2024 Income Tax Brackets. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. The irs increased the income threshold for each of its tax brackets by about 5.4% for each type of tax filer for 2024.

The top marginal income tax rate of 37 percent will hit taxpayers with taxable income above $609,350 for single filers and above $731,200 for married couples filing jointly. 10%, 12%, 22%, 24%, 32%, 35%, and 37%.