2024 Tax Brackets Explained: A Comprehensive Guide and Table for Planning Your Taxes
2024 Tax Brackets (for taxes due April 2025) Income Tax Brackets and Rates
The 2024 income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The Seven federal income tax rates for 2024 are... 10% - 12% - 22% - 24% - 32% - 35% - 37% (no changes from 2023). The marginal income tax rate of 37% will apply to taxpayers with taxable income above $609,350 (single filers), and $731,200 is the target for married couples filing jointly...(SEE Table )
Rate | Single Individuals - Taxable Income over | Married Individuals Filing Joint Returns - Taxable Income Over | Head of Households - Taxable Income Over |
10% | Up to $11,600 | Up to $23,200 | Up to $16,550 |
12% | $11,600 up to $47,150 | $23,200 up to $94,300 | $16,550 up to $63,100 |
22% | $47,150 up to $100,525 | $94,300 up to $201,050 | $63,100 up to $100,500 |
24% | $100,525 up to $191,950 | $201,050 up to $383,900 | $100,500 up to $191,950 |
32% | 191,950 up to $243,725 | $383,900 up to $487,450 | $191,950 up to $243,700 |
35% | $243,725 up to $609,350 | $487,450 up to $731,200 | $243,700 up to $609,350 |
37% | At or above $609,350 | At or above $731,200 | At or above $609,350 |
2024 Standard Deduction & personal Exemption
2024 has standard deductions for single filers increasing by $750; $1500 for married couples filing jointly. Seniors over the age of 65 are eligible to claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. Personal exemptions for 2024 remains at ZERO (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017)
Filing Status | Deduction Amount |
Single | $14,600 |
Married Filing Joint | $29,200 |
Head of Household | $21,900 |
Married Seniors Additional Deductions | $1,550 |
Unmarried Seniors Additional Deductions | $1,950 |