Federal Income Tax Rate 2023 - 2024
Federal income tax rate table for the 2023 - 2024 filing season has seven income tax brackets with IRS tax rates of 10%, 12%, 22%, 24%, 32%, 35% and 37% for Single, Married Filing Jointly, Married Filing Separately, and Head of Household statuses. Both the Federal tax rate and income tax brackets changed beginning with tax year 2018 as part of the Tax Cuts and Jobs Act (TCJA) passed in December 2017.
Federal income tax rates and tax brackets shown in the table below are based on income earned between January 1, 2023 through December 31, 2023. Outlook for the 2024 Federal income tax rate is to remain unchanged with income tax brackets increasing due to the annual inflation adjustment. The Tax Cuts and Jobs Act states that the lower rates are temporary and will remain in effect through 2025.
| Single Tax Brackets | Tax Rate 2023 | ||
|---|---|---|---|
| Source: 2023 Federal Tax Rate Schedules, published by the Internal Revenue Service (IRS). | |||
| $0 | to | $11,000 | 10% |
| $11,001 | to | $44,725 | 12% |
| $44,726 | to | $95,375 | 22% |
| $95,376 | to | $182,100 | 24% |
| $182,101 | to | $231,250 | 32% |
| $231,251 | to | $578,125 | 35% |
| $578,126 | to | ∞ | 37% |
| Married Filing Jointly Brackets | Tax Rate 2023 | ||
|---|---|---|---|
| Source: 2023 Federal Tax Rate Schedules, published by the Internal Revenue Service (IRS). | |||
| $0 | to | $22,000 | 10% |
| $22,001 | to | $89,450 | 12% |
| $89,451 | to | $190,750 | 22% |
| $190,751 | to | $364,200 | 24% |
| $364,201 | to | $462,500 | 32% |
| $462,501 | to | $693,750 | 35% |
| $693,751 | to | ∞ | 37% |
| Married Filing Separately Brackets | Tax Rate 2023 | ||
|---|---|---|---|
| Source: 2023 Federal Tax Rate Schedules, published by the Internal Revenue Service (IRS). | |||
| $0 | to | $11,000 | 10% |
| $11,001 | to | $44,725 | 12% |
| $44,726 | to | $95,375 | 22% |
| $95,376 | to | $182,100 | 24% |
| $182,101 | to | $231,250 | 32% |
| $231,251 | to | $346,875 | 35% |
| $346,876 | to | ∞ | 37% |
| Head of Household Brackets | Tax Rate 2023 | ||
|---|---|---|---|
| Source: 2023 Federal Tax Rate Schedules, published by the Internal Revenue Service (IRS). | |||
| $0 | to | $15,700 | 10% |
| $15,701 | to | $59,850 | 12% |
| $59,851 | to | $95,350 | 22% |
| $95,351 | to | $182,100 | 24% |
| $182,101 | to | $231,250 | 32% |
| $231,251 | to | $578,100 | 35% |
| $578,101 | to | ∞ | 37% |
Please reference the Federal tax forms and instructions booklet published by the Internal Revenue Service to determine if you owe federal income tax or are due a federal income tax refund. Federal income tax forms are generally published at the end of each calendar year, which will include any last minute 2023 - 2024 legislative changes to the IRS tax rate or tax brackets. The Federal income tax rate tables and tax brackets shown on this web page are for illustration purposes only.
Federal Tax Brackets 2023 - 2024
Looking at the tax rate and tax brackets shown in the tables above for the IRS, we can see that the IRS collects individual income taxes differently for Single versus Married filing statuses, for example. We can also see the progressive nature of the Federal income tax rates from the lowest Federal tax rate bracket of 10% to the highest Federal tax rate bracket of 37%.
For single taxpayers living and working in the United States:
- Tax rate of 10% on the first $11,000 of taxable income.
- Tax rate of 12% on taxable income between $11,001 and $44,725.
- Tax rate of 22% on taxable income between $44,726 and $95,375.
- Tax rate of 24% on taxable income between $95,376 and $182,100.
- Tax rate of 32% on taxable income between $182,101 and $231,250.
- Tax rate of 35% on taxable income between $231,251 and $578,125.
- Tax rate of 37% on taxable income over $578,125.
For married taxpayers living and working in the United States:
- Tax rate of 10% on the first $22,000 of taxable income.
- Tax rate of 12% on taxable income between $22,001 and $89,450.
- Tax rate of 22% on taxable income between $89,451 and $190,750.
- Tax rate of 24% on taxable income between $190,751 and $364,200.
- Tax rate of 32% on taxable income between $364,201 and $462,500.
- Tax rate of 35% on taxable income between $462,501 and $693,750.
- Tax rate of 37% on taxable income over $693,750.
For the Single, Married Filing Jointly, Married Filing Separately, and Head of Household filing statuses, the Federal tax rates and the number of tax brackets remain the same. Notice, however, the Federal tax brackets for Married Filing Jointly double from $11,000 to $22,000 at 10%, and increase far less than double from $578,125 to $693,750 at 37% the highest tax bracket. Married Filing Separately income tax brackets are roughly one half that of the Married Filing Jointly income tax brackets.
Last updated: October 16, 2023