{"id":5740,"date":"2023-12-29T07:02:00","date_gmt":"2023-12-29T07:02:00","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=5740"},"modified":"2023-12-29T09:17:29","modified_gmt":"2023-12-29T09:17:29","slug":"us-federal-tax-calculator-2022-2023","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/us-federal-tax-calculator-2022-2023\/","title":{"rendered":"Fast US Federal Tax Calculator 2023 &#038; 2024"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><picture><source srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-1024x576.webp 1024w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-300x169.webp 300w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-768x432.webp 768w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-150x84.webp 150w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-750x422.webp 750w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-1140x641.webp 1140w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px.webp 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" type=\"image\/webp\"><img src=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-1024x576.png\" height=\"576\" width=\"1024\" srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-1024x576.png 1024w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-300x169.png 300w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-768x432.png 768w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-150x84.png 150w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-750x422.png 750w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px-1140x641.png 1140w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/Federal-tax-calculator-2024-1200-\u00d7-675-px.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" class=\"wp-image-7462 sp-no-webp\" alt=\"federal tax calculator\" decoding=\"async\" loading=\"lazy\"  > <\/picture><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.irs.com\" target=\"_blank\" rel=\"noopener\">Federal Tax<\/a> Calculator 2023 &amp; 2024  for Individual taxpayers of USA is both for the tax year 2023 (filing April 2024 ) and for tax year 2024 (Filing April 2025 ) . The federal income tax system is progressive, and marginal tax rates range from 10% to 37% . The 2023 &amp; <strong><em>2024 tax estimator<\/em><\/strong> or the fedearl tax calculator , below , is based on <a href=\"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/\">tax brackets for 2022 <\/a>and <a href=\"https:\/\/www.irstaxapp.com\/2022-tax-brackets\/\">tax brackets for 2023.<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">US Federal Tax Calculator 2022 &amp; 2023<\/h2>\n\n\n\n<p>The Internal Revenue Code provides that a tax payer can either claim a <a href=\"https:\/\/www.irstaxapp.com\/standard-deduction-when-to-claim-more-when-you-cant-claim-a-penny\/\">standard deduction<\/a> or claim itemized deduction . The list of items of itemized deduction is quite long . Claimming itemized deduction requires you to keep records . Many times, the wrong or unusual claim of itemized deduction become a cause of  <a href=\"https:\/\/www.irstaxapp.com\/irs-tax-audit-triggers\/\">IRS Audit <\/a>of your return. <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/gsheetpress.com\/calculator?id=1666872465095\" name=\"calculator\" frameborder=\"no\" width=\"750px\" height=\"1000px\" align=\"center\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\">5 Tax Credits Incorporated in the federal tax calculator 2023 &amp; 2024<\/h2>\n\n\n\n<p>Tax credits can be claimed by user while estimating the total tax. When you answer the question &#8221; &#8221; as YES&#8221;, fieve tax credit fields will open.The calculator will reduce the aggregate of these credits to determine ultimate tax liability or the refund . These are :<\/p>\n\n\n\n<ol>\n<li>Child &amp; Dependant Tax Credit also known as Childcare tax credit is allowed for child or dependent care expenses while they work or look for work. The credit can be worth up to 35% of qualifying expenses, depending on the taxpayer&#8217;s income.. Read and test this <a href=\"https:\/\/www.irstaxapp.com\/childcare-tax-credit\/\">childcare tax credit<\/a><\/li>\n\n\n\n<li>Earned Income Tax Credit or EITC in short  is a tax credit for low-to-moderate-income working individuals and families. Visit this page <a href=\"https:\/\/www.irstaxapp.com\/earned-income-tax-credit-calculator\/\">EITC calculator <\/a><\/li>\n\n\n\n<li>American Opportunity Tax Credit is given for college expenses, including tuition, fees, and course materials. The credit is available for the first four years of post-secondary education and is worth up to $2,500 per eligible student. Test the <a href=\"https:\/\/www.irstaxapp.com\/american-opportunity-tax-credit\/\">American Opportunities Tax Credit Calculator<\/a><\/li>\n\n\n\n<li>Lifetime Learning Credit: like AOTC is also a tax  credit for educational expenses, including tuition and fees, for undergraduate, graduate, and professional degree courses. Unlike the AOTC, the LLC is available for all post-secondary education, including courses to acquire or improve job skills.Test <a href=\"https:\/\/www.irstaxapp.com\/lifetime-learning-credit\/\">Lifetime learning Credit Calculator<\/a>.<\/li>\n\n\n\n<li>Retirement Savings Contributions Credit: The Retirement Savings Contributions Credit, also known as the Saver&#8217;s Credit, is a credit for taxpayers who contribute to a retirement account, such as a 401(k) or IRA. The credit is worth up depending on your adjusted gross income reported on your Form 1040 series return, the amount of the credit is 50%, 20% or 10% of various retirement policies.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">What about State &amp; Local Taxes?<\/h2>\n\n\n\n<p>There is an option in the tax calculator to opt for either Standard TaxDeduction or Itemized Deduction .If you select the itemized tax , you can claim state &amp; local tax paid during the year for which tax is being calculated.But , there is maximum limit for claim of <a href=\"https:\/\/www.irstaxapp.com\/question\/can-i-deduct-state-and-local-income-sales-taxes-after-tcja-2782\/\">state &amp; local taxes<\/a> at $10,000. You should also note that  you can deduct many <a href=\"https:\/\/www.irstaxapp.com\/10-overlooked-deductions-above-the-line\/\">above-the line deductions<\/a> that you can claim even when you are claiming standard deductions. Since this calculator is for fast computation of tables, I have not incorporated those above the line deductions. Shortly<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Tax Calculator 2023 &amp; 2024 for Individual taxpayers of USA is both for the tax year 2023 (filing April 2024 ) and for tax year 2024 (Filing April 2025 ) . The federal income tax system is progressive, and marginal tax rates range from 10% to 37% . The 2023 &amp; 2024 tax estimator [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/5740"}],"collection":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/comments?post=5740"}],"version-history":[{"count":6,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/5740\/revisions"}],"predecessor-version":[{"id":7464,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/5740\/revisions\/7464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media\/7462"}],"wp:attachment":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media?parent=5740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/categories?post=5740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/tags?post=5740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}