Tax Bracket 2024 Single. The internal revenue service (irs) has released adjustments to tax brackets for 2024, adding thousands of dollars to most marginal tax brackets, and potentially protecting more of your income from taxes next year. The agency has boosted the income thresholds for each bracket, applying to tax year 2024 for returns filed in 2025.
Because you’re in the 22% tax bracket, you’ll owe $115.06 in taxes ($523 x 0.22 = $115.06). You pay tax as a percentage of your income in layers called tax brackets.