2024 Tax Brackets
| Tax Rate | Single Filers | Married Couples Filing Jointly | Married Couples Filing Separately | Head of Household |
|---|---|---|---|---|
| 10% | $11,600 or less | $23,200 or less | $11,600 or less | $16,550 or less |
| 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 $191,150 | $100,501 to $191,150 |
| 32% | $191,951 to $243,725 | $383,901 to $487,450 | $191,151 to $243,725 | $191,151 to $243,700 |
| 35% | $243,726 to $609,350 | $487,451 to $731,200 | $243,276 to $365,600 | $243,701 to $609,350 |
| 37% | $609,351 or more | $731,201 or more | $365,601 or more | $690,351 or more |
Source: Internal Revenue Service
Understanding the Function of Tax Brackets in 2024
The United States employs a progressive federal tax system with seven distinct tax brackets. As an individual’s income increases, the additional earnings migrate to a higher bracket, incurring a corresponding higher tax rate. Beyond a specified income threshold, further taxation ceases. The Internal Revenue Service (IRS) annually adjusts federal income tax brackets to accommodate inflation. A comprehensive grasp of these brackets enables individuals to estimate their tax liability based on income and filing status.
Illustratively, a hypothetical single filer in 2024 would owe 10% on the initial $11,600 of taxable income, whether that figure represents their total earnings or they earn $1 million. Subsequently, the next tax bracket, at 12%, is applicable to taxable income levels ranging from $11,601 to $47,150. Tax rates progressively escalate as income ascends to higher brackets.
The IRS employs varied federal income tax brackets and ranges contingent on filing status:
- Single filers
- Married couples filing joint returns
- Married couples filing separate tax returns
- Heads of households who are unmarried but responsible for a child or other qualifying dependents