The IRS has unveiled its annual inflation adjustments for the 2024 tax year, featuring a slight uptick in income thresholds for each bracket compared to 2023.
Your taxable income and filing status determine both the tax rate and bracket that apply to you, outlining the amount you'll owe on different portions of your income.
For 2024, the seven federal income tax rates are 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Below, CNBC Select breaks down the updated tax brackets for 2024 and what you need to know about them.
What we'll cover2024 tax brackets (for taxes filed in 2025)The tax inflation adjustments for 2024 rose by 5.4% from 2023 (which is slightly lower than the 7.1% increase the 2023 tax year had over the 2022 rates).
Organizations:
IRS, CNBC, Better, CNBC Select's, Facebook, Twitter
Locations:
Mobile