Reading Time: 3 minutes
Tax rates (10%, 12%, 22%, 24%, 32%, 35%, and 37%) maintain the same percentage in 2024, but the income markers for each bracket have changed.
Related: 2024 Tax Due Dates and Deadlines
Also Read Previous Years Tax Brackets Comparison:
- 2023 Tax Brackets Vs 2022 Tax Brackets
- 2022 Tax Brackets Vs 2021 Tax Brackets
- 2021 Tax Brackets Vs 2020 Tax Brackets
- 2020 Tax Brackets Vs 2019 Tax Brackets
Single Tax Payers
Below are some of the insights into the tax bracket 2024 for single taxpayers:
- Tax Rates do NOT change in the year 2023 for single taxpayers, however, inflation adjustments happen in all the tax brackets.
- The lowest increase (+$600) for single taxpayers appears in the first tax bracket ($0 to $11,600).
- The highest increase (+$31,225) appears in the last tax bracket ($609,351 and upwards).
- The standard deduction for single tax payers rises to $14,600 in 2024 (up $750 from 2023)
| 2023 Tax Rate | 2023 Tax Bracket | 2024 Tax Rate | 2024 Tax Bracket | Tax Bracket Difference |
|---|---|---|---|---|
| 10% | Up to $11,000 | 10% | Up to $11,600 | Bottom: 0 Top: + $600 |
| 12% | $11,001-$44,725 | 12% | $11,601 to $47,150 | Bottom: +$600 Top: +$2,425 |
| 22% | $44,726-$95,375 | 22% | $47,151 to $100,525 | Bottom: +$2,425 Top: +$5,150 |
| 24% | $95,376-$182,100 | 24% | $100,526 to $191,950 | Bottom: +$5,150 Top: +$9,850 |
| 32% | $182,101-$231,250 | 32% | $191,951 to $243,725 | Bottom: +$9,850 Top: +$12,474 |
| 35% | $231,251-$578,125 | 35% | $243,726 to $609,350 | Bottom: +$12,475 Top: +$31,225 |
| 37% | $578,126 or Above | 37% | $609,351 or Above | Top: +$31,225 |
Married Couples Filing Jointly or Qualifying Widow
Here are some of the insights into the 2024 tax brackets for married couples filing jointly:
- Tax Rates do NOT change in the year 2024 for married couples filing jointly, however, inflation adjustments happen in all the Tax Brackets.
- The lowest increase ($1,200) appears in the first tax bracket ($0 to $23,200).
- The highest increase (+$37,450) appears in the last tax bracket $731,201 and upwards).
- The standard deduction for married couples filing jointly rises to $29,200 in 2024 (up $1,500 from 2023)
| 2023 Tax Rate | 2023 Tax Bracket | 2024 Tax Rate | 2024 Tax Bracket | Tax Bracket Difference |
|---|---|---|---|---|
| 10% | Up to $22,000 | Up to $23,200 | 10% | Bottom: 0 Top: +$1,200 |
| 12% | $22,001 to $89,450 | $23,201 to $94,300 | 12% | Bottom: +$1,200 Top: +$4,850 |
| 22% | $89,451 to $190,750 | $94,301 to $201,050 | 22% | Bottom: +$4,850 Top: +$10,300 |
| 24% | $190,751 to $364,200 | $201,051 to $383,900 | 24% | Bottom: +$10,300 Top: +$19,700 |
| 32% | $364,201 to $462,500 | $383,901 to $487,450 | 32% | Bottom: +$19,700 Top: +$24,950 |
| 35% | $462,501 to $693,750 | $487,450 to $731,200 | 35% | Top: +$24,950 Bottom: +$37,450 |
| 37% | $693,751 or Above | $731,201 or Above | 37% | Start: +$37,450 |
Married Couples Filing Separately
Below are some of the insights into the 2024 Tax Brackets for Married Couples Filing Separately:
- Tax Rates do NOT change in the year 2024 for Married Couples Filing Separately, however, inflation adjustments happen in all the Tax Brackets.
- The lowest increase (+$600) appears in the first tax bracket ($0 to $11,600).
- The highest increase (+$12,475) affects the two largest tax brackets
| 2023 Tax Rate | 2022 Tax Bracket | 2024 Tax Rate | 2024 Tax Bracket | Tax Bracket Difference |
|---|---|---|---|---|
| 10% | Up to $11,000 | 10% | Up to $11,600 | Bottom: 0 Top: +$600 |
| 12% | $11,001-$44,725 | 12% | $11,601 – $47,150 | Bottom: +$600 Top: +$2,425 |
| 22% | $44,726-$95,375 | 22% | $47,151 – $100,525 | Bottom: +$2,425 Top: +$5,150 |
| 24% | $95,376-$182,100 | 24% | $100,526-$191,150 | Bottom: +$5,150 Top: +$9,050 |
| 32% | $182,101-$231,250 | 32% | $191,151-$243,725 | Bottom: +$9,050 Top: +$12,475 |
| 35% | $231,251-$346,875 | 35% | $243,726-$356,600 | Bottom: +$12,475 Top: +$9,725 |
| 37% | $346,876 or Above | 37% | $356,601 or Above | Bottom: +$9,725 |
Head of the Household
Insights into the 2024 tax brackets for Head of the Household:
- Tax Rates do NOT change in the year 2023 for the Head of the Household, however, inflation adjustments happen in all the Tax Brackets.
- The lowest increase (+$850) appears in the first tax bracket (Up to $16,550).
- The highest increase (+$31,250) appears in the last tax bracket ($609,351 and up)
| 2023 Tax Rate | 2023 Tax Bracket | 2024 Tax Rate | 2024 Tax Bracket | Tax Bracket Difference |
|---|---|---|---|---|
| 10% | Up to $15,700 | 10% | Up to $16,550 | Bottom: 0 Top: +$850 |
| 12% | $15,701-$59,850 | 12% | $16,551-$63,100 | Bottom: +$850 Top: +$3,250 |
| 22% | $59,851-95,350 | 22% | $63,101-$100,500 | Bottom: +$3,250 Top: +$5,150 |
| 24% | $95,351-$182,100 | 24% | $100,501-$191,950 | Bottom: +$5,150 Top: +$9,850 |
| 32% | $182,101-$231,250 | 32% | $191,951-$243,700 | Bottom: +$9,850 Top: +$12,450 |
| 35% | $231,251-$578,100 | 35% | $243,701-$609,350 | Bottom: +$12,450 Top: +$31,250 |
| 37% | $578,101 or Above | 37% | $609,351 or Above | Bottom: +$31,250 |
How to File Your Taxes
Following are some of the steps to file your taxes:
- Step 1: Decide your income tax bracket.
- Step 2: Decide your tax rate for the respective tax bracket.
- Step 3: Find the relevant tax forms.
- Step 4: Consult a CPA, filing your taxes with inaccurate processes may result in penalties.
Find out 2023 Tax Due Dates & Deadlines
It is also important to find the possible tax deductions and credits that you may claim to avoid paying extra taxes and save money. To claim these tax write-offs, contact a tax consultant who can save your money with his/her expertise.
