With the New Year comes new tax brackets, and Americans could see their paychecks change as the IRS tries to adjust brackets to deal with inflation.
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New Tax Brackets for 2024: What You Need to Know
As the new year approaches, it’s important to stay informed about any changes to tax laws that may affect your financial situation. In 2024, the Internal Revenue Service (IRS) has implemented new tax brackets that will impact how much individuals and families are required to pay in taxes. Here’s what you need to know about the new tax brackets for 2024.
The tax brackets for 2024 have been adjusted to account for inflation, as is done each year by the IRS. This means that the income thresholds for each tax bracket have been increased to reflect the rising cost of living. As a result, individuals and families may find themselves in a different tax bracket than they were in the previous year, even if their income has remained the same.
For the tax year 2024, the new income thresholds for the tax brackets are as follows:
– 10%: For individuals with taxable income up to $10,275 (up from $10,200 in 2023) and married couples filing jointly with taxable income up to $20,550 (up from $20,400 in 2023).
– 12%: For individuals with taxable income over $10,275 but not over $41,775 (up from $10,200 to $41,850 in 2023) and married couples filing jointly with taxable income over $20,550 but not over $83,550 (up from $20,400 to $83,800 in 2023).
– 22%: For individuals with taxable income over $41,775 but not over $89,075 (up from $41,850 to $89,150 in 2023) and married couples filing jointly with taxable income over $83,550 but not over $178,150 (up from $83,800 to $178,150 in 2023).
– 24%: For individuals with taxable income over $89,075 but not over $170,050 (up from $89,150 to $170,050 in 2023) and married couples filing jointly with taxable income over $178,150 but not over $340,100 (up from $178,150 to $340,100 in 2023).
– 32%: For individuals with taxable income over $170,050 but not over $215,950 (up from $170,050 to $215,950 in 2023) and married couples filing jointly with taxable income over $340,100 but not over $431,900 (up from $340,100 to $431,900 in 2023).
– 35%: For individuals with taxable income over $215,950 but not over $539,900 (up from $215,950 to $539,900 in 2023) and married couples filing jointly with taxable income over $431,900 but not over $647,850 (up from $431,900 to $647,850 in 2023).
– 37%: For individuals with taxable income over $539,900 (up from $539,900 in 2023) and married couples filing jointly with taxable income over $647,850 (up from $647,850 in 2023).
It’s important to note that these tax brackets are for federal income tax purposes and may be subject to additional state and local taxes. In addition, the tax brackets are based on taxable income, which is calculated after accounting for deductions, exemptions, and other adjustments.
For individuals and families, the new tax brackets for 2024 may result in changes to how much they owe in taxes or how much they can expect to receive in refunds. It’s important to review your financial situation and consult with a tax professional to ensure that you are taking advantage of any deductions or credits that may be available to you.
As always, staying informed about changes to tax laws and understanding how they may affect you is crucial for managing your finances. By familiarizing yourself with the new tax brackets for 2024, you can make informed decisions about your tax planning and ensure that you are complying with the latest regulations.
There is a new fk around and find out rule ! For citizens to encode on the government
Imagine if the federal government was a private business, they would out of business, sued and imprisoned for massive fraud and tax evasion!
Yep just keep on robbing us. Sorry pos government.
The ultra-rich already know how to dodge taxes to begin with, so this means nothing to them.
YOU, on the other hand, are as screwed as I am.
Stupid
The IRS does this EVERY YEAR…….WHY is this news worthy? Maybe if people paid attention to their taxes when they file each year they would know this. As a matter of fact, the increase in standard deduction and the change is bracetts is way less than in the past so everyone is ACTUALLY getting screwed!
Taxation is theft
And afford to pay more for everything
Good more money means u can afford to give it to the illegals crossing the border an to the UKRAINE an gaza an Biden reparations tax laws
Yikes
So I’m part of the 12% which is poor af
Absofuckinglutly not, you give billions away and tske care of everyone but us and its our fucking money to start. 1776/2024
MORE BULLSHIT, NOTHING CHANGED FOR ME .
Karen Wheaton at the ramp church in Hamilton Alabama is filthy rich off of tax free cash
I say let's don't pay taxes at all and see if inflation is a major issue when government don't have any money to give away
Karen Wheaton at the top in Hamilton Alabama is using the church tax free exzption making millions of dollars and she is buying high dollar properties tax gree
Just use 529, ira, small home business, charity accts
Taxation is theft. Especially when that money is taxed again and again when you spend it.
22% at 47k?! Thats like 10k a year. They really are trying to destroy the middle class, jesus.
Government desperately trying to destroy America in their greed.
Idiot reporters have no clue. Oh wait yes they do they are just shills. Everything is more expensive by much more than these suuposed changes so get ready to lose more of your money.
Always a one time adjustment
Why don't they also increase other numbers like the $3,000 passive income loss carry forward? Every little but helps.
Imagine living on 11600 and paying 10% of that?
Our government is starving us on purpose.
Inflation is definitely out of control especially for rent and housing
Someone hold me
Not for me I never have nor ever will pay a tax I AM a King and not a servant to the corporation called a United States. Only idiots pay taxes
No wonder there is no more middle class.
Abolish the IRS.
Thank you Biden!
Our tax system is so fucked off.
nothingburger
IRS is corrupt as hell
I don’t mind paying taxes, I mind how it’s being spent.
Get rid of the IRS!!
tax avoiders are the only ones who need to fear the IRS.