Federal/IRS Tax Guide for 2024
Overview
The federal income tax system uses a progressive tax structure with 7 tax brackets, ranging from 10% to 37%. This means higher portions of your income are taxed at higher rates as your income increases. Long-term capital gains (assets held for more than one year) are taxed at preferential rates of 0%, 15%, or 20%, depending on your income level. Short-term capital gains are taxed as ordinary income.
The standard deduction is $14,600 for single filers and $29,200 for married couples filing jointly, which reduces your taxable income.
In addition to income tax, employees pay 6.2% in Social Security tax (on wages up to $168,600) and 1.45% in Medicare tax on all wages. High earners pay an additional 0.9% Medicare tax on wages above $200,001 for single filers and $250,001 for married filers.
Various tax credits are available to reduce your tax liability, including the Child Tax Credit (up to $2,000 per child), Earned Income Tax Credit, and education credits.
Income Tax Rates
Single Filers
| Income Range | Tax Rate |
|---|---|
| Up to $11,600 | 10% |
| $11,601 - $47,150 | 12% |
| $47,151 - $100,525 | 22% |
| $100,526 - $191,950 | 24% |
| $191,951 - $243,725 | 32% |
| $243,726 - $609,350 | 35% |
| $609,351+ | 37% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| Up to $23,200 | 10% |
| $23,201 - $94,300 | 12% |
| $94,301 - $201,050 | 22% |
| $201,051 - $383,900 | 24% |
| $383,901 - $487,450 | 32% |
| $487,451 - $731,200 | 35% |
| $731,201+ | 37% |
Married Filing Separately
| Income Range | Tax Rate |
|---|---|
| Up to $11,600 | 10% |
| $11,601 - $47,150 | 12% |
| $47,151 - $100,525 | 22% |
| $100,526 - $191,950 | 24% |
| $191,951 - $243,725 | 32% |
| $243,726 - $365,600 | 35% |
| $365,601+ | 37% |
Head of Household
| Income Range | Tax Rate |
|---|---|
| Up to $16,550 | 10% |
| $16,551 - $63,100 | 12% |
| $63,101 - $100,500 | 22% |
| $100,501 - $191,950 | 24% |
| $191,951 - $243,700 | 32% |
| $243,701 - $609,350 | 35% |
| $609,351+ | 37% |
Capital Gains Tax
Single Filers
| Income Range | Tax Rate |
|---|---|
| Up to $47,025 | 0% |
| $47,026 - $518,900 | 15% |
| $518,901+ | 20% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| Up to $94,050 | 0% |
| $94,051 - $583,750 | 15% |
| $583,751+ | 20% |
Married Filing Separately
| Income Range | Tax Rate |
|---|---|
| Up to $47,025 | 0% |
| $47,026 - $291,850 | 15% |
| $291,851+ | 20% |
Head of Household
| Income Range | Tax Rate |
|---|---|
| Up to $63,000 | 0% |
| $63,001 - $551,350 | 15% |
| $551,351+ | 20% |
Medicare
Employee
Single Filers
| Income Range | Tax Rate |
|---|---|
| Up to $200,000 | 1.45% |
| $200,001+ | 2.35% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| Up to $250,000 | 1.45% |
| $250,001+ | 2.35% |
Married Filing Separately
| Income Range | Tax Rate |
|---|---|
| Up to $200,000 | 1.45% |
| $200,001+ | 2.35% |
Head of Household
| Income Range | Tax Rate |
|---|---|
| Up to $200,000 | 1.45% |
| $200,001+ | 2.35% |
Self-Employed
Single Filers
| Income Range | Tax Rate |
|---|---|
| Up to $200,000 | 2.9% |
| $200,001+ | 3.8% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| Up to $250,000 | 2.9% |
| $250,001+ | 3.8% |
Married Filing Separately
| Income Range | Tax Rate |
|---|---|
| Up to $200,000 | 2.9% |
| $200,001+ | 3.8% |
Head of Household
| Income Range | Tax Rate |
|---|---|
| Up to $200,000 | 2.9% |
| $200,001+ | 3.8% |
Deductions & Exemptions
Standard Deduction
| Type | Amount |
|---|---|
| Single: | $14,600 |
| Married Filing Jointly: | $29,200 |
| Married Filing Separately: | $14,600 |
| Head of Household: | $21,900 |
Additional Information
- The additional standard deduction for taxpayers who are 65 or older or blind is $1,950 for 2024 if the taxpayer is unmarried and not a surviving spouse, and $1,550 if married. It is allowed once for age and again for blindness.
- The alternative minimum tax exemption is reduced by $1 for every $4 of alternative minimum taxable income above the phase-out threshold, so it is fully gone at $952,150 for single filers and heads of household, $1,751,900 for married couples filing jointly, and $875,950 for married filing separately.
- The child tax credit for 2024 is $2,000 per qualifying child under age 17, of which up to $1,700 per child can be refunded as the additional child tax credit.
- Earned income tax credit figures shown for married filing separately are the "all other filing statuses" amounts, which apply only to separated spouses who meet the special rules of Internal Revenue Code section 32(d). Other married filing separately filers cannot claim the credit.
- Investment income above $11,600 disqualifies a taxpayer from the earned income tax credit for 2024.
Sources
The 2024 figures for the federal government on this page were compiled from the following official government publications:
- IRS Revenue Procedure 2023-34 (2024 inflation adjustments)
- IRS Publication 15 (Circular E), Employer's Tax Guide (2024)
- IRS Instructions for Form 6251, Alternative Minimum Tax - Individuals (2024)
- IRS Instructions for Form 8863, Education Credits (2024)
- IRS Schedule 8812 (Form 1040), Credits for Qualifying Children and Other Dependents (2024)
- IRS Instructions for Schedule 8812 (Form 1040) (2024)
- IRS Topic no. 751, Social Security and Medicare withholding rates
- IRS Topic no. 559, Net Investment Income Tax
- IRS Questions and answers for the Additional Medicare Tax
Last updated: September 15, 2026
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