Written by
Written by
Numerics CPA
Numerics CPA
|
Published:
Published:
February 12, 2025
2/12/25
Introduction
Although no new tax legislation was enacted in 2023 or 2024 ahead of the November 2024 presidential election, that doesn’t mean taxpayers will remain unaffected. Key provisions from earlier laws are set to take effect in 2024 and beyond, bringing substantial adjustments. Additionally, inflation-driven changes continue to reshape tax rates, brackets, and numerous other components of the tax code, many of which are indexed to inflation.
Tax Rates & Brackets
For the tax year 2024, the seven tax rates remain unchanged: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to note that the recent inflation adjustments impacting 2024 will also influence changes in 2025. These updates are included here for your tax planning and reference (Source: IRS – Federal income tax rates and brackets | Internal Revenue Service).
2024 (Money earned in 2024)
Single Filers
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,600 | 10% of taxable income |
12% | $11,600 to $47,150 | $1,160.00 + 12% of amount over $11,600 |
22% | $47,150 to $100,525 | $5,426.00 + 22% of amount over $47,150 |
24% | $100,525 to $191,950 | $17,168.50 + 24% of amount over $100,525 |
32% | $191,950 to $243,725 | $39,110.50 + 32% of amount over $191,150 |
35% | $243,725 to $609,350 | $55,678.50 + 35% of amount over $243,725 |
37% | $609,350 and over | $183,647.25 + 37% of amount over $609,350 |
Married Filing Jointly & Qualifying Surviving Spouse
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $23,200 | 10% of taxable Income |
12% | $23,200 to $94,300 | $2,320.00 + 12% of amount over $23,200 |
22% | $94,300 to $201,050 | $10,852.00 + 22% of amount over $94,300 |
24% | $201,050 to $383,900 | $34,337.00 + 24% of amount over $201,050 |
32% | $383,900 to $487,450 | $78,221.00 + 32% of amount over $383,900 |
35% | $487,450 to $731,200 | $111,357.00 + 35% of amount over $487,450 |
37% | $731,200 and over | $196,669.50 + 37% of amount over $731,200 |
Married Filing Separately
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,600 | 10% of taxable Income |
12% | $11,600 to $47,150 | $1,160.00 + 12% of amount over $11,600 |
22% | $47,150 to $100,525 | $5,426.00 + 22% of amount over $47,150 |
24% | $100,525 to $191,950 | $17,168.50 + 24% of amount over $100,525 |
32% | $191,950 to $243,725 | $39,110.50 + 32% of amount over $191,150 |
35% | $243,725 to $365,600 | $55,678.50 + 35% of amount over $243,725 |
37% | $365,600 and over | $98,334.75 + 37% of amount over $365,600 |
Head of Household
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $16,550 | 10% of taxable Income |
12% | $16,550 to $63,100 | $1,655.00 + 12% of amount over $16,550 |
22% | $63,100 to $100,500 | $7,241.00 + 22% of amount over $63,100 |
24% | $100,500 to $191,950 | $15,469.00 + 24% of amount over $100,500 |
32% | $191,950 to $243,700 | $37,417.00 + 32% of amount over $191,150 |
35% | $243,700 to $609,350 | $53,977.00 + 35% of amount over $243,700 |
37% | $609,350 and over | $181,954.50 + 37% of amount over $609,350 |
Adjusted Standard Deduction
Filing Status | Standard Deduction Amount |
|---|---|
Single | $14,600 |
Married Filing Jointly | $29,200 |
Married Filing Separately | $14,600 |
Head of Household | $21,900 |
2025 (Money earned in 2025)
Single Filers
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,925 | 10% of taxable income |
12% | $11,925 to $48,475 | $1,192.50 + 12% of amount over $11,925 |
22% | $48,475 to $103,350 | $5,578.50 + 22% of amount over $48,475 |
24% | $103,350 to $197,300 | $17,651.00 + 24% of amount over $103,350 |
32% | $197,300 to $250,525 | $40,199.00 + 32% of amount over $197,300 |
35% | $250,525 to $626,350 | $57,231.00 + 35% of amount over $250,525 |
37% | $626,350 and over | $188,769.75 + 37% of amount over $626,350 |
Married Filing Jointly & Qualifying Surviving Spouse
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $23,850 | 10% of taxable Income |
12% | $23,850 to $96,950 | $2,385.00 + 12% of amount over $23,850 |
