Calculate your income tax based on different tax brackets, deductions, and credits. Get accurate tax estimates for financial planning.
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The standard deduction is a fixed amount you can deduct from your income. Itemized deductions are specific expenses you can deduct (like mortgage interest, state taxes, charitable contributions). You can choose whichever is higher.
Tax brackets are progressive, meaning different portions of your income are taxed at different rates. For example, if you're in the 22% bracket, only the income above the 12% bracket threshold is taxed at 22%.
Deductions reduce your taxable income, while credits reduce your tax bill dollar-for-dollar. Credits are generally more valuable than deductions of the same amount.