Tax Calculator: 2022-2023 Refund and Tax Estimator

Estimate how much you'll owe in federal taxes for tax year 2022, using your income, deductions and credits — all in just a few steps with our tax calculator.

Taxable income$87,050
Effective tax rate17.0%
Estimated federal taxes$14,768
Federal taxes withheld$0
We estimate you will owe$14,768
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Here's a list of common tax credits you might be eligible for

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How to use this tax estimator

  1. Filing status: Choose from the four filing statuses available (single, head of household, married filing separately, or married filing jointly). Your filing status helps to determine which deductions and credits you can claim. 

  2. Income: In this field, enter your total household income before taxes. Include your wages, tips, and income from interest, dividends, retirement distributions, unemployment compensation and Social Security benefits.

  3. Age. Your age can have an effect on certain tax rules or deductions. For example, people over the age of 65 get a higher standard deduction. In this field, enter the age you were on Jan. 1, 2023.

  4. Dependents: Enter your number of dependents. Dependents can make you eligible for a variety of tax breaks, such as the child tax credit, head of household filing status and other deductions or credits.

  5. 401(k): Contributions to a 401(k) may reduce your taxable income.

  6. Traditional IRA: Contributions to a traditional IRA may reduce your taxable income.*

  7. Deductions: Most Americans claim the standard deduction, which we’ve pre-filled here. If you’re not one of them, change that number to the sum of your itemized deductions. (But exclude the 401(k) and traditional IRA contributions you entered on the previous screen.) Also, enter any taxes you’ve already paid or had withheld.

  8. Payments: Enter the amount of money you have already paid in taxes, or how much your employer has withheld on your behalf. If you're unsure, estimate, you will still get insights into how much you owe.

*Note that contributing to a traditional IRA may not have any immediate tax benefits if your income exceeds a threshold set by the IRS and you or your spouse are also covered by a 401(k). This calculator assumes your IRA contributions are not tax-deductible if you already contribute to a 401(k).

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How we got here

Federal income tax brackets

The United States taxes income progressively, meaning that how much you make will place you within one of seven federal tax brackets:

Single filers

Tax rate

Taxable income bracket

Tax owed

10%

$0 to $10,275.

10% of taxable income.

12%

$10,276 to $41,775.

$1,027.50 plus 12% of the amount over $10,275.

22%

$41,776 to $89,075.

$4,807.50 plus 22% of the amount over $41,775.

24%

$89,076 to $170,050.

$15,213.50 plus 24% of the amount over $89,075.

32%

$170,051 to $215,950.

$34,647.50 plus 32% of the amount over $170,050.

35%

$215,951 to $539,900.

$49,335.50 plus 35% of the amount over $215,950.

37%

$539,901 or more.

$162,718 plus 37% of the amount over $539,900.

Married, filing jointly

Tax rate

Taxable income bracket

Taxes owed

10%

$0 to $20,550.

10% of taxable income.

12%

$20,551 to $83,550.

$2,055 plus 12% of the amount over $20,550.

22%

$83,551 to $178,150.

$9,615 plus 22% of the amount over $83,550.

24%

$178,151 to $340,100.

$30,427 plus 24% of the amount over $178,150.

32%

$340,101 to $431,900.

$69,295 plus 32% of the amount over $340,100.

35%

$431,901 to $647,850.

$98,671 plus 35% of the amount over $431,900.

37%

$647,851 or more.

$174,253.50 plus 37% of the amount over $647,850.

Married, filing separately

Tax rate

Taxable income bracket

Taxes owed

10%

$0 to $10,275.

10% of taxable income.

12%

$10,276 to $41,775.

$1,027.50 plus 12% of the amount over $10,275.

22%

$41,776 to $89,075.

$4,807.50 plus 22% of the amount over $41,775.

24%

$89,076 to $170,050.

$15,213.50 plus 24% of the amount over $89,075.

32%

$170,051 to $215,950.

$34,647.50 plus 32% of the amount over $170,050.

35%

$215,951 to $323,925.

$49,335.50 plus 35% of the amount over $215,950.

37%

$323,926 or more.

$87,126.75 plus 37% of the amount over $323,925.

Head of household

Tax rate

Taxable income bracket

Tax owed

10%

$0 to $14,650.

10% of taxable income.

12%

$14,651 to $55,900.

$1,465 plus 12% of the amount over $14,650.

22%

$55,901 to $89,050.

$6,415 plus 22% of the amount over $55,900.

24%

$89,051 to $170,050.

$13,708 plus 24% of the amount over $89,050.

32%

$170,051 to $215,950.

$33,148 plus 32% of the amount over $170,050.

35%

$215,951 to $539,900.

$47,836 plus 35% of the amount over $215,950.

37%

$539,901 or more.

$161,218.50 plus 37% of the amount over $539,900.

Which bracket you land in depends on your filing status: single, married filing jointly, married filing separately, and head of household. Choosing the right filing status can have a big effect on how your tax bill is calculated.

Standard deduction vs. itemized deductions

Deciding how to take your deductions — that is, how much to subtract from your adjusted gross income, thus reducing your taxable income — can make a huge difference in your tax bill. But making that decision isn’t always easy.

The standard deduction is a flat reduction in your adjusted gross income, the amount determined by Congress and meant to keep up with inflation. Nearly 70% of filers take it, because it makes the tax-prep process quick and easy.

Filing status

Standard deduction 2022

Standard deduction 2023

Single

$12,950.

$13,850.

Married, filing jointly

$25,900.

$27,700.

Married, filing separately

$12,950.

$13,850.

Head of household

$19,400.

$20,800.

People who itemize tend to do so because their deductions add up to more than the standard deduction, saving them money. The IRS allows you to deduct a litany of expenses from your income, but record-keeping is key — you need to be able to prove, usually with receipts, that the expenses you’re deducting are valid. This means effort, but it might also mean savings.

How deductions and credits work

Both reduce your tax bill, but in different ways. Tax credits directly reduce the amount of tax you owe, dollar for dollar. A tax credit valued at $1,000, for instance, lowers your tax bill by $1,000.

Tax deductions, on the other hand, reduce how much of your income is subject to taxes. Deductions lower your taxable income by the percentage of your highest federal income tax bracket. For example, if you fall into the 25% tax bracket, a $1,000 deduction saves you $250.

Tax questions and answers

Estimating a tax bill starts with estimating taxable income. In a nutshell, to estimate taxable income, we take gross income and subtract tax deductions. What’s left is taxable income. Then we apply the appropriate tax bracket (based on income and filing status) to calculate tax liability. Tax credits and taxes already withheld from your paychecks might cover that bill for the year. If not, you may need to pay the rest at tax time. If you’ve paid too much, you’ll get a tax refund.

What tax bracket am I in?

The United States has a progressive tax system, meaning people with higher taxable incomes pay higher federal income tax rates. Here are the current tax brackets.

I might get a big tax refund! Awesome, right?

Don’t get too excited; this could be a sign that you’re having too much tax withheld from your paycheck and living on less of your earnings all year. You can use Form W-4 to reduce your withholding easily now so you don’t have to wait for the government to give you your money back later.

Oh no! I can’t pay this estimated tax bill! What do I do?

You can sign up for a payment plan on the IRS website. There are several to choose from, and they can provide peace of mind. Here’s how IRS installment plans work, plus some other options for paying a big tax bill.

I need more help with my tax situation. Where can I go?

We have you covered. These NerdWallet articles can point you toward: