Federal Income Tax Calculator for Married Couples (2024)
Introduction & Importance of Calculating Federal Income Tax for Couples
Calculating federal income tax as a married couple is a critical financial planning exercise that directly impacts your household’s net income, savings potential, and long-term wealth accumulation. The U.S. tax system treats married couples differently than single filers, offering both advantages and complexities that require careful consideration.
For 2024, the IRS has implemented new tax brackets, adjusted standard deductions, and modified various credits that specifically affect married couples filing jointly or separately. Understanding these changes isn’t just about compliance—it’s about optimization. Proper tax calculation can reveal opportunities to:
- Maximize your standard deduction ($29,200 for joint filers in 2024)
- Strategically allocate income between spouses
- Optimize retirement contributions that reduce taxable income
- Leverage marriage-related tax credits like the Earned Income Tax Credit
- Avoid the “marriage penalty” that affects certain income brackets
According to the Internal Revenue Service, nearly 30% of married couples overpay their taxes annually due to incorrect filing status selection or failure to claim eligible deductions. This calculator eliminates that risk by providing precise, bracket-by-bracket calculations tailored to your specific situation.
How to Use This Federal Income Tax Calculator for Couples
- Enter Your Combined Income: Input your total household income from all sources (W-2 wages, 1099 income, investments, etc.). For most accurate results, use your adjusted gross income (AGI) from your most recent tax return as a starting point.
- Select Filing Status:
- Married Filing Jointly: Typically provides the lowest tax burden for most couples, with wider tax brackets and higher standard deduction ($29,200 for 2024).
- Married Filing Separately: May be advantageous if one spouse has significant medical expenses, miscellaneous deductions, or other itemized deductions that exceed the standard deduction when calculated separately.
- Choose Deduction Type:
- Standard Deduction: Automatically applied unless you choose to itemize. For 2024, this is $29,200 for joint filers.
- Itemized Deductions: Select this if your qualifying expenses (mortgage interest, state/local taxes, charitable donations, medical expenses over 7.5% of AGI) exceed the standard deduction.
- Select State (Optional): While this calculator focuses on federal taxes, selecting your state helps estimate the combined tax burden. Note that some states (like Texas and Florida) have no state income tax.
- Choose Tax Year: Select between 2023 and 2024 tax brackets. Use 2024 for planning current year taxes, or 2023 if you’re preparing to file last year’s return.
- Review Results: The calculator provides:
- Your taxable income after deductions
- Total federal income tax owed
- Effective tax rate (what percentage of your total income goes to taxes)
- Marginal tax rate (the highest tax bracket your income reaches)
- Visual breakdown of how your income is taxed across brackets
While married filing jointly is usually more beneficial, there are specific situations where filing separately may save you money:
- One spouse has significant medical expenses (must exceed 7.5% of AGI)
- You’re separating or divorcing and want to keep finances separate
- One spouse has substantial miscellaneous deductions that would be limited by the joint AGI
- You’re subject to the Alternative Minimum Tax (AMT)
- One spouse has significant student loan debt on an income-driven repayment plan
Always run both scenarios through this calculator to compare. The IRS allows you to choose the filing status that results in the lowest tax liability.
Formula & Methodology Behind the Calculator
This calculator uses the official 2024 IRS tax tables and follows a precise 6-step calculation process:
- Determine Taxable Income:
Taxable Income = Gross Income – (Deductions + Exemptions)
For 2024, the standard deduction for married couples filing jointly is $29,200. Personal exemptions were eliminated under the Tax Cuts and Jobs Act of 2017.
