2024 Tax Brackets: Prepare for Changes
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- 1.1. 2024 Tax Brackets: Prepare for Changes
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2024 Tax Brackets: Prepare for Changes
The Internal Revenue Service (IRS) has released the 2024 tax brackets, which will affect how much income tax you owe. The brackets have been adjusted for inflation, meaning that you will pay less tax on the same amount of income as in previous years.
The new brackets are as follows:
| Filing Status | Taxable Income | Tax Rate |
|---|---|---|
| Single | $0-$11,850 | 10% |
| Single | $11,851-$44,725 | 12% |
| Single | $44,726-$89,450 | 22% |
| Single | $89,451-$178,900 | 24% |
| Single | $178,901-$274,650 | 32% |
| Single | $274,651-$549,300 | 35% |
| Single | $549,301+ | 37% |
The new tax brackets will take effect on January 1, 2024. If you are expecting a significant change in your income in 2024, you may want to adjust your withholding now to avoid owing taxes when you file your return.
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