For 2024, the IRS made adjustments to Federal income tax brackets to account for inflation, including raising the standard deduction to $14,600 (up from $13,850) for single filers and $29,200 (up from $27,700) for married couples filing jointly. It also adjusted earning thresholds for the tax brackets by about 5.4%, meaning you should be seeing a little more in your paycheck.
Find the new tax brackets for 2024 and how they compare. Start planning your taxes now to maximize deductions and manage your finances.
2023 Tax Brackets
Review the 2023 tax brackets to get a better understanding of how the inflation-adjusted brackets compare.
| Tax rate | Single filers | Married filing jointly | Married filing separately | Head of household |
| 10% | $0 to $11,000 | $0 to $22,000 | $0 to $11,000 | $0 to $15,700 |
| 12% | $11,001 to $44,725 | $22,001 to $89,450 | $11,001 to $44,725 | $15,701 to $59,850 |
| 22% | $44,726 to $95,375 | $89,451 to $190,750 | $44,726 to $95,375 | $59,851 to $95,350 |
| 24% | $95,376 to $182,100 | $190,751 to $364,200 | $95,376 to $182,100 | $95,351 to $182,100 |
| 32% | $182,101 to $231,250 | $364,201 to $462,500 | $182,101 to $231,250 | $182,101 to $231,250 |
| 35% | $231,251 to $578,125 | $462,501 to $693,750 | $231,251 to $346,875 | $231,251 to $578,100 |
| 37% | $578,126 or more | $693,751 or more | $346,876 or more | $578,101 or more |
2023 Tax Brackets: Single Filer
| Tax rate | Taxable income bracket | Taxes you’ll owe |
| 10% | $0 to $11,000 | 10% on eligible income |
| 12% | $11,001 to $44,725 | $1,100 plus 12% on eligible income over $11,000 |
| 22% | $44,726 to $95,375 | $5,147 plus 22% on eligible income over $44,725 |
| 24% | $95,376 to $182,100 | $16,290 plus 24% on eligible income over $95,375 |
| 32% | $182,101 to $231,250 | $37,104 plus 32% on eligible income over $182,100 |
| 35% | $231,251 to $578,125 | $52,832 plus 35% on eligible income over $231,250 |
| 37% | $578,126 or more | $174,238.25 plus 37% on eligible income over $578,125 |
2023 Tax Brackets: Married Filing Separately
| Tax rate | Taxable income bracket | Taxes you’ll owe |
| 10% | $0 to $11,000 | 10% on eligible income |
| 12% | $11,001 to $44,725 | $1,100 plus 12% on eligible income over $11,000 |
| 22% | $44,726 to $95,375 | $5,147 plus 22% on eligible income over $44,725 |
| 24% | $95,376 to $182,100 | $16,290 plus 24% on eligible income over $95,375 |
| 32% | $182,101 to $231,250 | $37,104 plus 32% on eligible income over $182,100 |
| 35% | $231,251 to $346,875 | $52,832 plus 35% on eligible income over $231,250 |
| 37% | $346,876 or more | $93,300.75 plus 37% on eligible income over $346,875 |
2023 Tax Brackets: Married Filing Jointly
| Tax rate | Taxable income bracket | Taxes you’ll owe |
| 10% | $0 to $22,000 | 10% on eligible income |
| 12% | $22,001 to $89,450 | $2,200 plus 12% on eligible income over $22,000 |
| 22% | $89,451 to $190,750 | $10,294 plus 22% on eligible income over $89,450 |
| 24% | $190,751 to $364,200 | $32,580 plus 24% on eligible income over $190,750 |
| 32% | $364,201 to $462,500 | $74,208 plus 32% on eligible income over $364,200 |
| 35% | $462,501 to $693,750 | $105,664 plus 35% on eligible income over $462,500 |
| 37% | $693,751 or more | $186,601.50 plus 37% on eligible income over $693,750 |
2024 Tax Brackets (Taxes Due in April 2025)
| Tax rate | Single filers | Married filing jointly | Married filing separately | Head of household |
| 10% | $0 to $11,600 | $0 to $23,200 | $0 to $11,600 | $0 to $16,550 |
| 12% | $11,601 to $47,150 | $23,201 to $94,300 | $11,601 to $47,150 | $16,551 to $63,100 |
| 22% | $47,151 to $100,525 | $94,301 to $201,050 | $47,151 to $100,525 | $63,101 to $100,500 |
| 24% | $100,526 to $191,950 | $201,051 to $383,900 | $100,526 to $191,950 | $100,501 to $191,950 |
| 32% | $191,951 to $243,725 | $383,901 to $487,450 | $191,951 to $243,725 | $191,951 to $243,700 |
| 35% | $243,726 to $609,350 | $487,451 to $731,200 | $243,726 to $365,600 | $243,701 to $609,350 |
| 37% | $609,351 or more | $731,201 or more | $365,601 or more | $609,351 or more |
2024 Tax Brackets: Single Filer
| Tax rate | Taxable income bracket | Taxes you’ll owe |
| 10% | $0 to $11,600 | 10% on eligible income |
| 12% | $11,601 to $47,150 | $1,160 plus 12% on eligible income over $11,600 |
| 22% | $47,151 to $100,525 | $5,426 plus 22% on eligible income over $47,150 |
| 24% | $100,526 to $191,950 | $17,168.50 plus 24% on eligible income over $100,525 |
| 32% | $191,951 to $243,725 | $39,110.50 plus 32% on eligible income over $191,950 |
| 35% | $243,726 to $609,350 | $55,678.50 plus 35% on eligible income over $243,725 |
| 37% | $609,351 or more | $183,647.25 plus 37% on eligible income over $609,350 |
2024 Tax Brackets: Married Filing Separately
| Tax rate | Taxable income bracket | Taxes you’ll owe |
| 10% | $0 to $11,600 | 10% on eligible income |
| 12% | $11,601 to $47,150 | $1,160 plus 12% on eligible income over $11,600 |
| 22% | $47,151 to $100,525 | $5,426 plus 22% on eligible income over $47,150 |
| 24% | $100,526 to $191,950 | $17,168.50 plus 24% on eligible income over $100,525 |
| 32% | $191,951 to $243,725 | $39,110.50 plus 32% on eligible income over $191,950 |
| 35% | $243,726 to $365,600 | $55,678.50 plus 35% on eligible income over $243,725 |
| 37% | $365,601 or more | $98,334.75 plus 37% on eligible income over $365,600 |
2024 Tax Brackets: Married Filing Jointly
| Tax rate | Taxable income bracket | Taxes you’ll owe |
| 10% | $0 to $23,200 | 10% on eligible income |
| 12% | $23,201 to $94,300 | $2,320 plus 12% on eligible income over $23,200 |
| 22% | $94,301 to $201,050 | $10,852 plus 22% on eligible income over $94,300 |
| 24% | $201,051 to $383,900 | $34,337 plus 24% on eligible income over $201,050 |
| 32% | $383,901 to $487,450 | $78,221 plus 32% on eligible income over $383,900 |
| 35% | $487,451 to $731,200 | $111,357 plus 35% on eligible income over $487,450 |
| 37% | $731,201 or more | $196,669.50 plus 37% on eligible income over $731,200 |
How Do Income Tax Brackets Work?
