Tax Calculator
Estimate your income tax and after-tax income. Quick tax calculations for planning.
How it works
This tax calculator estimates your income tax by multiplying your annual income by your tax rate. The formula is: Tax Amount = Annual Income × Tax Rate. It then calculates your after-tax income by subtracting the tax amount from your gross income. This is a simplified calculation for quick estimates.
Example
If your annual income is $75,000 and your effective tax rate is 24%, you'll pay approximately $18,000 in taxes. Your after-tax income will be $57,000.
Frequently asked questions
What's the difference between marginal and effective tax rate?
Your marginal tax rate is the rate on your last dollar of income. Your effective tax rate is your total tax divided by your total income. The effective rate is usually lower because of progressive tax brackets and deductions.
How can I reduce my tax bill?
You can reduce taxes by maximizing deductions (mortgage interest, charitable donations), contributing to retirement accounts (401k, IRA), using tax credits, and taking advantage of tax-advantaged accounts like HSAs and FSAs.
Do I need to pay estimated taxes?
If you're self-employed or have significant income not subject to withholding, you may need to pay quarterly estimated taxes. Generally, if you expect to owe $1,000 or more in taxes, you should make estimated payments.
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