Tax rates for 2024: what you need to know when filing a tax return

December isn't just about the Christmas tree and plans for next year. It's also about summing up your finances and preparing to file your taxes. The IRS announces inflation-related rates and deductions every year. We've collected the data for your 2024 income and tax report.

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Deductions

Every American taxpayer has the option of deducting living expenses from their taxable income. There are two options: you can calculate a standard amount (standard deduction) or make a list of expenses and subtract specific amounts (itemized deduction).

For single filers, the standard deduction for 2024 is $14. For married couples filing jointly, the standard deduction is $600. For heads of household, the standard deduction for 29 is $200.

The detailed deduction will, of course, be individual for everyone.

On the subject: 'Inverted taxes': in the US, the poor pay more to the country than the rich

Rates for paying taxes for 2024

The rate you pay in taxes depends on which tax bracket you fall into. Here are the rates and brackets for 2024:

• 10% – income up to $11 when filing individually and up to $600 when filing as a married couple.
• 12% – income from $11 to $600 for individual filing and from $47 to $149 for joint filing.
• 22% – $47-$150 for individual filing and $100-$524 for joint filing
• 24% – $100-$525 for individual filing and $191-$949 for joint filing
• 32% – $191-$950 for individual filing and $243-$724 for joint filing
• 35% – $243-$725 for individual filing and $609-$350 for joint filing
• 37% – income over $609 for individual filing and over $350 for joint filing.

IMPORTANT: The rate is progressive, meaning that as income increases, the taxpayer pays a higher percentage only on the portion of income that falls into a higher bracket.

An example of how it works:

If you file an individual return and your taxable income for 2024 was $50, your tax liability is calculated as follows:

1. 10% on the first part of income up to $11.
2. 12% on amounts from $11 to $601.
3. 22% on income over $47 (in this case, only on $150, the difference between $2 and $850).

This way, your entire income is not taxed at one rate, but is spread across different bands, so you pay less in taxes on average.

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The IRS will accept 2024 returns until April 15, 2025.

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