How accurate is this tax calculator?
Our tax calculator uses current IRS tax brackets and standard deduction amounts for 2023-2024. While it provides accurate estimates for federal income tax, actual tax liability may vary based on specific circumstances, additional credits, or state-specific rules.
What's the difference between standard and itemized deductions?
The standard deduction is a fixed amount based on your filing status. Itemized deductions include specific expenses like mortgage interest, charitable donations, and medical expenses. You should choose whichever gives you the larger deduction.
Are state taxes included in the calculation?
Yes, you can enter your state's tax rate to include state income tax in the calculation. Note that state tax rules vary significantly, so this is an estimate. Some states have no income tax, while others have progressive tax brackets.
What happens if I have a negative result?
A negative result indicates a tax refund. This happens when your tax withholdings or estimated payments exceed your actual tax liability. You'll receive this amount back from the government after filing your tax return.
Can I calculate self-employment tax?
This calculator focuses on federal and state income tax. Self-employment tax (Social Security and Medicare) is calculated separately at 15.3% on net self-employment income. For self-employed individuals, consult a tax professional.
Is my financial information stored?
No, all calculations are performed locally in your browser. We don't store any of your financial information on our servers. Your privacy is protected and you can use the calculator with complete confidence.