Tax Information
Tax rates vary based on your filing status and income. Below are the current tax brackets for federal tax calculations:
Federal Tax Brackets (2023)
| Filing Status | Income Range | Tax Rate |
|---|---|---|
| Single | $0 - $9,875 | 10% |
| Single | $9,876 - $40,125 | 12% |
| Single | $40,126 - $85,525 | 22% |
| Married | $0 - $19,750 | 10% |
| Married | $19,751 - $80,250 | 12% |
| Married | $80,251 - $171,050 | 22% |
| Head of Household | $0 - $14,100 | 10% |
| Head of Household | $14,101 - $53,700 | 12% |
| Head of Household | $53,701 - $85,500 | 22% |
Remember, these are just the basic federal tax brackets. There may be additional state tax, local tax, or special deductions that could affect your final tax calculation.
Why Use a Tax Calculator?
Our tax calculator helps you understand your potential tax liability and refund, but it’s important to remember that this is only an estimate. The actual tax you owe or the refund you receive will depend on various factors, including:
- Tax deductions (e.g., student loans, mortgage interest, medical expenses)
- Tax credits (e.g., child tax credit, earned income tax credit)
- Additional income sources (e.g., freelance income, capital gains)
- State and local taxes
For a complete and accurate tax calculation, consider consulting with a tax professional or using official tax software when you're ready to file your taxes.