The IRS has released its federal tax brackets for calendar year 2024. There are still seven tax brackets. The lowest rate is 10% and the highest is 37%. These new tax brackets are in effect for calendar year 2024. Those tax returns will not be due until April of 2025. That leaves you with more than enough time to develop a tax plan for next year. Your tax bracket is based on your total taxable income and filing status, such as single or married filing jointly. If you’re unsure of which filing status you are, please check out this other video on choosing the right filing status for your tax return.
| SINGLE TAX RATE | 2023 | 2024 |
|---|---|---|
| 10% | $1 – 11,000 | $1 – 11,600 |
| 12% | 11,001- 44,725 | 11,601 – 47,150 |
| 22% | 44,726 – 95,375 | 47,151 – 100,525 |
| 24% | 95,376 – 182,100 | 100,526 – 191,950 |
| 32% | 182,101 – 231,250 | 191,951 – 243,725 |
| 35% | 231,251 – 578,125 | 243,726 – 609,350 |
| 37% | Over 578,125 | Over 609,350 |
| MARRIED JOINT TAX RATE | 2023 | 2024 |
| 10% | $1 – 22,000 | $1 – 23,200 |
| 12% | 22,001 – 89,450 | 23,201 – 94,300 |
| 22% | 89,451 – 190,750 | 94,301 – 201,050 |
| 24% | 190,751 – 364,200 | 201,051 – 383,900 |
| 32% | 364,201 – 462,500 | 383,901 – 487,450 |
| 35% | 462,501 – 693,750 | 487,451 – 731,200 |
| 37% | Over 693,750 | Over 731,200 |
| MARRIED SEPARATE TAX RATE | 2023 | 2024 |
| 10% | $1 – 11,000 | $1 – 11,600 |
| 12% | 11,001 – 44,725 | 11,601 – 47,150 |
| 22% | 44,726 – 95,375 | 47,151 – 100,525 |
| 24% | 95,376 – 182,100 | 100,526 – 191,950 |
| 32% | 182,101 – 231,250 | 191,951 – 243,725 |
| 35% | 231,251 – 346,875 | 243,726 – 365,600 |
| 37% | Over 346,875 | Over 365,600 |
| HEAD OF HOUSEHOLD TAX RATE | 2023 | 2024 |
| 10% | $1 – 15,700 | $1 – 16,550 |
| 12% | 15,701 – 59,850 | 16,551 – 63,100 |
| 22% | 59,851 – 95,350 | 63,101 – 100,500 |
| 24% | 95,351 – 182,100 | 100,501 – 191,950 |
| 32% | 182,101 – 231,250 | 191,951 – 243,700 |
| 35% | 231,251 – 346,875 | 243,701 – 609,350 |
| 37% | Over 346,875 | Over 609,350 |
Associate Partner
Ren III provides tax, accounting, and advisory services to a broad range of clients, with a specialty for manufacturers, title insurance companies, and professional service providers.
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