Our income tax calculator gives you a quick estimate of your take-home pay after federal income tax, Social Security, and Medicare deductions. Use it to plan your budget and understand your real compensation.
Annual Take-Home Pay:
Effective Tax Rate:
How to Use This Tool
Enter your annual gross income before any taxes or deductions.
Select your filing status (1 for Single, 2 for Married filing jointly).
Enter your total itemized deductions or leave blank for the standard deduction.
Click Calculate to see your net pay and effective tax rate.
The Formula
Uses 2024 federal tax brackets with the standard deduction. FICA (Social Security + Medicare) is calculated at 7.65% of gross income. This is an estimate — consult a tax professional for your exact liability.
Why It Matters
You earn $75,000 as a single filer. After federal taxes and FICA, your effective tax rate is ~18.4% and take-home pay is $61,125/year. If you contribute $2,000 to a traditional 401(k), your taxable income drops to $73,000 — saving ~$440 in taxes and building retirement savings simultaneously.