For the 2024 tax year, the IRS has set the following federal income tax brackets for different filing statuses:
- For Single Filers:
- 10% on income up to $11,600
- 12% on income from $11,600 to $47,150
- 22% on income from $47,150 to $100,525
- 24% on income from $100,525 to $191,950
- 32% on income from $191,950 to $243,725
- 35% on income from $243,725 to $609,350
- 37% on income over $609,350
- For Married Individuals Filing Jointly:
- 10% on income up to $23,200
- 12% on income from $23,200 to $94,300
- 22% on income from $94,300 to $201,050
- 24% on income from $201,050 to $383,900
- 32% on income from $383,900 to $487,450
- 35% on income from $487,450 to $731,200
- 37% on income over $731,200
- For Heads of Households:
- 10% on income up to $16,550
- 12% on income from $16,550 to $63,100
- 22% on income from $63,100 to $100,500
- 24% on income from $100,500 to $191,950
- 32% on income from $191,950 to $243,700
- 35% on income from $243,700 to $609,350
- 37% on income over $609,350
These brackets are part of the IRS’s annual adjustments for inflation, which aim to prevent “bracket creep,” where people are pushed into higher income tax brackets or have reductions in value due to inflation. More details can be found directly on the http://irs.gov website.