Severance Pay Tax Rate for 2024 Calculator

US Federal Income Tax Calculator (2023 Tax Year)

Understanding US Federal Income Tax

The US federal income tax system is progressive, meaning that higher income levels are taxed at higher rates. The actual tax you owe is determined by your taxable income and your filing status. Taxable income is generally your Adjusted Gross Income (AGI) minus any deductions you claim (either the standard deduction or itemized deductions).

The tax brackets and rates change annually. The information below uses the 2023 tax year brackets for federal income tax. These brackets are crucial for calculating your tax liability.

2023 Federal Income Tax Brackets:

• Single:
  • 10% on income up to $11,000
  • 12% on income between $11,001 and $44,725
  • 22% on income between $44,726 and $95,375
  • 24% on income between $95,376 and $182,100
  • 32% on income between $182,101 and $231,250
  • 35% on income between $231,251 and $578,125
  • 37% on income over $578,125
• Married Filing Jointly:
  • 10% on income up to $22,000
  • 12% on income between $22,001 and $89,450
  • 22% on income between $89,451 and $190,750
  • 24% on income between $190,751 and $364,200
  • 32% on income between $364,201 and $462,500
  • 35% on income between $462,501 and $693,750
  • 37% on income over $693,750
• Married Filing Separately:
  • 10% on income up to $11,000
  • 12% on income between $11,001 and $44,725
  • 22% on income between $44,726 and $95,375
  • 24% on income between $95,376 and $182,100
  • 32% on income between $182,101 and $231,250
  • 35% on income between $231,251 and $578,125
  • 37% on income over $578,125
• Head of Household:
  • 10% on income up to $15,700
  • 12% on income between $15,701 and $59,850
  • 22% on income between $59,851 and $95,350
  • 24% on income between $95,351 and $182,100
  • 32% on income between $182,101 and $231,250
  • 35% on income between $231,251 and $578,125
  • 37% on income over $578,125

This calculator simplifies the process by directly applying these rates to your taxable income based on your selected filing status. Remember to consult with a tax professional for personalized advice.

function calculateIncomeTax() { var taxableIncome = parseFloat(document.getElementById("taxableIncome").value); var filingStatus = document.getElementById("filingStatus").value; var totalTax = 0; if (isNaN(taxableIncome) || taxableIncome < 0) { document.getElementById("taxResult").innerHTML = "Please enter a valid taxable income amount."; return; } var taxBrackets = { "single": [ { limit: 11000, rate: 0.10 }, { limit: 44725, rate: 0.12 }, { limit: 95375, rate: 0.22 }, { limit: 182100, rate: 0.24 }, { limit: 231250, rate: 0.32 }, { limit: 578125, rate: 0.35 }, { limit: Infinity, rate: 0.37 } ], "married_jointly": [ { limit: 22000, rate: 0.10 }, { limit: 89450, rate: 0.12 }, { limit: 190750, rate: 0.22 }, { limit: 364200, rate: 0.24 }, { limit: 462500, rate: 0.32 }, { limit: 693750, rate: 0.35 }, { limit: Infinity, rate: 0.37 } ], "married_separately": [ { limit: 11000, rate: 0.10 }, { limit: 44725, rate: 0.12 }, { limit: 95375, rate: 0.22 }, { limit: 182100, rate: 0.24 }, { limit: 231250, rate: 0.32 }, { limit: 578125, rate: 0.35 }, { limit: Infinity, rate: 0.37 } ], "head_of_household": [ { limit: 15700, rate: 0.10 }, { limit: 59850, rate: 0.12 }, { limit: 95350, rate: 0.22 }, { limit: 182100, rate: 0.24 }, { limit: 231250, rate: 0.32 }, { limit: 578125, rate: 0.35 }, { limit: Infinity, rate: 0.37 } ] }; var brackets = taxBrackets[filingStatus]; var previousLimit = 0; for (var i = 0; i previousLimit) { taxableAmountInBracket = Math.min(taxableIncome, bracket.limit) – previousLimit; totalTax += taxableAmountInBracket * bracket.rate; } if (taxableIncome <= bracket.limit) { break; } previousLimit = bracket.limit; } document.getElementById("taxResult").innerHTML = "Your estimated federal income tax is: $" + totalTax.toFixed(2) + ""; }