22% | $96,950 to $206,700 | $11,157.00 + 22% of amount over $96,950 |
24% | $206,700 to $394,600 | $35,302.00 + 24% of amount over $206,700 |
32% | $394,600 to $501,050 | $80,398.00 + 32% of amount over $394,600 |
35% | $501,050 to $751,600 | $114,462.00 + 35% of amount over $501,050 |
37% | $751,600 and over | $202,154.50 + 37% of amount over $751,600 |
Married Filing Separately
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,925 | 10% of taxable Income |
12% | $11,925 to $48,475 | $1,192.50 + 12% of amount over $11,925 |
22% | $48,475 to $103,350 | $5,578.50 + 22% of amount over $48,475 |
24% | $103,350 to $197,300 | $17,651.00 + 24% of amount over $103,350 |
32% | $197,300 to $250,525 | $40,199.00 + 32% of amount over $197,300 |
35% | $250,525 to $375,800 | $57,231.00 + 35% of amount over $250,525 |
37% | $375,800 and over | $101,077.25 + 37% of amount over $375,800 |
Head of Household
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $17,000 | 10% of taxable Income |
12% | $17,000 to $64,850 | $1,700.00 + 12% of amount over $17,000 |
22% | $64,850 to $103,350 | $7,442.00 + 22% of amount over $64,850 |
24% | $103,350 to $197,300 | $15,912.00 + 24% of amount over $103,350 |
32% | $197,300 to $250,500 | $38,460.00 + 32% of amount over $197,300 |
35% | $250,500 to $626,350 | $55,484.00 + 35% of amount over $250,500 |
37% | $626,350 and over | $187,031.50 + 37% of amount over $626,350 |
Adjusted Standard Deduction
Filing Status | Standard Deduction Amount |
|---|---|
Single | $15,000 |
Married Filing Jointly | $30,000 |
Married Filing Separately | $15,000 |
Head of Household | $22,500 |
Introduction
Although no new tax legislation was enacted in 2023 or 2024 ahead of the November 2024 presidential election, that doesn’t mean taxpayers will remain unaffected. Key provisions from earlier laws are set to take effect in 2024 and beyond, bringing substantial adjustments. Additionally, inflation-driven changes continue to reshape tax rates, brackets, and numerous other components of the tax code, many of which are indexed to inflation.
Tax Rates & Brackets
For the tax year 2024, the seven tax rates remain unchanged: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to note that the recent inflation adjustments impacting 2024 will also influence changes in 2025. These updates are included here for your tax planning and reference (Source: IRS – Federal income tax rates and brackets | Internal Revenue Service).
2024 (Money earned in 2024)
Single Filers
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,600 | 10% of taxable income |
12% | $11,600 to $47,150 | $1,160.00 + 12% of amount over $11,600 |
22% | $47,150 to $100,525 | $5,426.00 + 22% of amount over $47,150 |
24% | $100,525 to $191,950 | $17,168.50 + 24% of amount over $100,525 |
32% | $191,950 to $243,725 | $39,110.50 + 32% of amount over $191,150 |
35% | $243,725 to $609,350 | $55,678.50 + 35% of amount over $243,725 |
37% | $609,350 and over | $183,647.25 + 37% of amount over $609,350 |
Married Filing Jointly & Qualifying Surviving Spouse
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $23,200 | 10% of taxable Income |
12% | $23,200 to $94,300 | $2,320.00 + 12% of amount over $23,200 |
22% | $94,300 to $201,050 | $10,852.00 + 22% of amount over $94,300 |
24% | $201,050 to $383,900 | $34,337.00 + 24% of amount over $201,050 |
32% | $383,900 to $487,450 | $78,221.00 + 32% of amount over $383,900 |
35% | $487,450 to $731,200 | $111,357.00 + 35% of amount over $487,450 |
37% | $731,200 and over | $196,669.50 + 37% of amount over $731,200 |
Married Filing Separately
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,600 | 10% of taxable Income |
12% | $11,600 to $47,150 | $1,160.00 + 12% of amount over $11,600 |
22% | $47,150 to $100,525 | $5,426.00 + 22% of amount over $47,150 |
24% | $100,525 to $191,950 | $17,168.50 + 24% of amount over $100,525 |
32% | $191,950 to $243,725 | $39,110.50 + 32% of amount over $191,150 |
35% | $243,725 to $365,600 | $55,678.50 + 35% of amount over $243,725 |
