Irs Tax Brackets 2024 Explained. You pay tax as a percentage of your income in layers called tax brackets. The irs is increasing the tax brackets by about 5.4% for both individual and married filers across the different income spectrums.
We look at the new irs tax brackets for 2024 and explain how the progressive tax brackets work when it comes to your effective tax rate. You pay tax as a percentage of your income in layers called tax brackets.