Calculate Your Income Tax May 2026

You must decide between taking a fixed "standard" deduction or listing specific "itemized" expenses. Choose whichever is higher to lower your taxable income the most. Filing Status Deduction Amount Single / Married Filing Separately Married Filing Jointly Head of Household

: Wages, salaries, tips, and bonuses from your job.

: Up to $2,500 in interest paid on qualified loans. calculate your income tax

: Interest from bank accounts, dividends from stocks, and capital gains from selling assets.

: Contributions made with after-tax dollars. You must decide between taking a fixed "standard"

: Payments to a Traditional IRA or 401(k).

: Up to $300 for K-12 teachers purchasing classroom supplies. : Up to $2,500 in interest paid on qualified loans

Calculating your income tax involves a multi-step process that transforms your total earnings into a final amount owed or a refund. For the 2026 tax year, recent legislation like the One, Big, Beautiful Bill (OBBB) has permanently set tax rates while adjusting brackets and deductions for inflation. 🏗️ Step 1: Calculate Your Gross Income