Single
Married Filing Jointly
Married Filing Separately
Head of Household
2023
2024
Your projected tax will appear here.
Understanding the IRS Projected Tax Calculator
This calculator is designed to provide an *estimated* federal income tax liability based on your provided income, filing status, deductions, and the tax year. It utilizes the tax brackets and standard deduction amounts for the selected tax year.
How It Works: The Math Behind the Calculation
Calculating federal income tax involves several steps:
Gross Income: This is your total income from all sources before any deductions.
Adjusted Gross Income (AGI): While this calculator simplifies by directly using your provided deductions against gross income, in reality, AGI is calculated by subtracting certain "above-the-line" deductions from gross income. For this calculator's purpose, we'll consider your 'Deductions' as reducing your income to a taxable base.
Taxable Income: This is calculated as:
Taxable Income = Gross Income - Deductions
If your deductions are less than the standard deduction for your filing status and tax year, you would typically take the standard deduction. This calculator assumes the 'Deductions' field represents the amount you intend to deduct (either standard or itemized).
Tax Calculation: The taxable income is then run through the progressive tax bracket system specific to the chosen tax year and filing status. Each portion of your income is taxed at a different rate.
Tax Brackets and Standard Deductions (Illustrative – actual values used by calculator)
The IRS defines specific tax brackets and standard deduction amounts that change annually. These are crucial for the calculation. Below are illustrative examples for a hypothetical tax year:
Standard Deduction Amounts (Illustrative):
Single: ~$13,850
Married Filing Jointly: ~$27,700
Married Filing Separately: ~$13,850
Head of Household: ~$20,800
Tax Brackets (Illustrative – Marginal Rates):
10% on income up to a certain threshold
12% on income within the next range
22% on income within the subsequent range
And so on, up to 37% for the highest earners.
Important Note: The exact figures for standard deductions and tax brackets vary by tax year. This calculator uses the IRS-published figures for the selected 'Tax Year'.
Use Cases
This calculator is useful for:
Annual Tax Planning: Estimate your tax burden to better budget throughout the year.
Understanding Tax Implications: See how changes in income or deductions might affect your overall tax bill.
Preliminary Estimates: Get a ballpark figure before consulting a tax professional.
Disclaimer
This calculator is for **estimation purposes only** and does not constitute financial or tax advice. Tax laws are complex and subject to change. Your actual tax liability may differ. It does not account for all possible deductions, credits, alternative minimum tax (AMT), capital gains, or other complex tax situations. Always consult with a qualified tax professional or refer to official IRS publications for accurate tax advice.