The IRS adjusts federal income tax brackets annually to account for inflation. For the 2024 tax year, all seven bracket thresholds have increased, which could mean slightly more take-home pay for many workers.
2024 Federal Tax Brackets (Single Filers)
- 10%: $0 – $11,600
- 12%: $11,601 – $47,150
- 22%: $47,151 – $100,525
- 24%: $100,526 – $191,950
- 32%: $191,951 – $243,725
- 35%: $243,726 – $609,350
- 37%: Over $609,350
What Changed From 2023?
The bracket thresholds increased by approximately 5.4%, matching the inflation adjustment. This means you can earn more before moving into a higher tax bracket compared to 2023.
How This Affects Your Paycheck
If your employer updates withholding tables promptly, you may notice a small increase in your take-home pay. For example, a single filer earning $60,000 could see roughly $30-50 more per month.
Action Steps
- Review your current W-4 to ensure it reflects your situation.
- Use our state paycheck calculators to see the exact impact on your take-home pay.
- Consider adjusting retirement contributions if you have extra room in your budget.