2024 Federal Tax Brackets (Single Filers)
| Income Range | Tax Rate | $0 - $11,60010% $11,601 - $47,15012% $47,151 - $100,52522% $100,526 - $191,95024% $191,951 - $243,72532% $243,726 - $609,35035% $609,351+37%
Standard Deductions 2024
Filing StatusDeduction Single$14,600 Married Filing Jointly$29,200 Head of Household$21,900
How Tax Is Calculated
Example: $80,000 Single Filer
BracketIncomeRateTax 10%$11,60010%$1,160 12%$35,55012%$4,266 22%$32,85022%$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)