2024 Standard Deduction Mfj Calculator. Knowing your income tax rate can help you calculate your tax liability for unexpected income, retirement planning or investment income. The income tax calculator estimates the refund or potential owed amount on a federal tax return.

Standard deduction amounts (2024) kelly phillips erb also, for 2024, it’s predicted that the standard deduction for an individual who may be claimed as a dependent by another taxpayer. You pay tax as a percentage of your income in layers called tax brackets.