Every year the Internal Revenue Service (IRS) announces its annual tax inflation adjustments, including tax rate schedules and other changes. In this blog, we’re going to review the 2024 tax brackets for all groups of taxpayers for returns filed in 2025. Also, we’ll keep you updated on tax deadlines and extensions, along with the required IRS forms to file.
2024 Tax Brackets
- The effective tax rates for 2024 (10%, 12%, 22%, 24%, 32%, 35%, and 37%) will remain effective through the fiscal year 2025. The top tax rate remains 37% for individual single taxpayers whose income exceeds $609,350 ($731,200+ for married couples filing jointly).
The other rates are:- 35% for taxpayers with income exceeding $243,725 ($487,450 for married couples filing jointly)
- 32% for taxpayers with income exceeding $191,950 ($383,900 for married couples filing jointly)
- 24% for taxpayers with income exceeding $100,525 ($201,050 for married couples filing jointly)
- 22% for taxpayers with income exceeding $47,150 ($94,300 for married couples filing jointly)
- 12% for taxpayers with income exceeding $11,600 ($23,200 for married couples filing jointly)
- 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).
- An increase in standard deduction amounts:
- $14,600 for single taxpayers and married individuals filing separately (up by $750 from the prior year);
- $21,900 for heads of households (up by $1,100 from the prior year);
- $29,200 for married couples filing jointly and surviving spouses (up by $1,500 from the prior year).
- There are changes to the alternative minimum tax, estate tax exemption, earned income tax credit and flexible spending account limits.
2023 vs. 2024 Tax Brackets: Comparison for All Taxpayer Groups
Every year, the IRS adjusts miscellaneous tax provisions for inflation to reduce the so-called “bracket creep.” See the Revenue Procedure 2023-34 for detailed information about these annual adjustments. Without these adjustments, taxpayers will be pushed into higher tax brackets not because of increased income but because of inflation. Income thresholds for tax brackets will increase by up to 5.5% in 2024 to keep pace with inflation.
In 2024, the tax rates will remain the same, but the federal income tax brackets will increase. These tax brackets are marginal, meaning that different rates are paid on different amounts of taxable income and depend on the taxpayer’s filing status.
Below you will find the comparison of the 2024 vs. 2023 federal income tax brackets for all groups of taxpayers.
Single Filing Individual Return
| Tax Rate | 2024 Taxable Income | 2023 Taxable Income | |
| 10% | $0 to $11,600 | $0 to $11,000 | |
| 12% | Over $11,600 to $47,150 | Over $11,000 to $44,725 | |
| 22% | Over $47,150 to $100,525 | Over $44,725 to $95,375 | |
| 24% | Over $100,525 to $191,950 | Over $95,375 to $182,100 | |
| 32% | Over $191,950 to $243,725 | Over $182,100 to $231,250 | |
| 35% | Over $243,725 to $609,350 | Over $231,250 to $578,125 | |
| 37% | $609,351 or more | $578,126 or more |
Married Filing Joint Returns
| Tax Rate | 2024 Taxable Income | 2023 Taxable Income |
| 10% | $0 to $23,220 | $0 to $22,000 |
| 12% | Over $23,220 to $94,300 | Over $22,000 to $89,450 |
| 22% | Over $94,300 to $201,050 | Over $89,450 to $190,750 |
| 24% | Over $201,050 to $383,900 | Over $190,750 to $364,200 |
| 32% | Over $383,900 to $487,450 | Over $364,200 to $462,500 |
| 35% | Over $487,450 to $731,200 | Over $462,500 to $693,750 |
| 37% | $731,201 or more | $693,750 or more |
Married Filing Separate Returns
| Tax Rate | 2024 Taxable Income | 2023 Taxable Income |
| 10% | $0 to $11,600 | $0 to $11,000 |
| 12% | Over $11,601 to $47,150 | Over $11,000 to $44,725 |
| 22% | Over $47,151 to $100,525 | Over $44,725 to $95,375 |
| 24% | Over $100,525 to $191,950 | Over $95,375 to $182,100 |
| 32% | Over $191,951 to $243,725 | Over $182,100 to $231,250 |
| 35% | Over $243,726 to $365,600 | Over $231,250 to $346,875 |
| 37% | $365,601 or more | $346,875 or more |
Heads of Households
| Tax Rate | 2024 Taxable Income | 2023 Taxable Income |
| 10% | $0 to $16,550 | $0 to $15,700 |
| 12% | Over $16,551 to $63,100 | Over $15,700 to $59,850 |
| 22% | Over $63,101 to $100,500 | Over $59,850 to $95,350 |
| 24% | Over $100,501 to $191,950 | Over $95,350 to $182,100 |
| 32% | Over $191,951 to $243,700 | Over $182,100 to $231,250 |
| 35% | Over $243,701 to $609,350 | Over $231,250 to $578,100 |
| 37% | $609,351 or more | $578,100 or more |
The Standard Deduction Rates
Overall, compared to 2023, standard deductions for 2024 increase by $750 for single filers, by $1,100 for heads of households, and by $1,500 for joint filers. The personal exemption for 2024 will remain at $0, as stipulated by the Tax Cuts and Jobs Act of 2017 (TCJA).
