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Taxable income = Gross income − Above-the-line deductions − Standard/itemized deduction
Tax = Σ (income in each bracket × bracket rate)
2024 federal brackets for single filers: 10% on $0–$11,600; 12% on $11,601–$47,150; 22% on $47,151–$100,525; 24% on $100,526–$191,950; 32% on $191,951–$243,725; 35% on $243,726–$609,350; 37% on income above $609,350.
Worked example: Single filer with $85,000 gross income. Standard deduction: $14,600. Taxable income: $70,400. Tax = (10% × $11,600) + (12% × $35,550) + (22% × $23,250) = $1,160 + $4,266 + $5,115 = $10,541. Effective tax rate: $10,541 ÷ $85,000 = 12.4%. Marginal rate: 22%.