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In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly). The other rates are:
The United States federal budget for fiscal year 2024 ran from October 1, 2023, to September 30, 2024. From October 1, 2023, to March 23, 2024, the federal government operated under continuing resolutions (CR) that extended 2023 budget spending levels as legislators were debating the specific provisions of the 2024 budget.
The IRS inflation-adjusted tax brackets for tax year 2024 are: 37% for individual single taxpayers with incomes greater than $609,350 or $731,200 for married couples filing jointly.
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").
The rate of tax at the federal level is graduated; that is, the tax rates on higher amounts of income are higher than on lower amounts. Federal individual tax rates vary from 10% to 37%. [ 8 ] Some states and localities impose an income tax at a graduated rate, and some at a flat rate on all taxable income.