How Is My Income Taxed?

For the 2023 and 2024 tax year, there are seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your tax bracket is determined by your filing status and taxable income. America’s income tax rates are staying the same for the next two tax seasons. But the tax brackets are undergoing major inflation adjustments because of the highest price increases in decades.

The 2023 Income Tax Brackets (Taxes due April 2024)

2023 Single Filers Tax Brackets

Tax Rate

Taxable income bracket

Tax owed

10%

$0 to $11,000.

10% of taxable income.

12%

$11,001 to $44,725.

$1,100 plus 12% of the amount over $11,000.

22%

$44,726 to $95,375.

$5,147 plus 22% of the amount over $44,725.

24%

$95,376 to $182,100.

$16,290 plus 24% of the amount over $95,375.

32%

$182,101 to $231,250.

$37,104 plus 32% of the amount over $182,100.

35%

$231,251 to $578,125.

$52,832 plus 35% of the amount over $231,250.

37%

$578,126 or more.

$174,238.25 plus 37% of the amount over $578,125.

2023 Married Filing Jointly Tax Brackets

Tax rate

Taxable income bracket

Taxes owed

10%

$0 to $22,000.

10% of taxable income.

12%

$22,001 to $89,450.

$2,200 plus 12% of the amount over $22,000.

22%

$89,451 to $190,750.

$10,294 plus 22% of the amount over $89,450.

24%

$190,751 to $364,200.

$32,580 plus 24% of the amount over $190,750.

32%

$364,201 to $462,500.

$74,208 plus 32% of the amount over $364,200.

35%

$462,501 to $693,750.

$105,664 plus 35% of the amount over $462,500.

37%

$693,751 or more.

$186,601.50 + 37% of the amount over $693,750.

2023 Married Filing Separately Tax Brackets

Tax rate

Taxable income bracket

Taxes owed

10%

$0 to $11,000.

10% of taxable income.

12%

$11,001 to $44,725.

$1,100 plus 12% of the amount over $11,000.

22%

$44,726 to $95,375.

$5,147 plus 22% of the amount over $44,725.

24%

$95,376 to $182,100.

$16,290 plus 24% of the amount over $95,375.

32%

$182,101 to $231,250.

$37,104 plus 32% of the amount over $182,100.

35%

$231,251 to $346,875.

$52,832 plus 35% of the amount over $231,250.

37%

$346,876 or more.

$93,300.75 plus 37% of the amount over $346,875.

2023 Head of Household Tax Brackets

Tax rate

Taxable income bracket

Tax owed

10%

$0 to $15,700.

10% of taxable income.

12%

$15,701 to $59,850.

$1,570 plus 12% of the amount over $15,700.

22%

$59,851 to $95,350.

$6,868 plus 22% of the amount over $59,850.

24%

$95,351 to $182,100.

$14,678 plus 24% of the amount over $95,350.

32%

$182,101 to $231,250.

$35,498 plus 32% of the amount over $182,100.

35%

$231,251 to $578,100.

$51,226 plus 35% of the amount over $231,250.

37%

$578,101 or more.

$172,623.50 plus 37% of the amount over $578,100.

The 2024 Income Tax Brackets (Taxes due April 2025)

2024 Single Filers Tax Brackets

Tax Rate

Taxable income bracket

Tax owed

10%

$0 to $11,600.

10% of taxable income.

12%

$11,601 to $47,150.

$1,160 plus 12% of the amount over $11,600.

22%

$47,151 to $100,525.

$5,426 plus 22% of the amount over $47,150.

24%

$100,526 to $191,950.

$17,168.50 plus 24% of the amount over $100,525.

32%

$191,951 to $243,725.

$39,110.50 plus 32% of the amount over $191,950.

35%

$243,726 to $609,350.

$55,678.50 plus 35% of the amount over $243,725.

37%

$609,351 or more.

$183,647.25 plus 37% of the amount over $609,350.

2024 Married Filing Jointly Tax Brackets

Tax rate

Taxable income bracket

Taxes owed

10%

$0 to $23,200.

10% of taxable income.

12%

$23,201 to $94,300.

$2,320 plus 12% of the amount over $23,200.

22%

$94,301 to $201,050.

$10,852 plus 22% of the amount over $94,300.

24%

$201,051 to $383,900.

$34,337 plus 24% of the amount over $201,050.

32%

$383,901 to $487,450.

$78,221 plus 32% of the amount over $383,900.

35%

$487,451 to $731,200.

$111,357 plus 35% of the amount over $487,450.

37%

$731,201 or more.

$196,669.50 + 37% of the amount over $731,200.

2024 Married Filing Separately Tax Brackets

Tax rate

Taxable income bracket

Taxes owed

10%

$0 to $11,600.

10% of taxable income.

12%

$11,601 to $47,150.

$1,160 plus 12% of the amount over $11,600.

22%

$47,151 to $100,525.

$5,426 plus 22% of the amount over $47,150.

24%

$100,526 to $191,950.

$17,168.50 plus 24% of the amount over $100,525.

32%

$191,951 to $243,725.

$39,110.50 plus 32% of the amount over $191,950.

35%

$243,726 to $365,600

$55,678.50 plus 35% of the amount over $243,725.

37%

$365,601 or more.

$98,334.75 plus 37% of the amount over $365,600.

2024 Head of Household Tax Brackets

Tax rate

Taxable income bracket

Tax owed

10%

$0 to $16,550.

10% of taxable income.

12%

$16,551 to $63,100.

$1,655 plus 12% of the amount over $16,500.

22%

$63,101 to $100,500.

$7,241 plus 22% of the amount over $63,100.

24%

$100,501 to $191,950.

$15,469 plus 24% of the amount over $100,500.

32%

$191,951 to $243,700.

$37,417 plus 32% of the amount over $191,950.

35%

$243,701 to $609,350.

$53,977 plus 35% of the amount over $243,700.

37%

$609,350 or more.

$181,954.50 plus 37% of the amount over $609,350.

How To Figure Out Your Tax Bracket

You can calculate your taxes by dividing your income into the portions that will be taxed in each applicable bracket. Every bracket has its own tax rate. The bracket you’re in depends on your filing status: if you’re a single filer, married filing jointly, married filing separately or head of household.

The tax bracket your top dollar falls into is your marginal tax bracket. This bracket is your highest tax rate–which applies to the top portion of your income.

Example: If you had $50,000 of taxable income, you would pay 10% on that first $11,000 and 12% on the chunk of income between $11,001 and $44,725. And then you’d pay 22% on the rest because some of your $50,000 of taxable income falls into the 22% tax bracket. The total bill would be about $6,300 — about 13% of your taxable income, even though you’re in the 22% bracket. That 13% is your effective tax rate.

 

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