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Married filing jointly or qualifying surviving spouse. Married filing separately. Head of household. Tax rates and tables. See the 2023 . Find the 2024 . Related. Page Last Reviewed or Updated: 16-Oct-2024. See current federal tax brackets and rates based on your income and filing status.
The seven federal income tax brackets for 2024 and 2025 are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your bracket depends on your taxable income and filing status.
The AMT exemption amount for 2024 is $85,700 for singles and $133,300 for married couples filing jointly (Table 3).
For example, a married couple filing jointly will now be taxed at the top rate of 37% on income over $751,600. For individuals, that rate kicks in at $626,350. These thresholds are higher...
Explore the 2024 federal income tax brackets and rates. Learn how marginal tax rates work, see tables for all filing statuses, and understand changes from 2023.
The AMT exemption amount for 2022 is $75,900 for singles and $118,100 for married couples filing jointly (Table 3).
For married couples filing jointly, the exemption amount increases to $137,000 and begins to phase out at $1,252,700. Earned income tax credits. For qualifying taxpayers who have three or more qualifying children, the tax year 2025 maximum Earned Income Tax Credit amount is $8,046, an increase from $7,830 for tax year 2024.
The IRS has announced new tax brackets for the 2025 tax year, for taxes you’ll file in April 2026 — or October 2026 if you file an extension. Brackets are adjusted each year for inflation .
The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year.
Let’s say you’re married filing jointly with $110,000 in taxable income. Roughly the first $23,000 of that income will be taxed in the first bracket. Then the next $71,000 or so will be taxed in the next bracket.