calculate_federal_tax
Calculate federal income tax for individual taxpayers using 2024-2025 rates. Determines tax liability with bracket breakdowns, credits, deductions, and special taxes like self-employment and capital gains.
Instructions
Calculate federal income tax for an individual taxpayer. Supports TY2024 and TY2025. Includes bracket breakdown, effective/marginal rates, SE tax, NIIT, Additional Medicare Tax, QBI deduction, capital gains, and child tax credit. All calculations run locally — no data is sent to any server.
Input Schema
TableJSON Schema
| Name | Required | Description | Default |
|---|---|---|---|
| taxYear | Yes | Tax year (2024 or 2025) | |
| filingStatus | Yes | Filing status | |
| grossIncome | Yes | Total gross income in USD | |
| w2Income | No | W-2 wage income | |
| selfEmploymentIncome | No | Self-employment income (Schedule C) | |
| capitalGains | No | Long-term capital gains (can be negative for losses) | |
| capitalGainsLongTerm | No | Whether capital gains are long-term (default: true) | |
| shortTermCapitalGains | No | Short-term capital gains (taxed as ordinary income) | |
| qualifiedBusinessIncome | No | Qualified Business Income for Section 199A deduction | |
| aboveTheLineDeductions | No | Above-the-line deductions (HSA, student loan interest, etc.) | |
| itemizedDeductions | No | Total itemized deductions (if greater than standard deduction) | |
| dependents | No | Number of qualifying child dependents for Child Tax Credit | |
| age65OrOlder | No | Taxpayer is 65 or older | |
| blind | No | Taxpayer is blind | |
| isoExerciseSpread | No | ISO stock option exercise spread (for AMT calculation) | |
| stateTaxDeducted | No | State/local taxes included in itemized deductions (for AMT) |