Federal Income Tax Brackets and Rates
Understanding your tax bracket is key in determining the withholding from your paycheck, as well as to prepare you for the next tax season. For 2024 look for the bottom rate to remain at 10%, and the highest rate to stay at 37%. However, the income limits for all tax brackets will be adjusted for inflation. Below are the federal tax brackets and rates you can expect for tax year 2024.
Table for Tax Brackets and Rates
| Rate | Unmarried Individuals with Taxable Income Over | Married Individuals Filing Jointly with Taxable Income Over | Heads of Households with Taxable Income Over |
| 10% | $0 to $11,600 | $0 to $23,200 | $0 to $16,550 |
| 12% | $11,601 to $47,150 | $23,201 to $94,300 | $16,551 to 63,100 |
| 22% | $47,151 to $100,525 | $94,301 to $201,050 | $63,101 to $100,500 |
| 24% | $100,526 to $191,950 | $201,051 to $383,900 | $100,501 to $191,950 |
| 32% | $191,951 to $243,725 | $383,901 to $487,450 | $191,951 to $243,700 |
| 35% | $243,726 to $609,350 | $487,451 to $731,200 | $234,701 to 609,350 |
| 37% | $609,350 or more | $731,200 or more | $609,350 or more |
There is also adjustments made to the standard deduction with an increase of nearly $800 for single filers and $1500 for those married and filing jointly.
2024 Table for Standard Deduction
| Filing Status | Deduction |
| Single | $14,600 |
| Married, Filing Jointly | $29,200 |
| Head of Household | $21,900 |
You can estimate your 2024 federal tax liability by using our calculator. Also, look further at whether to itemize or take the standard deduction.
*Updated April 2024