- Apply Tax Brackets Progressively:
The U.S. uses a progressive tax system where different portions of your income are taxed at different rates. For 2024 married filing jointly:
Tax Rate Income Range (2024) Tax Owed on This Bracket 10% $0 – $23,200 10% of income in this range 12% $23,201 – $94,300 $2,320 + 12% of amount over $23,200 22% $94,301 – $201,050 $10,302 + 22% of amount over $94,300 24% $201,051 – $383,900 $34,230 + 24% of amount over $201,050 32% $383,901 – $487,450 $74,982 + 32% of amount over $383,900 35% $487,451 – $609,350 $119,536 + 35% of amount over $487,450 37% Over $609,350 $162,732 + 37% of amount over $609,350 - Calculate Tax for Each Bracket:
For example, if your taxable income is $150,000:
- First $23,200 taxed at 10% = $2,320
- Next $71,100 ($94,300 – $23,200) taxed at 12% = $8,532
- Remaining $55,700 ($150,000 – $94,300) taxed at 22% = $12,254
- Total tax = $2,320 + $8,532 + $12,254 = $23,106
- Apply Tax Credits:
While this calculator focuses on income tax, common credits that would further reduce your tax burden include:
- Earned Income Tax Credit (EITC)
- Child Tax Credit (up to $2,000 per child in 2024)
- American Opportunity Credit (for education expenses)
- Saver’s Credit (for retirement contributions)
- Calculate Effective Tax Rate:
Effective Tax Rate = (Total Tax ÷ Gross Income) × 100
This shows what percentage of your total income actually goes to federal taxes, accounting for all deductions and credits.
- Determine Marginal Tax Rate:
This is the highest tax bracket your income reaches. It represents the tax rate you would pay on any additional income.
The calculator also accounts for:
- Inflation adjustments to tax brackets (2024 brackets are ~5.4% higher than 2023)
- Phaseouts of certain deductions and credits at higher income levels
- The marriage penalty relief provisions that widen the 10% and 15% brackets for joint filers
Real-World Examples: How Different Couples Are Taxed
Scenario: Alex and Jamie, both 35, earn $60,000 each as teachers in Illinois. They have no children and take the standard deduction.
Calculation:
- Gross Income: $120,000
- Standard Deduction: $29,200
- Taxable Income: $90,800
- Tax Calculation:
- 10% on first $23,200 = $2,320
- 12% on next $71,100 ($94,300 – $23,200) = $8,532
- But their taxable income is only $90,800, so they don’t reach the 22% bracket
- Total tax before credits: $10,852
- Effective Tax Rate: 9.0% ($10,852 ÷ $120,000)
- Marginal Tax Rate: 12%
Key Insight: This couple benefits significantly from the standard deduction, which reduces their taxable income by nearly 25%. Their effective tax rate is much lower than their marginal rate because most of their income is taxed at 10-12%.
Optimization Opportunity: If they contributed to traditional 403(b) accounts, they could reduce their taxable income further. For example, $10,000 in contributions would save them $1,200 in taxes (12% bracket).
Scenario: Priya (cardiologist, $250,000) and Mark (software engineer, $100,000) file jointly in California. They have $35,000 in itemized deductions (mortgage interest, property taxes, charitable donations).
Calculation:
- Gross Income: $350,000
- Itemized Deductions: $35,000 (higher than standard deduction)
- Taxable Income: $315,000
- Tax Calculation:
- 10% on first $23,200 = $2,320
- 12% on next $71,100 = $8,532
- 22% on next $106,750 = $23,485
- 24% on next $182,850 = $43,884
- 32% on remaining $31,100 = $9,952
- Total tax before credits: $88,173
- Effective Tax Rate: 25.2% ($88,173 ÷ $350,000)
- Marginal Tax Rate: 32%
Key Insight: This couple faces the “marriage penalty” because their combined income pushes them into higher tax brackets than they would face if single. However, itemizing deductions saves them $1,700 compared to taking the standard deduction.
Optimization Opportunities:
- Maximize 401(k) contributions ($23,000 each in 2024) to reduce taxable income
- Consider a donor-advised fund to bunch charitable contributions
- Explore tax-exempt municipal bonds for investments
- If Mark’s income varies, they might benefit from filing separately in some years
Scenario: Robert (72) and Susan (70) live in Florida. Their income consists of $40,000 in pension payments, $30,000 in Social Security benefits, and $15,000 in IRA withdrawals. They take the standard deduction.
Calculation:
- Gross Income: $85,000
- Social Security Taxable Portion: $25,500 (85% of $30,000)
- Adjusted Gross Income: $70,500 ($40,000 + $25,500 + $15,000 – $10,000 IRA deduction)
- Standard Deduction: $29,200
- Taxable Income: $41,300
- Tax Calculation:
- 10% on first $23,200 = $2,320
- 12% on next $18,100 = $2,172
- Total tax: $4,492
- Effective Tax Rate: 5.3% ($4,492 ÷ $85,000)
- Marginal Tax Rate: 12%
Key Insight: This couple benefits from Florida having no state income tax and from Social Security’s favorable tax treatment. Only 85% of their Social Security benefits are taxable because their combined income exceeds $44,000.
