Federal income tax rates haven’t changed dramatically for the better part of a decade—they’ve ranged from 10% up to 37% since 2018. But while rates haven’t changed, the income thresholds that determine how much income is taxed at each of those rates does rise each year to keep pace with inflation. And the standard deductions that taxpayers can subtract from their total income when calculating their taxable income rises each year as well.
Tax expert Maryann Reyes explains here what taxpayers need to know about federal tax brackets right now—whether they’re filling out tax forms and wondering about tax brackets for their 2024 returns…or they’re thinking a bit further down the road and wondering what tax brackets will be in 2025…
The standard deduction in 2024 is $14,600 for single taxpayers and married taxpayers filing separately…and $29,200 for married couples filing jointly. Tax rates for different income levels for 2024 are as follows…
|
Rate |
Single/Married Filing Separately |
Married Filing Jointly |
|
10% |
$0 to $11,600 |
$0 to $23,200 |
|
12% |
$11,601 to $47,150 |
$23,201 to $94,300 |
|
22% |
$47,151 to $100,525 |
$94,301 to $201,050 |
|
24% |
$100,526 to $191,950 |
$201,051 to $383,900 |
|
32% |
$191,951 to $243,725 |
$383,901 to $487,450 |
|
35% |
$243,726 to $609,350 |
$487,451 to $731,200 |
|
37% |
$609,351 and up |
$731,201 and up |
Note: These are “marginal” tax rates—rather than pay the same rate on every dollar earned, a taxpayer will pay relatively low rates on income up to a certain level but increasingly steep rates on income over that level. Example: If a single taxpayer’s 2024 taxable income is $11,700—$100 over the upper limit of the 10% tax rate—that doesn’t mean the entire $11,700 will be taxed at a 12% rate. Instead, $11,600 of this taxpayer’s income will be taxed at the 10% rate…with only the final $100 taxed at the higher 12% rate.
The standard deduction in 2025 is $15,000 for single taxpayers and married taxpayers filing separately…and $30,000 for married couples filing jointly. Tax rates for 2025 are as follows…
|
Rate |
Single/Married filing separately |
Married filing jointly |
|
10% |
$0 to $11,925 |
$0 to $23,850 |
|
12% |
$11,926 to $48,475 |
$23,851 to $96,950 |
|
22% |
$48,476 to $103,350 |
$96,951 to $206,700 |
|
24% |
$103,351 to $197,300 |
$206,701 to $394,600 |
|
32% |
$197,301 to $250,525 |
$394,601 to $501,050 |
|
35% |
$250,526 to $626,350 |
$501,051 to $751,600 |
|
37% |
$626,351 and up |
$752,601 and up |
