Tax Calculator

On $85,000 filing single with the standard deduction ($14,600), your taxable income is $70,400. Federal tax is approximately $10,541: 10% on the first $11,600, 12% on $11,601 to $47,150, and 22% on $47,151 to $70,400. Your effective federal rate is about 12.4%.

Your marginal rate is the bracket on your last dollar of income. At $85,000 single, that is 22%. Your effective rate is total tax divided by total income, roughly 12.4%, because earlier dollars are taxed at 10% and 12%. You never pay your top bracket rate on all income.

Every dollar contributed to a traditional 401(k) reduces your taxable income dollar-for-dollar. If you are in the 22% bracket and contribute $10,000, you save approximately $2,200 in federal tax. The 2024 contribution limit is $23,000 ($30,500 if age 50 or older).

Nine states have no state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Residents of these states keep more take-home pay but may face higher property or sales taxes.

Itemize only if your total deductions (mortgage interest, state and local taxes up to the $10,000 SALT cap, charitable donations, medical expenses above 7.5% of AGI) exceed the standard deduction. For 2024, the standard deduction is $14,600 (single) or $29,200 (married filing jointly). About 87% of filers take the standard deduction.

Self-employment tax is 15.3% of net self-employment income: 12.4% for Social Security (up to the wage base of $168,600 in 2024) and 2.9% for Medicare (uncapped). You can deduct half of the self-employment tax when calculating your adjusted gross income.

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