Ryan VaughnCOO of Incite Tax & Accounting. Ask me anything about your taxes.

Tax Brackets for 2024 Income | Incite Tax

27 Feb 2025 · 1 min

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In this concise instructional video, the speaker outlines the 2024 U.S. federal income tax brackets for two filing statuses: single filers and married couples filing jointly. After noting that brackets apply to taxable income (post‑deductions and adjustments), the speaker presents the specific income ranges and corresponding marginal tax rates for each status. To illustrate how the brackets work in practice, a detailed worked example is provided for a single filer earning $70,000 annually. The calculation breaks down the tax owed across three brackets—10% on the first $11,600, 12% on income from $11,601 to $47,150, and 22% on income from $47,151 to $70,000—resulting in a total federal income tax liability of approximately $10,448.

Chapters

Let's go over the current tax brackets for 2024. Keep in mind, these apply to taxable income, so after deductions and adjustments. This is what the brackets will look like for single filers. And this is what the brackets look like for married couples filing jointly. Let's go through a quick example. Say you're a single filer making $70,000 a year. Here's how your taxes break down. The first $11,600 is taxed at 10%, which equals $1,160. The amount from $11,601 to $47,150 is taxed at 12%, so $4,266. The amount from $47,151 to $70,000 is taxed at 22%, which equals $5,022. So in total, you'd owe about $10,448 in federal income tax.