Your tax bracket does not mean that you’ll pay a large percentage of tax all income once you reach a new bracket.
Tax brackets are progressive, meaning income above a threshold is taxed at that higher rate. Your income is broken into various levels, known as brackets. Every dollar you earn within each bracket gets taxed at the rate that it falls within until you reach the next bracket.
A good analogy for how this works is to imagine a series of buckets that get larger. As you fill the first bucket, you pay a smaller percentage of taxes. Only once that bucket is filled do you move to the next where you’ll pay a higher federal income tax rate on each dollar you earn until that bucket fills.
For example, if your taxable income as a single filer is $60,000 in 2024, you’ll pay 10% on the first $11,600 in taxable income. Then you’ll pay 12% on all income you make from $11,601 to $47,150. Finally, you’ll pay 22% for income from $47,151 to $60,000. In this scenario, you only pay 22% on $12,849.
To add another layer of complication to things, you have to figure out what your taxable income is. So just because you grossed $60,000 doesn’t necessarily mean you’ll be taxed on all that income. That’s because you’ll likely be eligible for exemptions and deductions. In reality, you might be taxed for $45,000 in income based on 401(k) contributions, the standard deduction, education breaks, child tax credits, etc.
The best way to find your actual federal tax rates is to speak with a licensed tax professional, use one of the best free tax software options or use an IRS calculator as a guide. You don’t want to wait until you file your taxes to find out what you might owe or how you could have saved.
How to Figure Out Your Federal Income Tax Bracket
To figure out where you fit into the federal income tax brackets, you’ll need to factor in several items, such as eligible retirement plan contributions, allowable school expenses, the number of children you have, how much you contribute to your HSA, etc.
You’ll start by adding up all your income. Then you’ll review eligible credits and deductions and subtract those from your total income. That will tell you how much taxable income you have. This calculation will tell you the top tax bracket you’ll pay into.
Learn a few additional tax terms that can aid in understanding how your income is taxed and further how to calculate your tax rates.
What is a Marginal Tax Rate?
Your marginal tax rate is the percentage you pay on your final dollar of taxable income. It relates to the highest tax bracket that your taxable income falls within. For example, for a married couple filing jointly with $95,000 in taxable income, their marginal tax rate for 2024 would be 22% even though they are only paying that tax rate on a few hundred dollars worth of income.
What is an Effective Tax Rate?
Your effective tax rate is the rate of taxes you pay on all taxable income. To find this, you’ll take your total taxable income and divide it by the total taxes you owe.
How to Get Yourself Into a Lower Tax Bracket
As you evaluate tax brackets, you might want to find a way to stay within lower tax rates. Here are some ways you can do that.
- Tax credits: There are many tax credits out there that you might qualify for. Check your eligibility to decrease your taxable income.
- Tax deductions: Qualify for tax deductions, such as those that you can get for contributing money to a charitable organization.
- Bunching: When your deductions in a standard year won’t be more than the standard deduction, you can use bunching to qualify for a higher tax break one year. This action requires some planning though because you’ll need to plan to put as many deductible expenses in a year as possible. For example, you might hold all charitable contributions in the year that you take the standard deduction and then make the contributions the next year when you also complete medical procedures you’ve been putting off to put it all in one tax year.
- Retirement savings: When you place money in eligible retirement savings accounts, such as a 401(k), 403(b) or 457(b), you can lower your taxable income.
- Health savings account (HSA): Individuals enrolled in a high-deductible health plan can contribute to an HSA. Contributions are not taxed, though they max out at $4,150 for self-only coverage and $8,300 for family coverage in 2024.
- Tax-loss harvesting: If you have taxable investments, you can sell off nonprofitable investments for a loss to reduce capital gains taxes on your profitable income for that year, up to $3,000 per year.
- Delaying income: This method will only apply in certain circ*mstances. For example, if you were due a bonus this year but it will put you in a higher tax bracket, you could ask that your employer pay it out the following year to put it off until then.
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Planning Your Finances to Lower Taxable Income All Year
Understanding your income tax rates can help you maximize your credits and deductions for better finances. It does require planning and attention all year long and not just during tax season. Spend some time learning more about taxes so you can make strategic decisions throughout 2024.
