2024 Tax Brackets And How They Work. Raised the outer limits of the federal tax brackets, or the income thresholds at which a higher tax rate applies, by about 7 percent to account for high. The federal income tax has seven tax rates in.
Below, we go over some. The internal revenue service (irs) has designated seven federal tax brackets that apply to both the 2023 tax year (the taxes you file in april 2024) and the.