Knowing your income tax rate can help you calculate your tax liability for unexpected income, retirement planning or investment income. This calculator helps you estimate your average tax rate for 2022-2023, your 2022-2023 tax bracket, and your marginal tax rate for the 2022-2023 tax year.
- Calculator
- How should you use your average and marginal tax rates?
- Federal income tax rates
- Wages, salaries, tips
- Filing status
- Dependents qualifying for child tax credit
- Itemized deductions
Popular next steps
Credit Cards
Best credit cards for paying taxes in 2022
Compare the best credit cards for paying taxes.
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for.
The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money.
Editorial integrity
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Based on your filing status, incomes over $155,650 begin having their personal exemptions phased out. In addition, itemized deductions begin to be phased out at $155,650. The child tax credit of $1,000 per child begins to be phased out at $55,000. This increases your tax bill, and your marginal tax rate. For example, if you earn an additional $1,000 you will owe income taxes at a 0% marginal tax rate.
How should you use your average and marginal tax rates?
You should use your average tax rate when estimating your total tax liability for a year. For example, if you are planning your retirement and wish to estimate your tax liability for an entire year, you should use your average tax rate. Your marginal tax rate is useful when calculating taxes on additional income, such as the taxes on a windfall or a year end bonus. You can also use your actual tax bracket for these calculations, although it does not take the phase out of any tax deductions into account.
Definitions to know
Federal income tax rates
Use the table below to assist you in estimating your federal tax rate.
| TAX RATE | SINGLE | HEAD OF HOUSEHOLD | MARRIED FILING JOINTLY OR QUALIFYING WIDOW | MARRIED FILING SEPARATELY |
|---|---|---|---|---|
| 10% | $0 to $10,275 | $0 to $14,650 | $0 to $20,550 | $0 to $10,275 |
| 12% | $10,276 to $41,775 | $14,651 to $55,900 | $20,551 to $83,550 | $10,276 to $41,775 |
| 22% | $41,776 to $89,075 | $55,901 to $89,050 | $83,551 to $178,150 | $41,776 to $89,075 |
| 24% | $89,076 to $170,050 | $89,051 to $170,050 | $178,151 to $340,100 | $89,076 to $170,050 |
| 32% | $170,051 to $215,950 | $170,051 to $215,950 | $340,101 to $431,900 | $170,051 to $215,950 |
| 35% | $215,951 to $539,900 | $215,951 to $539,900 | $431,901 to $647,850 | $215,951 to $323,925 |
| 37% | $539,901 or more | $539,901 or more | $647,851 or more | $323,926 or more |
Source: IRS
Wages, salaries, tips, etc.
This is your total taxable income for the year after deductions for retirement contributions such as 401(k)s, IRAs, etc. For tax filing purposes this would be the same as your Adjusted Gross Income (however the calculator is unable to take lower capital gains taxes into consideration).
Filing status
Your filing status determines the income levels for your Federal tax bracket. It is also important for calculating your standard deduction, personal exemptions, and deduction phase out incomes. There are five possible filing status choices. It is important to understand that your marital status as of the last day of the year determines your filing status.
Married filing jointly: If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately".
Qualified widow(er): Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider.
Single: If you are divorced, legally separated or unmarried as of the last day of the year you should use this status.
Head of household: This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married filing separately: If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately".
For 2022, the standard deductions are $25,900 for married couples filing jointly and qualified widow(er), $12,950 for married couples filing separately and singles, and $19,400 for heads of household.
Dependents qualifying for child tax credit
You may be entitled to a child tax credit for each qualifying child who was under age 17 at the end of the year if you claimed an exemption for that child. The credit is, however, phased out at higher incomes.
Itemized deductions
This is the total of your itemized deductions that you can include on schedule A of your Federal income taxes. For most people this includes state income taxes paid for the year and interest on a mortgage. Other itemized deductions include certain investment expenses, medical expenses exceeding 7.5% of your adjusted gross income, and some moving expenses.
Your standard deduction will be automatically calculated for you based on the filing status and number of dependents you enter. If the number you enter here is lower, your standard deduction will be used to determine your average tax rate.