The Standard Deduction is the baseline amount of income that tax filers can collect tax-free. Taxpayers may choose either itemized deductions or the standard deduction but usually choose the one that results in less tax payable.
| Filing Status | 2024 Deduction Amount | 2023 Deduction Amount |
| Single Filers / Married Filing Separately | $14,600 | $13,850 |
| Married Filing Jointly | $21,900 | $27,700 |
| Head of Household | $29,200 | $20,800 |
Specific parts of the tax code are tied to inflation to stop rising prices from causing higher taxes. Taxpayers will see the new figures in withholding statements on paychecks starting in January 2024, with workers securing more take-home pay.
Listed below are the tax rate schedules for the 2024 tax season you’ll use to prepare the tax returns filed in 2025:
2024 Tax Brackets: How to Calculate Your Federal Income Tax Owed?
| Income Tax Rates | Taxpayer’s Filing Status | |||
| Schedule Y
Single Individual |
Schedule Y-1
Married Joint Return / Qualifying Widow(er) |
Schedule Y-2
Married Separate Return |
Schedule Z
Head of Household |
|
| Amount of taxable income / Tax Due | ||||
| 10% | $11,600 or less
10% of taxable income |
$23,200 or less
10% of taxable income |
$11,600 or less
10% of taxable income |
$16,550 or less
10% of taxable income |
| 12% | $11,601 – $47,150
$1,160 + 12% of the amount over $11,600 |
$23,201 – $94,300
$2,320 + 12% of the amount over $23,200 |
$11,601 – $47,150
$1,160 + 12% of the amount over $11,600 |
$16,551 – $63,100
$1,655 + 12% of the amount over $16,500 |
| 22% | $47,151 – $100,525
$5,426 + 22% of the amount over $47,150 |
$94,301 – $201,050
$10,852 + 22% of the amount over $94,300 |
$47,151 – $100,525
$5,426 + 22% of the amount over $47,150 |
$63,101 – $100,500
$7,241 + 22% of the amount over $63,100 |
| 24% | $100,526 – $191,950
$17,168.50 + 24% of the amount over $191,950 |
$201,051 – $383,900
$34,337 + 24% of the amount over $201,050 |
$100,526 – $191,950
$17,168.50 + 24% of the amount over $100,525 |
$100,501 – $191,950
$15,469 + 24% of the amount over $100,500 |
| 32% | $191,951 – $243,725
$39,110.50 + 32% of the amount over $191,950 |
$383,901 – $487,450
$78,221 + 32% of the amount over $383,900 |
$191,951 – $243,725
$39,110.50 + 32% of the amount over $191,950 |
$191,951 – $243,700
$37,417 + 32% of the amount over $191,950 |
| 35% | $243,726 – $609,350
$55,678.50 + 35% of the amount over $243,725 |
$487,451 – $731,200
$111,357 + 35% of the amount over $487,450 |
$243,726 – $365,600
$55,678.50 + 35% of the amount over $243,725 |
$243,701- $609,350
$53,977 + 35% of the amount over $243,700 |
| 37% | over $609,351
$183,647.25 + 37% of the amount over $609,350 |
over $731,201
$196,669.50 + 37% of the amount over $731,200 |
over $365,601
$98,334.75 + 37% of the amount over $365,600 |
over $609,350
$181,954.50 + 37% of the amount over $609,350 |
When Are Taxes Due? Tax Deadlines For Individual Taxpayers, Partnerships, C-Corporations, and S-Corporations
| Type of entity | Filing deadline | IRS Form | Filing extension deadline | IRS Tax Extension Form |
| Individual | January 31 | 1099-NEC | October 15 | Form 4868 (filing application for a 6-month extension of time to file individual tax returns) |
| February 28 (for filing on paper) | 1099-MISC and 1099 forms other than 1099-NEC | |||
| March 31 (e-filing) | ||||
| Sole proprietor | April 15 | Form 1040, Form 1040-ES (estimated tax payments) Form 4868 (deadline to file tax extension request) |
||
| Partnership | March 15 | Form 1065 | September 15 | Form 7004 |
| S-corporation | March 15 | Form 1120-S | September 15 | Form 7004 |
| C-corporation | April 15 | Form 1120 | October 15 | Form 7004 |
- Individuals have to submit their income tax returns by April 15, unless the due date falls on a weekend or holiday. An extension can be requested using Form 4868 until October 15.
- Independent contractors, gig workers, and self-employed individuals usually have to make tax payments at pre-set dates every quarter throughout the year.
- Partnerships (including multi-member LLCs) and S-Corps filing deadlines are typically March 15 unless they operate on a fiscal year. A six-month extension to September 15 (or five months after the original deadline) can be requested using Form 7004.
- Tax exempt organizations have to file Form 990 by May 15, 2024. It’s possible to file for a tax extension using Form 8868 to get an additional six months to file until November 15.
Penalties for Filing Taxes Late
Failing to meet the tax deadline without requesting an extension of time to file individual tax returns results in the failure-to-file penalty imposed by the IRS. Typically, this penalty amounts to 5% of the unpaid taxes per month or fraction of a month that the tax return is overdue, with a cap at 25% of the outstanding tax amount. If the tax return is filed more than 60 days after the due date, the minimum penalty stands at either $435 or 100% of the unpaid tax, whichever is lower.
Additionally, there is a failure-to-pay penalty applicable if the taxes owed are not paid by April 15. This penalty generally equals 0.5% of the unpaid taxes for each month or part thereof beyond the due date. Similar to the failure-to-file penalty, this can accumulate to a maximum of 25% of the outstanding tax amount.
Apart from penalties, interest accumulates on any outstanding tax from the return’s due date until the payment date. The interest rate is reviewed quarterly and generally ranges from 3% to 5%.
Filing Tax Returns Electronically with pdfFiller
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