry only enter the amount for the primary taxpayer, do not include your spouse. This is normally the amount shown on your W-2 form(s) in box 1 provided by your employer. You should also include any wages received as a household employee not reported on a W-2 (a W-2 may not have been provided if the amount was less than $2,000). It should also include any tips not reported to your employer - including allocated tips that appear on your W-2 form(s) box 8.
- Spouse wages, salaries, tips, etc.
- Enter your spouse's total of all wages, salaries, tips, etc. For this entry, only enter the amount for your spouse. This is normally the amount shown on your spouse's W-2 form(s) in box 1 provided by your spouse's employer. You should also include any wages received as a household employee not reported on a W-2 (a W-2 may not have been provided if the amount was less than $2,000). It should also include any tips not reported to your spouse's employer - including allocated tips that appear on your spouse's W-2 form(s) box 8.
- Business income or loss (Schedule C & E subject to self-employment taxes)
- Any income or loss as reported on Schedule C. If you have any income reported on Schedule E that is subject to self-employment taxes (such as from some Partnerships), that income should be entered here as well.
- Spouse business income or loss (Schedule C & E subject to self-employment taxes)
- Any income or loss as reported on a spouse's Schedule C. If your spouse has any income reported on a Schedule E that is subject to self-employment taxes (such as from some Partnerships), that income should be entered here as well.
- Other income
- Any other income you received during the year. This includes income reported to you on 1099-MISC that was already reported elsewhere.
- Social Security benefits received
- This is the total of all Social Security and equivalent Railroad Retirement benefits you and your spouse (if you are married filing jointly) received in 2024. These benefits are reported to you on forms SSA-1099 for Social Security and RRB-1099 for Railroad Retirement benefits.
- Taxable income adjustments for Social Security, student loan interest & student tuition
- This is for a group of income items and benefits normally excluded from your taxable income but included when calculating any of the following: 1) The amount of Social Security benefits that are taxable, 2) Phaseout of student loan interest deduction and 3) Phase out of tuition and fees deduction. This amount is the total of the following:
- Employer-provided adoption benefits excluded from your income (form 8839)
- Foreign earned income or housing that was excluded from your income (form 2555)
- Any exclusion of income for Bona Fide Residents of American Samoa (form 4563) or Puerto Rico.
- Taxable Social Security benefits
- A portion of your Social Security benefits and equivalent Railroad Retirement benefits are included in your Total Income (and subject to income taxes and any other tax rules that are based on your total income) when your income exceeds certain thresholds. Note that the calculation does not include the impact of a lump-sum election for payments received for prior year's benefits. An overview of the calculation (the detailed worksheet is part of IRS Publication 915) is described below.
- Calculate modified total income (MTI): Total Income (without Social Security Benefits) + 50% of your total Social Security benefits + Taxable Social Security income adjustments (employer-provided Adoption benefits excluded from your income, Foreign earned income or housing excluded from your income, income for bona fide residents of American Samoa (form 4563) or Puerto Rico) + Tax exempt interest.
- Calculate modified total adjustments (MTA): Total adjustments minus any amounts for student loan interest deduction, tuition and fees deduction.
- Calculate modified adjusted gross income (MAGI): MTI- MTA
- If MAGI is less than the 'Base Amount' for your filing status, none of your Social Security benefit is included in your income.
- If MAGI is greater than the 'Base Amount' for your filing status, The Taxable Social Security benefit added to your Total Income is the sum of the following two calculations:
- For each $1 of MAGI over the 'Base Amount' for your filing status $0.50 is Taxable. This total is limited by 1) 50% of your Social Security benefits or 2) 1/2 of the '50% Phaseout' whichever is less.
- For each $1 of MAGI over the 'Base Amount'+'50% Phaseout' for your filing status $0.85 is Taxable.
- Taxable Social Security income is limited to 85% of your Social Security benefits.
| Married Filing Jointly | $32,000 | $12,000 |
| Qualified Surviving Spouse | $25,000 | $9,000 |
| Single | $25,000 | $9,000 |
| Head of Household | $25,000 | $9,000 |
| Married Filing Separately* | $0 | $0 |
- Adjusted gross income
- Adjusted gross income (AGI) is calculated by subtracting all deductions from the 'Adjusted Gross Income' section from your total income. AGI is used to calculate many of the qualifying amounts if you itemized your deductions.