37% | $365,600 and over | $98,334.75 + 37% of amount over $365,600 |
Head of Household
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $16,550 | 10% of taxable Income |
12% | $16,550 to $63,100 | $1,655.00 + 12% of amount over $16,550 |
22% | $63,100 to $100,500 | $7,241.00 + 22% of amount over $63,100 |
24% | $100,500 to $191,950 | $15,469.00 + 24% of amount over $100,500 |
32% | $191,950 to $243,700 | $37,417.00 + 32% of amount over $191,150 |
35% | $243,700 to $609,350 | $53,977.00 + 35% of amount over $243,700 |
37% | $609,350 and over | $181,954.50 + 37% of amount over $609,350 |
Adjusted Standard Deduction
Filing Status | Standard Deduction Amount |
|---|---|
Single | $14,600 |
Married Filing Jointly | $29,200 |
Married Filing Separately | $14,600 |
Head of Household | $21,900 |
2025 (Money earned in 2025)
Single Filers
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,925 | 10% of taxable income |
12% | $11,925 to $48,475 | $1,192.50 + 12% of amount over $11,925 |
22% | $48,475 to $103,350 | $5,578.50 + 22% of amount over $48,475 |
24% | $103,350 to $197,300 | $17,651.00 + 24% of amount over $103,350 |
32% | $197,300 to $250,525 | $40,199.00 + 32% of amount over $197,300 |
35% | $250,525 to $626,350 | $57,231.00 + 35% of amount over $250,525 |
37% | $626,350 and over | $188,769.75 + 37% of amount over $626,350 |
Married Filing Jointly & Qualifying Surviving Spouse
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $23,850 | 10% of taxable Income |
12% | $23,850 to $96,950 | $2,385.00 + 12% of amount over $23,850 |
22% | $96,950 to $206,700 | $11,157.00 + 22% of amount over $96,950 |
24% | $206,700 to $394,600 | $35,302.00 + 24% of amount over $206,700 |
32% | $394,600 to $501,050 | $80,398.00 + 32% of amount over $394,600 |
35% | $501,050 to $751,600 | $114,462.00 + 35% of amount over $501,050 |
37% | $751,600 and over | $202,154.50 + 37% of amount over $751,600 |
Married Filing Separately
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,925 | 10% of taxable Income |
12% | $11,925 to $48,475 | $1,192.50 + 12% of amount over $11,925 |
22% | $48,475 to $103,350 | $5,578.50 + 22% of amount over $48,475 |
24% | $103,350 to $197,300 | $17,651.00 + 24% of amount over $103,350 |
32% | $197,300 to $250,525 | $40,199.00 + 32% of amount over $197,300 |
35% | $250,525 to $375,800 | $57,231.00 + 35% of amount over $250,525 |
37% | $375,800 and over | $101,077.25 + 37% of amount over $375,800 |
Head of Household
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $17,000 | 10% of taxable Income |
12% | $17,000 to $64,850 | $1,700.00 + 12% of amount over $17,000 |
22% | $64,850 to $103,350 | $7,442.00 + 22% of amount over $64,850 |
24% | $103,350 to $197,300 | $15,912.00 + 24% of amount over $103,350 |
32% | $197,300 to $250,500 | $38,460.00 + 32% of amount over $197,300 |
35% | $250,500 to $626,350 | $55,484.00 + 35% of amount over $250,500 |
37% | $626,350 and over | $187,031.50 + 37% of amount over $626,350 |
Adjusted Standard Deduction
Filing Status | Standard Deduction Amount |
|---|---|
Single | $15,000 |
Married Filing Jointly | $30,000 |
Married Filing Separately | $15,000 |
Head of Household | $22,500 |
Introduction
Although no new tax legislation was enacted in 2023 or 2024 ahead of the November 2024 presidential election, that doesn’t mean taxpayers will remain unaffected. Key provisions from earlier laws are set to take effect in 2024 and beyond, bringing substantial adjustments. Additionally, inflation-driven changes continue to reshape tax rates, brackets, and numerous other components of the tax code, many of which are indexed to inflation.
Tax Rates & Brackets
For the tax year 2024, the seven tax rates remain unchanged: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to note that the recent inflation adjustments impacting 2024 will also influence changes in 2025. These updates are included here for your tax planning and reference (Source: IRS – Federal income tax rates and brackets | Internal Revenue Service).