Optimization Opportunities:
- Consider Roth IRA conversions during low-income years
- Time IRA withdrawals to stay below the 12% bracket ($94,300 for joint filers)
- Use qualified charitable distributions (QCDs) from IRAs to satisfy RMDs
Data & Statistics: How Married Couples Are Taxed Across the U.S.
The tax burden for married couples varies dramatically based on income level, location, and filing status. The following tables provide critical benchmarks:
| Income Percentile | Average Gross Income | Average Taxable Income | Average Federal Tax | Effective Tax Rate | Marginal Tax Rate |
|---|---|---|---|---|---|
| 25th | $65,000 | $35,800 | $3,938 | 6.1% | 12% |
| 50th (Median) | $120,000 | $90,800 | $10,852 | 9.0% | 12% |
| 75th | $210,000 | $180,800 | $34,506 | 16.4% | 24% |
| 90th | $350,000 | $320,800 | $72,346 | 20.7% | 32% |
| 95th | $500,000 | $470,800 | $120,426 | 24.1% | 35% |
| 99th | $1,200,000 | $1,170,800 | $350,106 | 29.2% | 37% |
Source: IRS Tax Stats and Tax Foundation estimates for 2024
| Income Level | Joint Filing Tax | Separate Filing Tax (Combined) | Difference | Penalty/Bonus |
|---|---|---|---|---|
| $50,000 | $1,520 | $1,920 | -$400 | Bonus |
| $100,000 | $6,620 | $7,220 | -$600 | Bonus |
| $160,000 | $16,284 | $16,284 | $0 | Neutral |
| $250,000 | $43,658 | $45,158 | -$1,500 | Bonus |
| $350,000 | $72,346 | $75,346 | -$3,000 | Bonus |
| $500,000 | $120,426 | $123,426 | -$3,000 | Bonus |
| $750,000 | $210,706 | $216,706 | -$6,000 | Penalty |
| $1,000,000 | $300,106 | $310,106 | -$10,000 | Penalty |
Key observations from the data:
- Couples earning between $50,000-$350,000 typically receive a “marriage bonus” (pay less tax than they would as single filers)
- The marriage penalty kicks in around $400,000 of income, where joint filers pay more than they would as singles
- The penalty grows more severe at higher income levels due to compressed tax brackets
- Florida and Texas couples consistently pay 5-7% less in total taxes than those in high-tax states like California or New York
Expert Tips to Minimize Your Federal Income Tax as a Couple
Income Strategies
- Income Splitting: If one spouse earns significantly more, consider:
- Shifting income to the lower-earning spouse through family businesses
- Investing in the lower earner’s name to benefit from lower capital gains rates
- Having the higher earner maximize retirement contributions
- Retirement Contributions:
- Maximize 401(k) contributions ($23,000 each in 2024, $30,500 if over 50)
- Contribute to IRAs ($7,000 each in 2024, $8,000 if over 50)
- Consider a backdoor Roth IRA if your income exceeds the direct contribution limits
- Health Savings Accounts:
- Contribute to an HSA if you have a high-deductible health plan ($8,300 family limit in 2024)
- HSAs offer triple tax benefits: contributions are deductible, growth is tax-free, and withdrawals for medical expenses are tax-free
- Investment Income:
- Hold investments for over a year to qualify for long-term capital gains rates (0%, 15%, or 20%)
- Consider municipal bonds for tax-free interest income
- Use tax-loss harvesting to offset capital gains
Deduction Optimization
- Bunching Deductions:
- Alternate between itemizing and standard deduction by bunching charitable contributions, medical expenses, etc. into single years
- Use donor-advised funds to pre-fund several years of charitable giving
- Home Ownership:
- Mortgage interest is deductible on loans up to $750,000
- Property taxes are deductible up to $10,000 (combined with state/local income taxes)
- Education Expenses:
- American Opportunity Credit (up to $2,500 per student for first 4 years)
- Lifetime Learning Credit (up to $2,000 per return)
- Student loan interest deduction (up to $2,500)
Filing Strategies
- Filing Status Selection:
- Run both joint and separate scenarios if one spouse has significant deductions
- Filing separately may be better if one spouse has high medical expenses or miscellaneous deductions
- Tax Withholding:
- Use the IRS Tax Withholding Estimator to adjust your W-4
- Aim for a small refund ($100-$500) rather than overpaying
- Quarterly Estimated Taxes:
- Required if you expect to owe $1,000+ in taxes
- Due dates: April 15, June 15, September 15, January 15
Long-Term Planning
- Roth Conversions:
- Convert traditional IRA funds to Roth during low-income years
- Pay taxes now at lower rates to avoid higher future rates
- Estate Planning:
- 2024 estate tax exemption is $13.61 million per person ($27.22 million for couples)
- Consider trusts to minimize estate taxes
- Charitable Giving:
- Donate appreciated stock to avoid capital gains tax
- Consider charitable remainder trusts for large gifts
Interactive FAQ: Your Federal Income Tax Questions Answered
Why do married couples sometimes pay more tax than if they were single?
