2024 Tax Rates And Brackets

2024 Tax Rates And Brackets. Each bracket applies to a different taxable income threshold, and the corresponding percentages represent the tax rate. The 21 percent rate, put in place by the 2017 tax reform, brought the us rate in line with other industrialized countries after years of being the highest.

As your income goes up, the tax rate on the next layer of income is higher. For instance, the 22% tax bracket for single filers applies to $50,650 of income for the 2023 tax year (i.e., income from $44,726 to $95,375), but it applies to $53,375 of income for 2024 (i.e.