IRS announces new tax brackets for 2024

[mystery-ak]

IRS announces new tax brackets for 2024
by Rachel Schilke, Breaking News Reporter
November 09, 2023 05:51 PM

The IRS announced new income limits for seven tax brackets on Thursday, providing some taxpayers breaks for 2024.

The tax brackets are being adjusted upward by 5.4% using a formula based on the consumer price index, which tracks the costs of goods and services purchased by consumers, per the IRS. The 2024 limits come after the agency historically expanded the tax brackets by 7% last year due to 2022's high inflation.

Tax brackets will be increased by 5.4% for each type of filer for 2024, including those filing separately or as married couples. There are seven federal income tax rates, which were set by the 2017 Tax Cuts and Job Act: 10%, 12%, 22%, 24%, 32%, 35% and 37%.

For married couples filing jointly for tax year 2024, the standard education deduction rises to $29,200, a $1,500 increase from tax year 2023. For single taxpayers and married people filing separately, the standard deduction rises to $14,600, a $750 increase from 2023. For heads of household, the standard deduction will rise to $21,900, a $1,100 increase from 2023.

The top tax rate for 2024 will remain at 37% for individual single taxpayers with incomes greater than $609,350, or $731,200 for married couples filing jointly. The lowest rate is 10% for incomes of single individuals of $11,600 or less, or $23,200 for married couples filing jointly.

more
https://www.washingtonexaminer.com/policy/economy/irs-announces-new-tax-brackets-2024

[240B]

so people making $200 a week, will have to pay people in government who have a hundred million dollars 10%, for their cut of the action. It's protection money. Be a shame if anything was to happen to you or your family ... The IRS is a mafia outfit.

[GtHawk]

so people making $200 a week, will have to pay people in government who have a hundred million dollars 10%, for their cut of the action. It's protection money. Be a shame if anything was to happen to you or your family ... The IRS is a mafia outfit.

In California for a fastfood worker in January? that will amount to ten hours of work I can't wait for reality tslap all these workers up along side the head when they see what's left of their money after taxes when that $20 per hour hits. To quote MGM, That's Entertainment!

[Hoodat]

The tax brackets are being adjusted upward by 5.4% using a formula based on the consumer price index

Thanks to Ronald Reagan.  Without indexing, we would all be in the highest bracket.