Federal Income Tax Brackets for Single Filers

The United States employs a progressive tax system, meaning that as income rises, it is taxed at increasingly higher rates. This structure is built upon federal income tax brackets, which are specific ranges of income subject to a corresponding tax rate. The rates and brackets are subject to annual adjustments for inflation by the Internal Revenue Service (IRS) to prevent “bracket creep,” where inflation pushes taxpayers into higher brackets without an actual increase in real income.

Determining Your Taxable Income

Before applying the tax brackets, a filer must first calculate their taxable income. This process begins with gross income, which includes all income from all sources, and subtracting certain “above-the-line” deductions to arrive at Adjusted Gross Income (AGI). From AGI, a taxpayer subtracts “below-the-line” deductions to find their taxable income. The most common deduction is the standard deduction, a fixed dollar amount that taxpayers can subtract to reduce their tax bill.

For the 2024 tax year, the standard deduction for single filers is $14,600. This amount, set by the IRS, simplifies tax preparation for millions of individuals. A taxpayer subtracts this amount directly from their AGI. For example, a single filer with an AGI of $70,000 would subtract $14,600, resulting in a taxable income of $55,400.

Alternatively, taxpayers can choose to itemize deductions if their total of specific deductible expenses exceeds the standard deduction amount. These can include expenses like state and local taxes up to $10,000, mortgage interest, and charitable contributions. The choice to itemize requires more detailed record-keeping but can be financially advantageous if the sum of these individual deductions is greater than the standard deduction.

The 2024 Federal Income Tax Brackets for Single Filers

For 2024, there are seven tax brackets for single filers. It is a common misconception that all of a person’s income is taxed at their highest bracket’s rate. In reality, only the dollars that fall within a specific bracket are taxed at that rate.

The 2024 tax rates and corresponding income brackets for single filers are:

• 10% on taxable income up to $11,600
• 12% on taxable income over $11,600 up to $47,150
• 22% on taxable income over $47,150 up to $100,525
• 24% on taxable income over $100,525 up to $191,950
• 32% on taxable income over $191,950 up to $243,725
• 35% on taxable income over $243,725 up to $609,350
• 37% on taxable income over $609,350

Think of your income as filling a series of buckets. The first bucket holds up to $11,600 and is taxed at 10%. Once that bucket is full, any additional income spills into the next bucket, which holds income from $11,601 to $47,150 and is taxed at 12%. This process continues through the brackets until all of your taxable income has been accounted for.

Calculating Your Federal Income Tax

Applying the tax brackets to determine total tax liability is a straightforward, step-by-step process. It involves calculating the tax for each bracket that a taxpayer’s income falls into and then summing those amounts. This calculation reveals the difference between a person’s top marginal rate and their overall effective tax rate.

Consider a single filer with a taxable income of $90,000 for 2024. The first $11,600 of their income is taxed at 10%, which equals $1,160. The next portion of their income, from $11,601 up to $47,150, is a range of $35,550. This amount is taxed at the 12% rate, resulting in $4,266 of tax. The final portion of their income, from $47,151 up to their total of $90,000, is a range of $42,849. This amount falls into the 22% bracket and is taxed at that rate, which equals $9,426.78.

To find the total federal income tax liability, these individual amounts are added together: $1,160 + $4,266 + $9,426.78 gives a total tax of $14,852.78. In this scenario, the taxpayer’s marginal tax rate is 22%, as that is the rate applied to their last dollar of earnings. However, their effective tax rate, which is the total tax divided by their taxable income ($14,852.78 / $90,000), is approximately 16.5%. This effective rate provides a more accurate picture of their overall tax burden.