That means different parts of your income gets taxed a different rate.įor example, if you’re a single tax filer who made $60,000 in 2023, you’ll pay a 10% tax on the first $11,000 you made, 12% of the amount ranging from $11,001 to $47,150 and 22% on the remaining income up to $60,000 when you file in 2024. The federal government breaks your income into chunks, and you pay a marginal tax rate for each chunk. $172,623.50 plus 37% of the amount over $578,100Ĭontrary to popular belief, being in a tax bracket doesn’t mean you pay a flat percentage on your total income. Head of household 2024 federal income tax brackets Tax rate $98,334.75 plus 37% of the excess over $365,600 Each and every person, who receives payments from more than one employer at the same time, is responsible for informing their employers to insure that the correct tax percentage is withdrawn from their. 2024 federal income tax brackets Tax rate Married filing separately 2024 federal income tax brackets Tax rate $174,238.25 plus 37% of the amount over $578,125Ģ023 federal income tax brackets Tax rate Single 2024 federal income tax brackets Tax rate All international money transfer services.
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