The 2024 federal income tax rates consist of seven brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. These rates apply to taxable income, which is your gross income minus deductions and exemptions. The income thresholds for each bracket are adjusted for inflation. Below are the 2024 federal income tax brackets for different filing statuses.
Tax Brackets
Single Filers
| Tax Rate | Income Range |
|---|
| 10% | $0 to $11,600 |
| 12% | $11,601 to $47,150 |
| 22% | $47,151 to $100,525 |
| 24% | $100,526 to $191,950 |
| 32% | $191,951 to $243,725 |
| 35% | $243,726 to $609,350 |
| 37% | Over $609,350 |
Married Filing Jointly
| Tax Rate | Income Range |
|---|
| 10% | $0 to $23,200 |
| 12% | $23,201 to $94,300 |
| 22% | $94,301 to $201,050 |
| 24% | $201,051 to $383,900 |
| 32% | $383,901 to $487,450 |
| 35% | $487,451 to $731,200 |
| 37% | Over $731,200 |
Married Filing Separately
| Tax Rate | Income Range |
|---|
| 10% | $0 to $11,600 |
| 12% | $11,601 to $47,150 |
| 22% | $47,151 to $100,525 |
| 24% | $100,526 to $191,950 |
| 32% | $191,951 to $243,725 |
| 35% | $243,726 to $365,600 |
| 37% | Over $365,600 |
Head of Household
| Tax Rate | Income Range |
|---|
| 10% | $0 to $16,550 |
| 12% | $16,551 to $63,100 |
| 22% | $63,101 to $100,500 |
| 24% | $100,501 to $191,950 |
| 32% | $191,951 to $243,700 |
| 35% | $243,701 to $609,350 |
| 37% | Over $609,350 |
Key Notes
- Standard Deduction: For 2024, the standard deduction is $14,600 for single filers and married filing separately, $29,200 for married filing jointly, and $21,900 for heads of household.
- Alternative Minimum Tax (AMT): The AMT exemption is $85,700 for singles and $133,300 for married couples filing jointly, with phase-outs starting at $609,350 and $1,218,700, respectively. AMT rates are 26% and 28%.
- Child Tax Credit: The maximum is $2,000 per qualifying child, with the refundable portion at $1,700.
- Earned Income Tax Credit (EITC): For filers with three or more qualifying children, the maximum EITC is $7,830.
- Capital Gains: Long-term capital gains rates are 0% for taxable income up to $47,025 (single) or $94,050 (joint), 15% for higher incomes, and 20% for top earners.
- Gift Tax Exclusion: The annual exclusion for gifts is $18,000 per person.
Additional Context
The Tax Cuts and Jobs Act (TCJA) of 2017 governs the 2024 tax rates, with adjustments for inflation. State income tax rates vary widely; some states have no income tax, while others have rates up to 13.3% (e.g., California for high earners). For detailed state rates, refer to resources like the Tax Foundation.
For precise calculations, consult a tax professional or use IRS tools, as other deductions, credits, or local taxes may apply.
