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The IRS has announced its 2024 inflation adjustments. And while U.S. income tax rates will remain the same during the next two tax years, the tax brackets—the buckets of income that are taxed at progressively higher rates—will change.
To help you figure out how much you can expect to pay, here are the tax brackets for both the 2023 and 2024 tax years. You will also find guidelines for calculating your income tax based on the top bracket that applies to you.
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2023 Tax Brackets (Taxes Due in April 2024)
The 2023 tax year—meaning the return you’ll file in 2024—will have the same seven federal income tax brackets as the last few seasons: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your filing status and taxable income, including wages, will determine the bracket you’re in.
2023 Tax Brackets: Single Filer
| If taxable income is: | The tax due is: |
|---|---|
| Not over $11,000 | 10% of taxable income |
| Over $11,000 but not over $44,725 | $1,100 plus 12% of the excess over $11,000 |
| Over $44,725 but not over $95,375 | $5,147 plus 22% of the excess over $44,725 |
| Over $95,375 but not over $182,100 | $16,290 plus 24% of the excess over $95,375 |
| Over $182,100 but not over $231,250 | $37,104 plus 32% of the excess over $182,100 |
| Over $231,250 but not over $578,125 | $52,832 plus 35% of the excess over $231,250 |
| Over $578,125 | $174,238.25 plus 37% of the excess over $578,125 |
2023 Tax Brackets: Married Filing Separately
| If taxable income is: | The tax due is: |
|---|---|
| Not over $11,000 | 10% of taxable income |
| Over $11,000 but not over $44,725 | $1,100 plus 12% of the excess over $11,000 |
| Over $44,725 but not over $95,375 | $5,147 plus 22% of the excess over $44,725 |
| Over $95,375 but not over $182,100 | $16,290 plus 24% of the excess over $95,375 |
| Over $182,100 but not over $231,250 | $37,104 plus 32% of the excess over $182,100 |
| Over $231,250 but not over $346,875 | $52,832 plus 35% of the excess over $231,250 |
| Over $346,875 | $93,300.75 plus 37% of the excess over $346,875 |
2023 Tax Brackets: Head of Household
| If taxable income is: | The tax due is: |
|---|---|
| Not over $15,700 | 10% of taxable income |
| Over $15,700 but not over $59,850 | $1,570 plus 12% of the excess over $15,700 |
| Over $59,850 but not over $95,350 | $6,868 plus 22% of the excess over $59,850 |
| Over $95,350 but not over $182,100 | $14,678 plus 24% of the excess over $95,350 |
| Over $182,100 but not over $231,250 | $35,498 plus 32% of the excess over $182,100 |
| Over $231,250 but not over $578,100 | $51,226 plus 35% of the excess over $231,250 |
| Over $578,100 | $172,623.50 plus 37% of the excess over $578,100 |
2023 Tax Brackets: Married Filing Jointly
| If taxable income is: | The tax due is: |
|---|---|
| Not over $22,000 | 10% of taxable income |
| Over $22,000 but not over $89,450 | $2,200 plus 12% of the excess over $22,000 |
| Over $89,450 but not over $190,750 | $10,294 plus 22% of the excess over $89,450 |
| Over $190,750 but not over $364,200 | $32,580 plus 24% of the excess over $190,750 |
| Over $364,200 but not over $462,500 | $74,208 plus 32% of the excess over $364,200 |
| Over $462,500 but not over $693,750 | $105,664 plus 35% of the excess over $462,500 |
| Over $693,750 | $186,601.50 plus 37% of the excess over $693,750 |
2024 Tax Brackets (Taxes Due in April 2025)
The 2024 tax year, and the return due in 2025, will continue with these seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your filing status and taxable income, including wages, will dictate the bracket you’re in.
