The 2024 tax brackets determine the federal income tax rates based on your filing status and taxable income. The seven tax rates remain unchanged at 10%, 12%, 22%, 24%, 32%, 35%, and 37%, with inflation adjustments altering the income thresholds.

Tax Brackets by Filing Status

| Tax Rate | Single | Married Filing Jointly | Married Filing Separately | Head of Household |
|--------------|--------------------------------|----------------------------------|----------------------------------|----------------------------------|
| 10% | $0 - $11,600 | $0 - $23,200 | $0 - $11,600 | $0 - $16,550 |
| 12% | $11,601 - $47,150 | $23,201 - $94,300 | $11,601 - $47,150 | $16,551 - $63,100 |
| 22% | $47,151 - $100,525 | $94,301 - $201,050 | $47,151 - $100,525 | $63,101 - $100,500 |
| 24% | $100,526 - $191,950 | $201,051 - $383,900 | $100,526 - $191,950 | $100,501 - $191,950 |
| 32% | $191,951 - $243,725 | $383,901 - $487,450 | $191,951 - $243,725 | $191,951 - $243,700 |
| 35% | $243,726 - $609,350 | $487,451 - $731,200 | $243,726 - $365,600 | $243,701 - $609,350 |
| 37% | $609,351 or more | $731,201 or more | $365,601 or more | $609,351 or more |

Examples of Taxes Owed

• Single Filer, Taxable Income: $50,000
• 10% on the first $11,600 = $1,160
• 12% on $11,601 - $47,150 = $4,264
• 22% on $47,151 - $50,000 = $627

• Total Tax Owed: $6,051

• Married Filing Jointly, Taxable Income: $150,000

• 10% on the first $23,200 = $2,320
• 12% on $23,201 - $94,300 = $8,532
• 22% on $94,301 - $150,000 = $12,247.78
• Total Tax Owed: $23,099.78

Key Tax Concepts

• Marginal Tax Rate

• The tax rate on your last dollar of taxable income. For example, if your highest bracket is 22%, only income within that range is taxed at 22%.

• Effective Tax Rate

• The average rate you pay on all taxable income. Calculate by dividing total tax owed by taxable income.

• Inflation Adjustments

• Brackets are updated annually for inflation to avoid “bracket creep” — when income increases push you into higher brackets without more purchasing power.

How to Lower Your Tax Bracket

• Use Tax Deductions

• Reduce your taxable income through deductions like mortgage interest, charitable contributions, or retirement savings.

• Claim Tax Credits

• Credits like the Child Tax Credit or Earned Income Credit reduce your tax bill dollar-for-dollar.

Common Tax Credits

• Child Tax Credit
• Earned Income Tax Credit (EITC)
• Lifetime Learning Credit
• Saver’s Credit
• Residential Energy Tax Credit

Next Steps

• Calculate Your Taxes: Use NerdWallet’s free tax calculator.
• Plan Ahead: Consider tax strategies and tools to maximize deductions and credits.

Tip: Filing for 2024 taxes happens in 2025, so use this year to make adjustments for potential savings.

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