Marginal Tax Rate Calculator
Financial Calculators from
Dinkytown.net
Marginal tax inputs: |
Standard or itemized deduction: | $14,600.00 |
Your Federal taxes are estimated at $0.00. |
Definitions
Federal Income Tax Rates
Use the ‘Filing Status and Federal Income Tax Rates on Taxable Income’ table to assist you in estimating your Federal tax rate.
Wages, salaries, tips, etc.
This is your total taxable income for the year after deductions for retirement contributions such as 401(k)s, IRAs, etc. This calculator is designed to work primarily with earned income taxed at ordinary income tax rates. It is not designed to calculate taxes from capital gains, business income or passive income sources.
Filing status
Choose your filing status. The ‘Filing Status’ table summarizes the five possible filing status choices. Your filing status determines the income levels for your Federal tax bracket. It is also important for calculating your standard deduction. Your marital status as of the last day of the year determines your filing status.
Are you someone's dependent?
Choose 'no' if no one can claim you or your spouse as a dependent. Choose 'yes' if someone can claim you as a dependent. Choose "Both you and your spouse" if you both are dependents. (You are a dependent if someone supports you and can claim a dependency exemption for you.)
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.
Standard deduction
Your standard deduction is used to reduce your taxable income if you do not use Schedule A to itemize your deductions, or if your Schedule A itemized deduction is less than your standard deduction. Your standard deduction is based on your filing status.
Your standard deduction is increased if you or your spouse are blind or over age 65.
Medical and dental expenses
Enter your qualified medical and dental expenses for the year. This can include your health insurance premiums if you paid for them yourself (not through an employer sponsored plan) and you have not deducted them elsewhere. Your actual deduction is only for the amount that exceeds 7.5% of your Adjusted Gross Income (AGI). Enter your total expenses and the tool will calculate the actual deduction based on your AGI.
Taxes paid (generally state and local)
Enter the total of your 1) state and local property taxes and 2) state and local income taxes. If your state does not have an income tax (or you have paid more sales tax than income tax during the year) you can choose to include state local sales taxes instead of state and local income taxes. You are limited to a maximum $10,000 deduction for taxes paid.
Interest paid
Taxpayers can deduct the interest paid on qualified residences for up to $750,000 in mortgage debt (the limit is $375,000 if married and filing separately). For mortgages that were originated before December 15, 2017, the limit is $1 million in total mortgage debt. This includes refinancing these mortgages as long as the amount owed is not increased as part of the refinancing.
Any interest paid on first, second or home equity mortgages over the limit is not tax-deductible. Only home equity loans that are used to buy, build or substantially improve the home that secures the loan are included. All other home equity loans do not have an interest deduction. Mortgage interest is reported on form 1098.
You can also include the amount you paid for "points" (which reduces your mortgage interest rate). Mortgage insurance premiums paid are no longer deductible.
Gifts to charity
Enter your total gifts of cash and non-cash to qualified charitable organizations.
Itemized deduction
Your total itemized deductions from Schedule A.
Standard or itemized deduction
This is the higher of your Standard Deduction or your Itemized Deduction.