This is called the “marriage penalty,” and it occurs because:
- Tax Bracket Compression: The income ranges for married filing jointly brackets aren’t exactly double those for single filers. For example, the 22% bracket for singles goes up to $100,525, but for joint filers it only goes to $201,050 (not $201,050).
- Phaseouts of Deductions/Credits: Some tax benefits phase out at lower income levels for joint filers than they would for two single individuals.
- Social Security Benefits: Up to 85% of Social Security benefits may become taxable when combined income exceeds $44,000 for joint filers ($34,000 for singles).
- Student Loan Interest: The deduction phases out at $180,000 for joint filers ($90,000 for singles).
The marriage penalty is most severe for couples with similar high incomes. According to the Tax Policy Center, about 5% of married couples face a marriage penalty, while about 20% receive a “marriage bonus” (pay less tax than they would as singles).
Workaround: Some couples file as “married filing separately,” but this can limit access to certain credits and deductions. Always run both scenarios through this calculator to compare.
How does the standard deduction for married couples work in 2024?
For 2024, the standard deduction for married couples filing jointly is $29,200 (up from $27,700 in 2023 due to inflation adjustments). This means:
- You automatically reduce your taxable income by $29,200
- You don’t need to itemize deductions unless they exceed $29,200
- The deduction is “above the line,” meaning you benefit even if you don’t itemize
For married filing separately, each spouse gets half the joint deduction: $14,600 in 2024.
Important Notes:
- If either spouse is 65 or older or blind, you can claim an additional standard deduction of $1,550 per qualifying condition (up to $3,100 total extra for joint filers).
- The standard deduction eliminates the need for many couples to track itemizable expenses, simplifying tax preparation.
- About 90% of taxpayers now take the standard deduction since the Tax Cuts and Jobs Act of 2017 nearly doubled it.
When to Itemize Instead: Only if your qualifying expenses exceed $29,200. Common itemized deductions include:
- State and local taxes (capped at $10,000)
- Mortgage interest (on loans up to $750,000)
- Charitable contributions
- Medical expenses exceeding 7.5% of AGI
What’s the difference between effective and marginal tax rates?
Effective Tax Rate
This is the average rate you pay on all your taxable income. It answers the question: “What percentage of my total income goes to federal taxes?”
Formula:
Effective Tax Rate = (Total Tax ÷ Total Income) × 100
Example: If you earn $150,000 and pay $20,000 in federal taxes:
($20,000 ÷ $150,000) × 100 = 13.3% effective rate
Why It Matters: This shows your actual tax burden and is useful for financial planning and comparing your tax situation to others.
Marginal Tax Rate
This is the highest rate that applies to your income. It answers: “What rate would I pay on my next dollar of income?”
How It Works:
The U.S. has a progressive tax system, so different portions of your income are taxed at different rates. Your marginal rate is the bracket your last dollar falls into.
Example: For a couple with $150,000 taxable income in 2024:
- First $23,200 at 10%
- Next $71,100 at 12%
- Remaining $55,700 at 22% → 22% marginal rate
Why It Matters: This determines the tax impact of:
- Bonus income
- Investment gains
- Roth IRA conversion decisions
- Retirement account withdrawals
Key Insight: Your effective rate is always lower than your marginal rate because only your top dollars are taxed at the highest rate. This is why getting a raise might not increase your taxes as much as you fear—the additional income is only taxed at your marginal rate, not your entire income.
How do state taxes affect our federal tax calculation?
