The amount you should be taxed depends on your taxable income, filing status, and deductions. Personal income tax in the U.S. is calculated based on tax brackets that apply different rates to portions of your taxable income after adjustments and deductions. For example, for the 2024-2025 tax year:
- Single filers pay from 10% on the first $11,600 of taxable income, up to 37% on income above $609,350.
- Married filing jointly filers pay from 10% on the first $23,200 up to 37% on income above $731,200.
- There are other filing statuses with different brackets as well.
To calculate your tax:
- Start with your total income.
- Subtract contributions (like to a 401(k)) to get adjusted gross income (AGI).
- Subtract exemptions and deductions (standard or itemized) from AGI to get taxable income.
- Apply the tax brackets according to your filing status to your taxable income.
- Account for any tax credits or rebates.
If you provide your income and filing status, a more specific tax amount can be estimated.
