2024 Federal Tax Brackets (Single Filers)
| Income Range | Tax Rate |
|---|
| $0 - $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% |
Standard Deductions 2024
| Filing Status | Deduction |
|---|
| Single | $14,600 |
| Married Filing Jointly | $29,200 |
| Head of Household | $21,900 |
How Tax Is Calculated
Example: $80,000 Single Filer
| Bracket | Income | Rate | Tax |
|---|
| 10% | $11,600 | 10% | $1,160 |
| 12% | $35,550 | 12% | $4,266 |
| 22% | $32,850 | 22% | $7,227 |
| Total | $80,000 | - | $12,653 |
Effective tax rate: $12,653 / $80,000 =
15.8%Common Tax Deductions
Above-the-Line (reduce AGI)
- Traditional IRA contributions
- Student loan interest (up to $2,500)
- Self-employed health insurance
- HSA contributions
Itemized Deductions
- Mortgage interest
- State and local taxes (SALT, capped at $10,000)
- Charitable donations
- Medical expenses (over 7.5% of AGI)