2024 (Money earned in 2024)
Single Filers
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,600 | 10% of taxable income |
12% | $11,600 to $47,150 | $1,160.00 + 12% of amount over $11,600 |
22% | $47,150 to $100,525 | $5,426.00 + 22% of amount over $47,150 |
24% | $100,525 to $191,950 | $17,168.50 + 24% of amount over $100,525 |
32% | $191,950 to $243,725 | $39,110.50 + 32% of amount over $191,150 |
35% | $243,725 to $609,350 | $55,678.50 + 35% of amount over $243,725 |
37% | $609,350 and over | $183,647.25 + 37% of amount over $609,350 |
Married Filing Jointly & Qualifying Surviving Spouse
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $23,200 | 10% of taxable Income |
12% | $23,200 to $94,300 | $2,320.00 + 12% of amount over $23,200 |
22% | $94,300 to $201,050 | $10,852.00 + 22% of amount over $94,300 |
24% | $201,050 to $383,900 | $34,337.00 + 24% of amount over $201,050 |
32% | $383,900 to $487,450 | $78,221.00 + 32% of amount over $383,900 |
35% | $487,450 to $731,200 | $111,357.00 + 35% of amount over $487,450 |
37% | $731,200 and over | $196,669.50 + 37% of amount over $731,200 |
Married Filing Separately
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,600 | 10% of taxable Income |
12% | $11,600 to $47,150 | $1,160.00 + 12% of amount over $11,600 |
22% | $47,150 to $100,525 | $5,426.00 + 22% of amount over $47,150 |
24% | $100,525 to $191,950 | $17,168.50 + 24% of amount over $100,525 |
32% | $191,950 to $243,725 | $39,110.50 + 32% of amount over $191,150 |
35% | $243,725 to $365,600 | $55,678.50 + 35% of amount over $243,725 |
37% | $365,600 and over | $98,334.75 + 37% of amount over $365,600 |
Head of Household
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $16,550 | 10% of taxable Income |
12% | $16,550 to $63,100 | $1,655.00 + 12% of amount over $16,550 |
22% | $63,100 to $100,500 | $7,241.00 + 22% of amount over $63,100 |
24% | $100,500 to $191,950 | $15,469.00 + 24% of amount over $100,500 |
32% | $191,950 to $243,700 | $37,417.00 + 32% of amount over $191,150 |
35% | $243,700 to $609,350 | $53,977.00 + 35% of amount over $243,700 |
37% | $609,350 and over | $181,954.50 + 37% of amount over $609,350 |
Adjusted Standard Deduction
Filing Status | Standard Deduction Amount |
|---|---|
Single | $14,600 |
Married Filing Jointly | $29,200 |
Married Filing Separately | $14,600 |
Head of Household | $21,900 |
2025 (Money earned in 2025)
Single Filers
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,925 | 10% of taxable income |
12% | $11,925 to $48,475 | $1,192.50 + 12% of amount over $11,925 |
22% | $48,475 to $103,350 | $5,578.50 + 22% of amount over $48,475 |
24% | $103,350 to $197,300 | $17,651.00 + 24% of amount over $103,350 |
32% | $197,300 to $250,525 | $40,199.00 + 32% of amount over $197,300 |
35% | $250,525 to $626,350 | $57,231.00 + 35% of amount over $250,525 |
37% | $626,350 and over | $188,769.75 + 37% of amount over $626,350 |
Married Filing Jointly & Qualifying Surviving Spouse
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $23,850 | 10% of taxable Income |
12% | $23,850 to $96,950 | $2,385.00 + 12% of amount over $23,850 |
22% | $96,950 to $206,700 | $11,157.00 + 22% of amount over $96,950 |
24% | $206,700 to $394,600 | $35,302.00 + 24% of amount over $206,700 |
32% | $394,600 to $501,050 | $80,398.00 + 32% of amount over $394,600 |
35% | $501,050 to $751,600 | $114,462.00 + 35% of amount over $501,050 |
37% | $751,600 and over | $202,154.50 + 37% of amount over $751,600 |
Married Filing Separately
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $11,925 | 10% of taxable Income |
12% | $11,925 to $48,475 | $1,192.50 + 12% of amount over $11,925 |
22% | $48,475 to $103,350 | $5,578.50 + 22% of amount over $48,475 |
24% | $103,350 to $197,300 | $17,651.00 + 24% of amount over $103,350 |
32% | $197,300 to $250,525 | $40,199.00 + 32% of amount over $197,300 |
35% | $250,525 to $375,800 | $57,231.00 + 35% of amount over $250,525 |
37% | $375,800 and over | $101,077.25 + 37% of amount over $375,800 |
Head of Household
Tax Rates | Bracket | Tax Owed |
|---|---|---|
10% | $0 to $17,000 | 10% of taxable Income |
12% | $17,000 to $64,850 | $1,700.00 + 12% of amount over $17,000 |
22% | $64,850 to $103,350 | $7,442.00 + 22% of amount over $64,850 |
24% | $103,350 to $197,300 | $15,912.00 + 24% of amount over $103,350 |
32% | $197,300 to $250,500 | $38,460.00 + 32% of amount over $197,300 |
35% | $250,500 to $626,350 | $55,484.00 + 35% of amount over $250,500 |
37% | $626,350 and over | $187,031.50 + 37% of amount over $626,350 |
Adjusted Standard Deduction
Filing Status | Standard Deduction Amount |
|---|---|
Single | $15,000 |
Married Filing Jointly | $30,000 |
Married Filing Separately | $15,000 |
Head of Household | $22,500 |
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