Current Tax Brackets 2024

Current Tax Brackets 2024. Find out the seven tax brackets for most ordinary income for the 2023 and 2024 tax years, and how they affect your effective tax rate. You pay tax as a percentage of your income in layers called tax brackets.

As your income goes up, the tax rate on the next layer of income is higher. The irs announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes.