What are the federal income tax brackets for the year 2024 in the United States?

Answered on : 2024-01-23

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The federal income tax brackets for the year 2024 in the United States have been announced by the IRS. These brackets determine the percentage of income that individuals and families will owe in federal income taxes. Here are the tax brackets for 2024:

1. **10%**: For income up to $10,275 for individuals and $20,550 for married couples filing jointly.

2. **12%**: For income over $10,275 to $43,850 for individuals and over $20,550 to $87,700 for married couples filing jointly.

3. **22%**: For income over $43,850 to $90,350 for individuals and over $87,700 to $180,700 for married couples filing jointly.

4. **24%**: For income over $90,350 to $170,050 for individuals and over $180,700 to $340,100 for married couples filing jointly.

5. **32%**: For income over $170,050 to $215,950 for individuals and over $340,100 to $431,900 for married couples filing jointly.

6. **35%**: For income over $215,950 to $539,900 for individuals and over $431,900 to $647,850 for married couples filing jointly.

7. **37%**: For income over $539,900 for individuals and over $647,850 for married couples filing jointly.

These brackets apply to taxable income after deductions and exemptions. It's important to note that tax laws and brackets can change, so it's advisable to consult the IRS or a tax professional for the most up-to-date information and personalized advice on tax planning.[1]

References:

1. IRS Announces 2024 Tax Brackets, Standard Deductions And Other Inflation Adjustments