Tax Brackets – 2023 and 2024 Compared
The Internal Revenue Service (IRS) recently released the tax brackets for calendar year 2024 earnings (for tax returns to be filed in April 2025).
The tax brackets are unchanged and remain at 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The income limits for each tax bracket have increased for inflation. This means that the income threshold for each bracket has increased slightly from 2023. The following table shows how the tax brackets have changed.
If you have any questions about the new tax brackets and whether this changes the amount you want to contribute to the JRB or withhold for tax purposes, please email us or call 888-JRB-FREE (572-3733).
| Tax Rate | Single | Married Filing Jointly | Married Filing Separately | Head of Household | |
10% | 2024 | $11,600 or less | $23,200 or less | $11,600 or less | $16,550 or less |
2023 | $11,000 or less | $22,000 or less | $11,000 or less | $15,700 or less | |
12% | 2024 | $11,601 to $47,150 | $23,201 to $94,300 | $11,601 to $47,150 | $16,551 to $63,100 |
2023 | $11,001 to $44,725 | $22,001 to $89,450 | $11,001 to $44,725 | $15,701 to $59,850 | |
22% | 2024 | $47,151 to $100,525 | $94,301 to $201,050 | $47,151 to $100,525 | $63,101 to $100,500 |
2023 | $44,726 to $95,375 | $89,451 to $190,750 | $44,726 to $95,375 | $59,851 to $95,350 | |
24% | 2024 | $100,526 to $191,950 | $201,051 to $383,900 | $100,526 to $191,950 | $100,501 to $191,950 |
2023 | $95,376 to $182,100 | $190,751 to $364,200 | $95,376 to $182,100 | $95,351 to $182,100 | |
32% | 2024 | $191,951 to $243,725 | $383,901 to $487,450 | $191,951 to $243,725 | $191,951 to $243,700 |
2023 | $182,101 to $231,250 | $364,201 to $462,500 | $182,101 to $231,250 | $182,101 to $231,250 | |
35% | 2024 | $243,726 to $609,350 | $487,451 to $731,200 | $243,726 to $365,600 | $234,701 to $609,350 |
2023 | $231,251 to $578,125 | $462,501 to $693,750 | $231,251 to $346,875 | $231,251 to $578,100 | |
37% | 2024 | Over $609,350 | Over $731,200 | Over $365,600 | Over $609,350 |
2023 | Over $578,125 | Over $693,750 | Over $346,875 | Over $578,100 |
February 2024