Federal individual tax rates and brackets for 2024

January 10, 2024by Akmin

The indexing factor for federal tax credits and brackets for 2024 is 4.7%. The following federal tax rates and brackets will be in effect for individuals for the 2024 tax year.

Income level                    Federal tax rate

$15,705 – $55,867                  15.0%

$55,868 – $111,733                20.5%

$111,734 – $173,205              26.0%

$173,206 – $246,752              29.0%

Over $246,752                       33.0%

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.