2024 Tax Brackets vs 2023 Tax Brackets

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:

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 Rate2023 Tax Bracket2024 Tax Rate2024 Tax BracketTax Bracket Difference
10%Up to $11,00010%Up to $11,600Bottom: 0
Top: + $600
12%$11,001-$44,72512%$11,601 to $47,150Bottom: +$600
Top:
+$2,425
22%$44,726-$95,37522%$47,151 to $100,525Bottom: +$2,425
Top: +$5,150
24%$95,376-$182,10024%$100,526
to $191,950
Bottom: +$5,150
Top: +$9,850
32%$182,101-$231,25032%$191,951 to $243,725Bottom: +$9,850
Top: +$12,474
35%$231,251-$578,12535%$243,726 to $609,350Bottom: +$12,475
Top: +$31,225
37%$578,126 or Above37%$609,351 or AboveTop: +$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 Rate2023 Tax Bracket2024 Tax Rate2024 Tax BracketTax Bracket Difference
10%Up to $22,000Up to $23,20010%Bottom: 0
Top:
+$1,200
12%$22,001 to $89,450$23,201 to $94,30012%Bottom: +$1,200
Top:
+$4,850
22%$89,451 to $190,750$94,301 to $201,05022%Bottom: +$4,850
Top: +$10,300
24%$190,751 to $364,200$201,051 to $383,90024%Bottom: +$10,300 Top: +$19,700
32%$364,201 to $462,500$383,901 to $487,45032%Bottom: +$19,700
Top: +$24,950
35%$462,501 to $693,750$487,450 to $731,20035%Top: +$24,950 Bottom: +$37,450
37%$693,751 or Above$731,201 or Above37%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 Rate2022 Tax Bracket2024 Tax Rate2024 Tax BracketTax Bracket Difference
10%Up to $11,00010%Up to $11,600Bottom: 0 Top: +$600
12%$11,001-$44,72512%$11,601 – $47,150Bottom: +$600 Top: +$2,425
22%$44,726-$95,37522%$47,151 – $100,525Bottom: +$2,425 Top: +$5,150
24%$95,376-$182,10024%$100,526-$191,150Bottom: +$5,150 Top: +$9,050
32%$182,101-$231,25032%$191,151-$243,725Bottom: +$9,050 Top: +$12,475
35%$231,251-$346,87535%$243,726-$356,600Bottom: +$12,475 Top: +$9,725
37%$346,876 or Above37%$356,601 or AboveBottom: +$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 Rate2023 Tax Bracket2024 Tax Rate2024 Tax BracketTax Bracket Difference
10%Up to $15,70010%Up to $16,550Bottom: 0 Top: +$850
12%$15,701-$59,85012%$16,551-$63,100Bottom: +$850 Top: +$3,250
22%$59,851-95,35022%$63,101-$100,500Bottom: +$3,250 Top: +$5,150
24%$95,351-$182,10024%$100,501-$191,950Bottom: +$5,150 Top: +$9,850
32%$182,101-$231,25032%$191,951-$243,700Bottom: +$9,850 Top: +$12,450
35%$231,251-$578,10035%$243,701-$609,350Bottom: +$12,450 Top: +$31,250
37%$578,101 or Above37%$609,351 or AboveBottom: +$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.

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