Calculate federal and state tax, effective rate, and take-home pay (2024 brackets)
1. Enter income: Your total annual gross income (W-2 wages, salary, tips, etc.).
2. Choose filing status: Single, Married Filing Jointly, or Head of Household. Each has different brackets and standard deductions.
3. Set deductions: Use the standard deduction or enter itemized deductions (mortgage interest, state/local taxes up to $10K, charitable giving).
4. State tax: Enter your state's flat rate. Some states have progressive rates — use an approximate average for estimation.