Irs Releases New Income Tax Brackets For 2024

Irs Releases New Income Tax Brackets For 2024. For 2024, the lowest rate of 10% will apply to individuals with taxable income up to $11,600 and joint filers up to $23,200. The 2024 tax year maximum earned income tax credit amount is $7,830 for qualifying taxpayers who have three or more qualifying children, an increase of from $7,430 in 2023.

You pay tax as a percentage of your income in layers called tax brackets. The irs has established the 2024 tax brackets as 10%, 12%, 22%, 24%, 32%, 35% and 37%.