Irs Income Tax Calculator 2024. As a freelancer, it's crucial to understand these rates to accurately plan your taxes. Select the financial year from the dropdown menu for which you want to calculate the income tax, then input your basic details such as your age group (it tells your applicable tax slab rates), type.

6.2% of each of your paychecks is withheld for social security taxes and your employer contributes a further 6.2%. The amt exemption rate is also subject to inflation.