In the United States, your federal income tax rate is determined by your taxable income and your filing status. For 2024, the IRS has set seven tax brackets for single filers, seven tax brackets for married couples filing jointly, and five tax brackets for married couples filing separately.

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The tax brackets for 2024 are as follows:

• Single filers:
  • 10% bracket: Up to $10,275
  • 12% bracket: $10,276 to $41,775
  • 22% bracket: $41,776 to $89,075
  • 24% bracket: $89,076 to $170,050
  • 32% bracket: $170,051 to $215,950
  • 35% bracket: $215,951 to $539,900
  • 37% bracket: Over $539,900
• Married couples filing jointly:
  • 10% bracket: Up to $20,550
  • 12% bracket: $20,551 to $83,550
  • 22% bracket: $83,551 to $178,150
  • 24% bracket: $178,151 to $340,100
  • 32% bracket: $340,101 to $431,900
  • 35% bracket: $431,901 to $647,850
  • 37% bracket: Over $647,850
• Married couples filing separately:
  • 10% bracket: Up to $10,275
  • 12% bracket: $10,276 to $41,775
  • 22% bracket: $41,776 to $89,075
  • 24% bracket: $89,076 to $170,050
  • 32% bracket: $170,051 to $215,950
  • 35% bracket: $215,951 to $323,925
  • 37% bracket: Over $323,925

How to find your tax bracket

To find your tax bracket, you need to know your taxable income and your filing status. Your taxable income is your total income minus any allowable deductions and exemptions. Your filing status is single, married filing jointly, married filing separately, head of household, or qualifying widow(er).

Once you know your taxable income and your filing status, you can look up your tax bracket in the table above.

What does your tax bracket mean?

Your tax bracket determines the marginal tax rate that you will pay on your taxable income. The marginal tax rate is the tax rate that you pay on the last dollar of your income. For example, if you are in the 22% tax bracket, you will pay 10% on the first $10,275 of your taxable income, 12% on the next $31,500 of your taxable income, and 22% on any taxable income over $41,775.

How can you reduce your tax bracket?

There are a number of things you can do to reduce your tax bracket, such as:

• Taking advantage of deductions and tax credits.
• Making contributions to a retirement account.
• Itemizing your deductions.

By taking steps to reduce your tax bracket, you can save money on your taxes.

I hope this blog post has been helpful. Please note that this is just general information and you should always consult with a tax professional for advice on your specific situation.