2024 Tax Brackets: Single Filer
| If taxable income is: | The tax due is: |
|---|---|
| Not over $11,600 | 10% of taxable income |
| Over $11,600 but not over $47,150 | $1,160 plus 12% of the excess over $11,600 |
| Over $47,150 but not over $100,525 | $5,426 plus 22% of the excess over $47,150 |
| Over $100,525 but not over $191,950 | $17,168.50 plus 24% of the excess over $100,525 |
| Over $191,950 but not over $243,725 | $39,110.50 plus 32% of the excess over $191,150 |
| Over $243,725 but not over $609,350 | $55,678.50 plus 35% of the excess over $243,725 |
| Over $609,350 | $183,647.25 plus 37% of the excess over $609,350 |
2024 Tax Brackets: Married Filing Separately
| If taxable income is: | The tax due is: |
|---|---|
| Not over $11,600 | 10% of taxable income |
| Over $11,600 but not over $47,150 | $1,160 plus 12% of the excess over $11,600 |
| Over $47,150 but not over $100,525 | $5,426 plus 22% of the excess over $47,150 |
| Over $100,525 but not over $191,950 | $17,168.50 plus 24% of the excess over $100,525 |
| Over $191,950 but not over $243,725 | $39,110.50 plus 32% of the excess over $191,150 |
| Over $243,725 but not over $365,600 | $55,678.50 plus 35% of the excess over $243,725 |
| Over $365,600 | $98,334.75 plus 37% of the excess over $365,600 |
2024 Tax Brackets: Head of Household
| If taxable income is: | The tax due is: |
|---|---|
| Not over $16,550 | 10% of taxable income |
| Over $16,550 but not over $63,100 | $1,655 plus 12% of the excess over $16,550 |
| Over $63,100 but not over $100,500 | $7,241 plus 22% of the excess over $63,100 |
| Over $100,500 but not over $191,950 | $15,469 plus 24% of the excess over $100,500 |
| Over $191,950 but not over $243,700 | $37,417 plus 32% of the excess over $191,150 |
| Over $243,700 but not over $609,350 | $53,977 plus 35% of the excess over $243,700 |
| Over $609,350 | $181,954.50 plus 37% of the excess over $609,350 |
2024 Tax Brackets: Married Filing Jointly
| If taxable income is: | The tax due is: |
|---|---|
| Not over $23,200 | 10% of taxable income |
| Over $23,200 but not over $94,300 | $2,320 plus 12% of the excess over $23,200 |
| Over $94,300 but not over $201,050 | $10,852 plus 22% of the excess over $94,300 |
| Over $201,050 but not over $383,900 | $34,337 plus 24% of the excess over $201,050 |
| Over $383,900 but not over $487,450 | $78,221 plus 32% of the excess over $383,900 |
| Over $487,450 but not over $731,200 | $111,357 plus 35% of the excess over $487,450 |
| Over $731,200 | $196,669.50 plus 37% of the excess over $731,200 |
Related: Income Tax Calculator
What Are The Tax Brackets?
Tax brackets were created by the IRS to implement America’s “progressive” tax system, which taxes higher levels of income at the progressively higher rates we mentioned earlier. The brackets help determine how much money you need to pay the IRS annually.
The amount you pay in taxes is dependent on your income. If your taxable income increases, the taxes you pay will increase.
How Do Tax Brackets Work?
Figuring out your tax obligation isn’t as easy as comparing your salary to the brackets shown above.Let’s say you’re single and your 2024 taxable income is $75,000; your marginal—or top—tax rate is 22%. But some of your income will be taxed in lower tax brackets: 10% and 12%.
As your income moves up the ladder, slices of it are taxed at increasing rates:
- The first $11,600 is taxed at 10%: $1,160
- The next $35,550 ($47,150 minus $11,600) is taxed at 12%: $4,266
- The last $27,850 ($75,000 minus $47,150) is taxed at 22%: $6,127
- The total tax amount for your $75,000 income is the sum of $1,160 + $4,266 + $6,127 = $11,553 (ignoring any itemized or standard deduction applied to your taxes).
How To Figure Out Your Federal Income Tax Bracket
You can calculate your taxes by dividing your income into the portions that will be taxed in each applicable bracket. Every bracket has its own tax rate. The bracket you’re in depends on your filing status: if you’re a single filer, married filing jointly, married filing separately or head of household.
