The top marginal income tax rate of 37 percent will hit taxpayers with taxable income above $609,350 for single filers and above $731,200 for married couples filing jointly. As your income goes up, the tax rate on the next layer of income is higher.
A handful of tax provisions, including the standard deduction and tax brackets, will see new limits. For tax year 2024, each of the seven rates will apply to the following new income tax brackets:
Washington — The Internal Revenue Service Today Announced The Annual Inflation Adjustments For More Than 60 Tax Provisions For Tax Year 2024, Including The Tax Rate Schedules And Other Tax Changes.
For incomes up to $11,600 ($23,200 for married couples filing jointly) 12%:
What Are The New Tax Brackets For 2024?
Incomes over $11,600 ($23,200 for joint.
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The Highest Earners Fall Into The 37% Range, While Those Who Earn The.
For tax year 2024, each of the seven rates will apply to the following new income tax brackets:
However, Nothing Stays The Same Forever.
Your bracket depends on your taxable income and filing status.