What Are the Federal Income Tax Brackets for 2023 and 2024?

December 26, 2023

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Regardless of whether you’ll receive a tax refund or end up owing, the starting point is the same: You need to file your taxes. Understanding what a tax bracket is and where you fall is important, so here's a quick refresher.

What are federal tax brackets?

How much money you earn in a year helps determine how much of your earnings should go toward federal taxes. There are seven tax brackets that cover different ranges of taxable income. The tax bracket you fall into is based on your income and filing status, such as if you’re filing as an individual or filing one return as part of a married couple.

Why we have tax brackets

The federal government uses a progressive tax system, which means how much income tax you pay as an individual or a couple depends on how much taxable income you earn. It’s based on a concept the IRS calls “ability to pay,” in which earners in lower-income brackets should be charged a lower tax rate than high-income earners.

Tax brackets for tax years 2023 and 2024

Each year, the IRS publishes the range of income for each tax bracket. The tables below can help you compare the brackets and rates for the 2023 tax year and what you can expect to apply to your 2024 taxable income.

Single Filing Status

2023 Annual Taxable Income

2024 Annual Taxable Income

	2023 Annual Taxable Income	2024 Annual Taxable Income
10%	$0 - $11,000	$0 - $11,600
12%	$11,001 - $44,725	$11,601 - $47,150
22%	$44,726 - $95,375	$47,151 - $100,525
24%	$95,376 - $182,100	$100,526 - $191,950
32%	$182,101 - $231,250	$191,951 - $243,725
35%	$231,251 - $578,125	$243,726 - $609,350
37%	$578,126 or more	$609,351 or more

Married Filing Jointly

2023 Annual Taxable Income

2024 Annual Taxable Income

	2023 Annual Taxable Income	2024 Annual Taxable Income
10%	$0 - $22,000	$0 - $23,200
12%	$22,001 - $89,450	$23,201 - $94,300
22%	$89,451 - $190,570	$94,301 - $201,050
24%	$190,571 - $364,200	$201,051 - $383,900
32%	$364,201 - $462,500	$383,901 - $487,450
35%	$462,501 - $693,750	$487,451 - $731,200
37%	$693,751 or more	$731,201 or more

Head of Household

2023 Annual Taxable Income

2024 Annual Taxable Income

	2023 Annual Taxable Income	2024 Annual Taxable Income
10%	$0 - $15,700	$0 - $16,550
12%	$15,701 - $59,850	$16,551 - $63,100
22%	$59,851 - $95,350	$63,101 - $100,500
24%	$95,351 - $182,100	$100,501 - $191,950
32%	$182,101 - $231,250	$191,951 - $243,700
35%	$231,251 - $578,100	$243,701 - $609,350
37%	$578,101 or more	$609,351 or more

This article is for informational purposes only and is not a substitute for individualized professional tax advice. Individuals should consult their own tax advisor for matters specific to their own taxes. This article was prepared by and approved by Marcus by Goldman Sachs, but does not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Goldman Sachs Bank USA and Goldman Sachs & Co. LLC are not providing any financial, economic, legal, accounting, tax or other recommendations in this article. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. Information contained in this article does not constitute the provision of investment advice by Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates. Neither Goldman Sachs Bank USA, Goldman Sachs & Co. LLC nor any of their affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements of any information contained in this document and any liability therefore is expressly disclaimed.