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The Internal Revenue Service (IRS) has not yet announced the new income tax brackets for 2024. Each year, the IRS releases its updated tax rates and brackets for the following year in the fall. Generally speaking, the latest update is reported by the IRS every November.
Currently, income tax rates remain unchanged from the 2020 year. As of 2021, the tax rate breakdown for income earners is as follows:
• 10% for single taxpayers filing their return with less than $9,950, joint filers filing returned with less than $19,900, or surviving spouses filing returns with less than $14,200.
• 12% for single taxpayers filing returns with incomes between $9,951 and $40,525, joint filers with incomes between $19,901 and $81,050, or surviving spouses filing returns with income levels between $14,201 and $54,200.
• 22% for single taxpayers filing returns with incomes between $40,526 and $86,375, joint filers with incomes between $81,051 and $172,750, or surviving spouses filing returns with income levels between $54,201 and $101,950.
• 24% for single taxpayers filing returns with incomes between $86,376 and $164,925, joint filers with incomes between $172,751 and $329,850, or surviving spouses filing returns with income levels between $101,951 and $157,050.
• 32% for single taxpayers filing returns with incomes between $164,926 and $209,175, joint filers with incomes between $329,851 and $418,850, or surviving spouses filing returns with income levels between $157,051 and $209,250.
• 35% for single taxpayers filing returns with incomes between $209,176 and $523,600, joint filers with incomes between $418,851 and $622,050, or surviving spouses filing returns with income levels between $209,251 and $523,600.
• 37% for single taxpayers filing returns with incomes of $523,601 or more, joint filers with incomes of $622,051 or more, or surviving spouses filing returns with income levels of $523,601 or more.
Know that future tax changes are dependant on the laws set by Congress and any adjustments made by the IRS. As such, we recommend being vigilant and staying up-to-date with any new tax rule changes that could impact your return.