What Are The Tax Brackets For 2024. Your taxable income is your income after various deductions, credits, and exemptions have been applied. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions.

The seven federal income tax brackets for 2024 and 2025 are 10%, 12%, 22%, 24%, 32%, 35% and 37%. 117, 117.1, 121 the federal tax brackets and personal tax credit amounts are increased for 2025 by an indexation.