State taxes interact with federal taxes in several important ways:
- State Income Tax Deduction:
- If you itemize deductions, you can deduct state and local income taxes (or sales taxes if you choose) on your federal return
- However, the SALT cap limits this deduction to $10,000 total for all state/local taxes combined
- This cap particularly affects couples in high-tax states like California, New York, and New Jersey
- State Tax Rates Impact Federal AGI:
- State taxes paid are not deductible when calculating your federal AGI (they’re an itemized deduction)
- However, some states allow you to deduct federal taxes paid on your state return
- Residency Rules:
- Some states (like Florida and Texas) have no state income tax, which can significantly reduce your overall tax burden
- Other states tax all income, including capital gains and dividends
- Military couples may be able to maintain residency in a no-tax state even when stationed elsewhere
- State Tax Credits:
- Some states offer credits that reduce your state tax liability, which indirectly affects your federal taxes if you itemize
- For example, California’s Earned Income Tax Credit can reduce state taxes, which may allow you to deduct less on your federal return
State Tax Comparison Example (2024):
| State | Top Marginal Rate | Standard Deduction | Capital Gains Rate | Estimated Total Tax Burden (on $200k income) |
|---|---|---|---|---|
| California | 13.3% | $9,986 | 13.3% | ~$35,000 |
| New York | 10.9% | $17,150 | 10.9% | ~$28,000 |
| Texas | 0% | N/A | 0% | ~$22,000 (federal only) |
| Florida | 0% | N/A | 0% | ~$22,000 (federal only) |
| Illinois | 4.95% | $2,425 | 4.95% | ~$26,000 |
Pro Tip: If you’re considering a move, use this calculator to compare your federal taxes, then research state taxes separately. The combination can vary your total tax burden by 10-15% depending on location.
What are the most common mistakes couples make on their taxes?
Based on IRS data and tax professional surveys, these are the top 10 mistakes married couples make:
- Choosing the Wrong Filing Status:
- Automatically filing jointly without comparing to separate filing
- Not realizing that filing separately can affect student loan payments, IRA contributions, and other benefits
- Missing Deductions/Credits:
- Forgetting the $2,000 Child Tax Credit (per child)
- Not claiming the Earned Income Tax Credit (worth up to $7,430 in 2024)
- Overlooking the Lifetime Learning Credit for education expenses
- Incorrect Social Security Benefits Reporting:
- Not realizing that up to 85% of benefits may be taxable
- Using the wrong formula to calculate taxable portion
- Retirement Account Errors:
- Missing the IRA contribution deadline (April 15 of following year)
- Not taking required minimum distributions (RMDs) after age 73
- Contributing to a Roth IRA when income exceeds limits ($230,000 for couples in 2024)
- Improperly Reporting Gig Economy Income:
- Not reporting side income from platforms like Uber, Etsy, or freelance work
- Forgetting to pay quarterly estimated taxes on 1099 income
- Home Office Deduction Mistakes:
- Claiming it when not eligible (must be exclusive, regular use for business)
- Taking the simplified method ($5/sq ft) when itemizing would be better
- Charitable Contribution Errors:
- Not getting proper acknowledgment for donations over $250
- Overvaluing donated property (clothing, vehicles, etc.)
- Forgetting to deduct out-of-pocket expenses for volunteer work
- Medical Expense Misreporting:
- Not realizing you can only deduct expenses over 7.5% of AGI
- Missing eligible expenses like mileage to medical appointments
- Education Credit Confusion:
- Claiming the American Opportunity Credit for more than 4 years
- Double-dipping by using 529 plan funds for the same expenses claimed for credits
- Ignoring Tax Law Changes:
- Not adjusting for annual inflation changes to tax brackets and deductions
- Missing new credits or deductions (like the 2024 expansion of the Child Tax Credit)
How to Avoid These Mistakes:
- Use this calculator to double-check your numbers before filing
- Consider professional help if your situation is complex (multiple income sources, investments, etc.)
- Keep organized records throughout the year, not just at tax time
- File electronically—error rate is less than 1% vs. 20% for paper returns (IRS data)
How can we reduce our taxable income as a married couple?
Here are 15 legitimate strategies to lower your taxable income, organized by category:
Retirement Contributions
- 401(k)/403(b) Contributions: Up to $23,000 each in 2024 ($30,500 if over 50). Reduces taxable income dollar-for-dollar.
- Traditional IRA Contributions: Up to $7,000 each in 2024 ($8,000 if over 50). Phaseouts apply at higher incomes.
