Financial Management Insight flipbook 2024

Tax Issues Managing Your Tax Burden It’s not easy to keep up with complex tax laws that always seem to be changing, much less figure out how they might affect your finances. Even so, it is important to consider taxes when making financial decisions. You may even be able to postpone or reduce your tax obligation with some careful planning and the guidance of a tax professional. Federal Income Tax Brackets There are seven federal income tax brackets, ranging from 10% to 37%. This table shows the taxable income ranges for single filers and married joint filers for the 2024 tax year. Dollar limitations are adjusted annually for inflation. Single filers Joint filers Tax rate Up to $11,600 Up to $23,200 10% $11,601 to $47,150 $23,201 to $94,300 12% $47,151 to $100,525 $94,301 to $201,050 22% $100,526 to $191,950 $201,051 to $383,900 24% $191,951 to $243,725 $383,901 to $487,450 32% $243,726 to $609,350 $487,451 to $731,200 35% $609,350 and over $731,200 and over 37% Taxable income ranges for 2024 Source: Internal Revenue Service, 2023

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