Kemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Written By Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Tax Writer Caren Weiner Personal Finance EditorSince her first tax article appearing more than three decades ago in Money magazine, Caren Weiner has written and edited stories about money management topics ranging from investment fees and health costs to household budgets. Her finance- and invest.
Caren Weiner Personal Finance EditorSince her first tax article appearing more than three decades ago in Money magazine, Caren Weiner has written and edited stories about money management topics ranging from investment fees and health costs to household budgets. Her finance- and invest.
Caren Weiner Personal Finance EditorSince her first tax article appearing more than three decades ago in Money magazine, Caren Weiner has written and edited stories about money management topics ranging from investment fees and health costs to household budgets. Her finance- and invest.
Caren Weiner Personal Finance EditorSince her first tax article appearing more than three decades ago in Money magazine, Caren Weiner has written and edited stories about money management topics ranging from investment fees and health costs to household budgets. Her finance- and invest.
| Personal Finance Editor
Updated: Apr 16, 2024, 8:15am
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The 2023-2024 tax season ended in April, but if you filed an extension, you have until October 15, 2024 to file your tax return. If you did not get an extension, file today to prevent additional late fees.
See More See LessUnderstanding your tax bracket and rate is essential regardless of your income level. Both play a major part in determining your final tax bill.
The IRS has announced its 2024 inflation adjustments. And while U.S. income tax rates will remain the same during the next two tax years, the tax brackets—the buckets of income that are taxed at progressively higher rates—will change.
To help you figure out how much you can expect to pay, here are the tax brackets for both the 2023 and 2024 tax years. You will also find guidelines for calculating your income tax based on the top bracket that applies to you.
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The 2023 tax year—meaning the return you’ll file in 2024—will have the same seven federal income tax brackets as the last few seasons: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your filing status and taxable income, including wages, will determine the bracket you’re in.
Not over $11,000 Not over $11,000 Not over $15,700 Not over $22,000 Over $11,000 but not over $44,725 Over $11,000 but not over $44,725 Over $15,700 but not over $59,850 Over $22,000 but not over $89,450 Over $44,725 but not over $95,375 Over $44,725 but not over $95,375 Over $59,850 but not over $95,350 Over $89,450 but not over $190,750 Over $95,375 but not over $182,100 Over $95,375 but not over $182,100 Over $95,350 but not over $182,100 Over $190,750 but not over $364,200 Over $182,100 but not over $231,250 Over $182,100 but not over $231,250 Over $182,100 but not over $231,250 Over $364,200 but not over $462,500 Over $231,250 but not over $578,125 Over $231,250 but not over $346,875 Over $231,250 but not over $578,100 Over $462,500 but not over $693,750 Over $578,125 Over $346,875 Over $578,100 Over $693,750 See More See LessSee More See Less
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The 2024 tax year, and the return due in 2025, will continue with these seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your filing status and taxable income, including wages, will dictate the bracket you’re in.
Not over $11,600 Not over $11,600 Not over $16,550 Not over $23,200 Over $11,600 but not over $47,150 Over $11,600 but not over $47,150 Over $16,550 but not over $63,100 Over $23,200 but not over $94,300 Over $47,150 but not over $100,525 Over $47,150 but not over $100,525 Over $63,100 but not over $100,500 Over $94,300 but not over $201,050 Over $100,525 but not over $191,950 Over $100,525 but not over $191,950 Over $100,500 but not over $191,950 Over $201,050 but not over $383,900 Over $191,950 but not over $243,725 Over $191,950 but not over $243,725 Over $191,950 but not over $243,700 Over $383,900 but not over $487,450 Over $243,725 but not over $609,350 Over $243,725 but not over $365,600 Over $243,700 but not over $609,350 Over $487,450 but not over $731,200 Over $609,350 Over $365,600 Over $609,350 Over $731,200 See More See LessSee More See Less
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Tax brackets were created by the IRS to implement America’s “progressive” tax system, which taxes higher levels of income at the progressively higher rates we mentioned earlier. The brackets help determine how much money you need to pay the IRS annually.
The amount you pay in taxes is dependent on your income. If your taxable income increases, the taxes you pay will increase.
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Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make informed tax decisions. Her work has been featured in Yahoo Finance, Bankrate.com, SmartAsset, Black Enterprise, New Orleans Agenda, and more. She frequently appears on NBC's WDSU news broadcast.
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