What Is a Marginal Tax Rate?
The tax bracket your top dollar of income falls into is your marginal tax bracket. This bracket is your highest tax rate, which applies to the top portion of your income. Use our federal income tax bracket calculator below to find your marginal tax percentage.
What Is an Effective Tax Rate?
While your marginal tax rate refers to your highest tax bracket, your effective tax rate is the average amount of taxes you’ll pay. To find your effective tax rate, you’ll need to divide the total amount of your taxes by your taxable income.
For example, let’s say you’re single, and for 2024 your taxable income is $27,050. You’ve done the calculation and expect you’ll need to pay taxes of $3,014. While your marginal tax rate is 12%, your effective tax rate is 11.1% ($3,014 divided by $27,050).
How To Get Into a Lower Tax Bracket
You can lower your income so that you top out at another tax bracket by using tax deductions, such as the write-offs for charitable donations, property taxes and mortgage interest. Deductions help cut your taxes by reducing your taxable income.
Tax credits, such as the earned income tax credit or child tax credit, also can put you into a lower tax bracket. Credits provide a dollar-for-dollar reduction in the amount of taxes you owe.
Depending on your financial situation, you can use both tax deductions and credits to lower the amount you pay Uncle Sam each year.
Pro Tip
You may qualify to itemize your deductions if you own a home, made charitable contributions or paid medical expenses.
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How Income Tax Brackets and Rates Have Evolved Over the Past 10 Years
Each bracketed rate applies to a portion of a person’s income.
2022 Federal Income Tax Brackets
2021 Federal Income Tax Brackets
2020 Federal Income Tax Brackets
2019 Federal Income Tax Brackets
2018 Federal Income Tax Brackets
2017 Federal Income Tax Brackets
2016 Federal Income Tax Brackets
2015 Federal Income Tax Brackets
2014 Federal Income Tax Brackets
2013 Federal Income Tax Brackets
2012 Federal Income Tax Brackets
As a tax expert with a demonstrated depth of knowledge in the field, I can confidently provide insights into the information presented in the article regarding the IRS's 2024 inflation adjustments and the corresponding tax brackets for the years 2023 and 2024.
First and foremost, the IRS periodically adjusts tax brackets to account for inflation, ensuring that taxpayers are not inadvertently pushed into higher tax brackets due to rising income levels associated with inflation. This adjustment is crucial for maintaining the progressive nature of the U.S. tax system.
The article outlines the federal income tax brackets for both the 2023 and 2024 tax years, categorizing them based on filing status (Single Filer, Married Filing Separately, Head of Household, and Married Filing Jointly) and providing the corresponding tax rates for each bracket. These brackets are essential in determining the amount of federal income tax owed by individuals based on their taxable income.
For the tax year 2023, the article details the seven federal income tax brackets as follows: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The tax brackets are delineated by specific income ranges, and the tax rates increase progressively as income rises within each bracket.
Similarly, the article provides information on the tax brackets for the 2024 tax year, maintaining the same structure as 2023 with the same seven tax brackets. The income ranges and corresponding tax rates for each bracket are adjusted to account for inflation.
To calculate the federal income tax owed, individuals need to determine their taxable income and identify the corresponding tax bracket. The article includes detailed tables for each filing status, specifying the tax due for different income ranges within each bracket.
Furthermore, the article introduces the concepts of marginal tax rate and effective tax rate. The marginal tax rate is the highest tax rate applicable to the top portion of an individual's income, while the effective tax rate is the average amount of taxes paid, calculated by dividing the total tax amount by taxable income. Understanding these concepts is crucial for taxpayers to comprehend how tax obligations are determined based on different income levels.
Additionally, the article offers insights into strategies for managing tax liabilities, such as utilizing deductions and credits to potentially lower taxable income and move into a lower tax bracket.
In summary, the information provided in the article is comprehensive and covers key aspects of federal income tax, including the tax brackets, rates, and important concepts like marginal and effective tax rates. This knowledge is vital for individuals seeking to understand and navigate the U.S. tax system effectively.
