Everything you need to know about taxes that you didn’t learn in school. Free filing of simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest). Click on one of these tiles that best applies to your situation.

We offer free one-on-one audit guidance year-round from our experienced and knowledgeable tax staff. We’ll let you know what to expect and how to prepare in the unlikely event you receive an audit letter from the IRS. If you don’t have your forms on hand, you can auto-import your info from your W–2s or 1099s directly from more than a million participating employers and financial institutions. You’ll only need your email address and a phone number to get started.

How to calculate your W-4

Our tax calculator will offer personalized tax tips as you start to estimate your tax refund. The federal tax withholding calculator, or W-4 calculator, helps you determine how much federal income tax should be withheld from your pay. It considers your filing status, income, dependents, and more to estimate your yearly tax and suggest W-4 allowances. Adjusting these allowances can influence your paycheck’s tax withholding to closely match your actual tax liability. Remember, the federal withholding calculator is a helpful tool, but it’s an estimate.

Smart Things to Do With Your Tax Refund

As we mentioned above, there is typically not just one federal income tax rate that applies to you under the progressive tax rate system. The lowest income tax rate for 2024 is 10%, which applies to single taxpayers with taxable income of $11,600 or less. This threshold increases to $23,200 for married couples filing jointly. Let’s break down the basics of federal income tax rates and how they impact you so you can optimize your tax strategy, reduce your tax bill, and keep more of what you earn. Moving up in a tax bracket means your income has increased, but it doesn’t mean all your income is taxed at the higher rate.

Tax Return Calculator frequently asked questions

We’ll be your personal guide as you navigate the twists and turns of life. Tax planning is a key part of minimizing your tax bill each year. There are even a few strategies you can use to save on your taxes. File 100% free when you switch to TurboTax and do your own taxes on the TurboTax app by 2/18. Gross pay represents the total earnings, while net pay reflects the actual amount available for spending and saving after all necessary deductions. Make sure you have everything prepared with a tax checklist, or reach out to one of our tax experts if you have any questions.

• However, while the calculator focuses on federal taxes, TurboTax can help you with both federal and state taxes.
• In just five quick screens, you’ll understand the changes in the standard deduction and itemized deductions, and you’ll get an estimate of your deductions based on inputs.
• “Tax bracket” refers to the highest tax rate charged on your income.
• TurboTax is available for Apple iOS and Google Android devices.
• Fail to pay employees fairly under federal, state, or local laws, and you may find yourself facing thousands of dollars in fines.
• If you don’t yet have the employee’s W-4, the calculator can fill in tax rates to help you create a semi-accurate paycheck estimate.

Marginal vs. effective tax rates

Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not warrant that the material contained herein will continue to be accurate nor that it is completely free of errors when published. The result should be an estimate of the salaried employee’s paycheck that pay period.

Instead, the form uses a 5-step process and new Federal Income Tax Withholding Methods to determine actual withholdings. In the past, the value of withholding allowances was also tied to personal and dependent exemptions, but those exemptions were eliminated under The Tax Cuts and Jobs Act signed in 2017. When contemplating your tax strategy, understanding how each deduction affects your tax situation is important. When you’re trying to figure out which types of expenses might qualify, make sure to read up on our overlooked deductions article.

Does Tax Reform Impact How I Claim Standard vs. Itemized Deductions?

• You can generate ES coupons in the TurboTax software by jumping to W4 in the search bar.
• If you’ve followed all the recommendations to lower your tax liability and still owe taxes, don’t worry.
• Let’s break down the basics of federal income tax rates and how they impact you so you can optimize your tax strategy, reduce your tax bill, and keep more of what you earn.
• Start with “pay type” and select hourly or salary from the dropdown menu.
• If you have $110,000 in taxable income and total tax of $40,000, you would divide $40,000 by $110,000, which is 0.36.
• This includes the employee’s filing status, number of allowances, and additional withholdings.

Then use the employee’s Form W-4 to fill in their state and federal tax information. The paycheck calculator is designed to estimate an employee’s net pay after adding or deducting things like bonuses, overtime, and taxes. Please keep in mind that this calculator is not a one-size-fits-all solution. You’ll want to consult an accountant or invest in full-service payroll software to feel completely confident that you’re paying employees correctly.

For 2025, the lowest federal income tax rate remains at 10%. This tax rate applies to single taxpayers with incomes of $11,925 or intuit tax calculator less, which increases to $23,850 or less for married couples filing jointly. The 2025 tax brackets are slightly different from the 2024 tax brackets, but the rates remain the same.