- Taxable income
- This is your Adjusted Gross Income (AGI) minus your standard deduction (and permitted cash donations) or itemized deduction (whichever is larger) minus any Qualified Business Income Deduction (QBID).
- Taxable income
- Your total taxable income is your AGI minus your itemized or standard deduction.
- Tax
- This is the total federal income tax you owe for 2024 before any tax credits.
- Federal income tax withheld on Forms W-2 and 1099
- Total of all Federal income taxes withheld for the year. This would typically be reported to you on form W-2 for employment wages and form 1099 for other income.
- Additional child tax credit (Form 8812)
- If you qualify for the child tax credit you may be eligible for an additional refundable credit. This additional credit is considered refundable because it is 'refunded' or paid to you even if you don't have enough income taxes to offset the credit (it will result in a total income tax bill for the year that is negative). In 2024, the refundable credit is limited to $1700 per child.
- Earned Income Credit (EIC)
- Earned Income Credit (EIC) is a tax credit available to low income earners. In some cases the EIC can be greater than the total income taxes owed for the year. This provides an income tax refund to families that may have little or no income tax withheld from their paychecks. This calculator will determine if you qualify for the Earned Income Credit, and if so, how much.
- Number of qualifying children
- Enter the number of children in your family that qualify for the Earned Income Credit (EIC). The IRS has a set of three requirements that must be met to have a child considered qualified.
- Your relationship to the child must be:
- Son, daughter, stepchild, eligible foster child, or a descendant (for example, your grandchild) of any of them, or
- Brother, sister, half brother, half sister, stepbrother, stepsister, or a descendant of any of them (for example, your niece or nephew).
- Age of your child must be:
- Under age 19 at the end of 2024
- A full-time student under age 24 at the end of 2024, or
- Permanently and totally disabled at any time during 2024, regardless of age.
- Be younger than the person claiming the child
- Not have filed a joint return other than to claim a refund
- Your child must have lived with you in the United States for more than half of 2024.
- Earned income
- This is any income from wages, salaries, tips or any other earned income that is taxable. Do not include any non-taxable benefits in this total. Also include any earnings from farms, farm partnerships or businesses that did not require payment of self-employment taxes. Do not include any scholarships, penal income, annuity or pension income.
- Scholarships, penal & retirement income
- If you received income from any of these sources, it does not qualify for the Earned Income Credit. Your eligible Earned Income is reduced by this amount.
- Non-taxable combat pay
- If you received any non-taxable combat pay, the IRS allows you choose whether to figure your EIC with or without this pay included. This calculator will automatically choose the option that produces the highest EIC.
- Are you (or spouse if married) at least age 25 but under age 65?
- Check this box if you or your spouse will be at least age 25 and less than 65 years old at the end of the tax year. This rule only applies to people without any children. Your response is not used if you have 1 or more qualified children.
- Can you (or spouse if married) be claimed as a qualifying child of someone else?
- You cannot be a qualifying child of another person and receive Earned Income Credit. If you meet the requirements to be a qualifying child of your parents based on the EIC rules, you are unable to claim any EIC for yourself. This is the case even if your parent or parents do not qualify for EIC and whether or not you have any qualifying children of your own.
- Have you (and spouse if married) lived in the U.S. for at least six months?
- Check this box if you (and your spouse if married) lived in the United States for more than six months of the year. You must have lived in the U.S. for at least six months and one day during the current year. This only applies if you do not have any qualified children. For military personnel, you are able to include any time spent on extended deployment as living in the U.S.
- Total credits
- Your total tax credits. This amount is subtracted from the total tax amount.
- Total tax after credits
- This is the total federal income tax you will need to pay in 2024.
- Total other taxes
- Any other taxes that you owe for 2024. This includes self-employment tax, alternative minimum tax, and household employment taxes.
- Total tax
- Grand total of your 2024 federal tax bill.
- Total payments
- Total of all tax payments made in 2024. This includes tax withheld from Forms W-2 and 1099, and estimated taxes paid, earned income credit and excess Social Security tax withheld.
