for tax year 2024 which applies to taxes filed in 2025 there are seven federal tax brackets with income tax rates of 10 12 22 24 32 35 and 37 these are the same tax brackets that applied for tax year 2023 as well 12
tax brackets are part of a progressive tax system in which the level of tax rates progressively increases as an individual s income grows low incomes fall into tax brackets with relatively low income tax rates while higher earnings fall into brackets with higher rates although the current brackets were established by the tax cuts and jobs act of 2017 3 income thresholds for individual brackets can be adjusted for inflation for example the irs adjusted the 2023 income limits by about 7 over those for 2022 due to rising inflation 45federal income tax brackets and tax rates for 2024here for comparison are the 2023 federal income tax brackets and tax rates source irs6