- SEP IRA or Solo 401(k): For self-employed couples, can contribute up to 25% of net earnings (max $69,000 in 2024).
Health Savings
- HSA Contributions: $8,300 for family coverage in 2024. Triple tax benefits (deductible contributions, tax-free growth, tax-free withdrawals for medical expenses).
- Flexible Spending Accounts: Up to $3,200 per person for medical expenses (use-it-or-lose-it rule applies).
Business Deductions
- Home Office Deduction: $5 per sq ft (up to 300 sq ft) or actual expenses if self-employed.
- Business Expenses: Mileage (67¢ per mile in 2024), equipment, marketing, etc. if you have side income.
- Qualified Business Income Deduction: Up to 20% of net business income for pass-through entities (subject to income limits).
Investment Strategies
- Tax-Loss Harvesting: Sell losing investments to offset capital gains (up to $3,000 excess can deduct against ordinary income).
- Municipal Bonds: Interest is typically federal-tax-free (and sometimes state-tax-free if issued by your state).
- Real Estate Investments: Depreciation can create “paper losses” that offset rental income.
Education and Family
- 529 Plan Contributions: While not federally deductible, many states offer deductions for contributions.
- Dependent Care FSA: Up to $5,000 for child care expenses (pre-tax).
Other Strategies
- Alimony Payments: If divorce agreement was pre-2019, payments are deductible for payer and taxable to recipient.
- Rental Property Deductions: Mortgage interest, depreciation, repairs, and other expenses can create losses that offset other income (subject to passive activity rules).
Important Caution: The IRS closely scrutinizes aggressive tax reduction strategies. Always:
- Keep contemporaneous records for all deductions
- Ensure expenses are “ordinary and necessary” for their claimed purpose
- Consult a tax professional for complex strategies
Pro Tip: Use this calculator to see how much each $1,000 in deductions saves you. For example, if you’re in the 24% bracket, $1,000 in additional deductions saves you $240 in taxes.
What documents do we need to accurately use this calculator?
To get the most accurate results from this calculator, gather these documents:
Income Documentation
- W-2 Forms: From all employers for both spouses
- 1099 Forms:
- 1099-NEC for freelance/self-employment income
- 1099-INT for interest income
- 1099-DIV for dividends
- 1099-B for brokerage transactions
- 1099-R for retirement distributions
- 1099-SA for HSA distributions
- Social Security Benefits Statement: Form SSA-1099
- Alimony Received: Documentation of payments if applicable
- Business Income: Profit/Loss statements if self-employed
- Rental Income: Records of rental payments received and expenses
Deduction Documentation
- Mortgage Interest: Form 1098 from your lender
- Property Taxes: Annual statement from your county
- State/Local Taxes Paid: W-2s, 1099s, or receipts
- Charitable Contributions:
- Receipts for cash donations
- Appraisals for property donations over $500
- Acknowledgment letters for donations over $250
- Medical Expenses:
- Receipts for doctor visits, prescriptions, mileage to medical appointments
- Statements showing health insurance premiums if self-employed
- Education Expenses:
- Form 1098-T for tuition payments
- Receipts for books and required supplies
- Work-Related Expenses:
- Mileage logs if you drive for work (not commuting)
- Receipts for unreimbursed business expenses
- Records of home office expenses if self-employed
Other Important Documents
- Previous Year’s Tax Return: Helps identify carryovers (capital losses, charitable contributions, etc.)
- IRA Contribution Records: To verify deductible amounts
- Child Care Records: Provider’s tax ID number for Child and Dependent Care Credit
- Adoption Expenses: Documentation for Adoption Credit
- Energy-Efficient Home Improvements: Receipts for solar panels, insulation, etc. (may qualify for credits)
Pro Organization Tip: Create a tax folder (physical or digital) and add documents throughout the year. Use subfolders for:
- Income documents
- Deduction receipts
- Investment statements
- Retirement account contributions
Digital Tools: Apps like:
- Expensify (for tracking deductible expenses)
- MileIQ (for mileage tracking)
- QuickBooks Self-Employed (for freelancers)
For this calculator specifically, you’ll need at minimum:
- Your total combined income (from all sources)
- Your filing status (joint or separate)
- Whether you’ll take the standard deduction or itemize
- If itemizing, your total itemized deductions