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2024 Federal Tax Brackets: Rates, Ranges & How They Work

📅 Updated 2024⏱ 6 min read

The US has a progressive tax system with 7 brackets from 10% to 37%. The critical concept: your tax bracket is your marginal rate — only the income in each bracket is taxed at that rate, not all your income. A $75,000 salary does not mean you pay 22% on everything.

How Tax Brackets Actually Work

Each bracket only applies to income within its range. Example for a single filer with $75,000 taxable income:

BracketIncome RangeAmount in BracketTax
10%$0 – $11,600$11,600$1,160
12%$11,601 – $47,150$35,550$4,266
22%$47,151 – $75,000$27,850$6,127
Total Tax$11,553

Effective rate: $11,553 ÷ $75,000 = 15.4% — not 22%.

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2024 Tax Brackets by Filing Status

RateTaxable Income Range
10%$0 – $11,600
12%$11,601 – $47,150
22%$47,151 – $100,525
24%$100,526 – $191,950
32%$191,951 – $243,725
35%$243,726 – $609,350
37%Over $609,350
RateTaxable Income Range
10%$0 – $23,200
12%$23,201 – $94,300
22%$94,301 – $201,050
24%$201,051 – $383,900
32%$383,901 – $487,450
35%$487,451 – $731,200
37%Over $731,200
RateTaxable Income Range
10%$0 – $16,550
12%$16,551 – $63,100
22%$63,101 – $100,500
24%$100,501 – $191,950
32%$191,951 – $243,700
35%$243,701 – $609,350
37%Over $609,350

How to Reduce Your Tax Bracket

Pre-tax contributions directly reduce your taxable income, potentially lowering your bracket:

  • 401(k): Up to $23,000 in 2024 — reduces taxable income dollar-for-dollar
  • Traditional IRA: Up to $7,000 if eligible
  • HSA: Up to $4,150 (self) / $8,300 (family) — triple tax advantage