Tax Day 2024 and How to Get an Extension from the IRS
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Your new year paycheck might have different withholding amounts for federal taxes. Effective Jan 1 2024, IRS has updated the federal tax brackets.
The rates remain at 0%, 10%, 12%, 22%, 24%, 32%, 35%, or 37% but the ranges have been adjusted for inflation. Federal Income Tax is a progressive tax, meaning you don't pay a flat rate on your entire income. Your first paycheck will start at the first bracket. As you earn more throughout the year, your income is segmented into different tax brackets, each with its corresponding tax rate.
Tip: calculate your income tax with PaycheckCity Calculators. Enter your check date and wage info and see your federal and state taxes breakdown.
2024 Tax Rate | Single | Married Filing Jointly | Head of Household |
---|---|---|---|
10% | $0 to $11,600 | $0 to $23,200 | $0 to $16,550 |
12% | $11,601 to $47,150 | $23,201 to $94,300 | $16,551 to $63,100 |
22% | $47,151 to $100,525 | $94,301 to $201,050 | $63,101 to $100,500 |
24% | $100,526 to $191,950 | $201,051 to $383,900 | $100,501 to $191,950 |
32% | $191,951 to $243,725 | $383,901 to $487,450 | $191,951 to $243,700 |
35% | $243,726 to $609,350 | $487,451 to $731,200 | $243,701 to $609,350 |
37% | $609,351 or more | $731,201 or more | $609,351 or more |
Federal standard deductions for employees increased to:
Bonus and other supplemental wage tax flat rate will remain 22% using the optional flat rate, or 37% if the mandatory flat rate applies.
Tip: use a bonus tax calculator to determine how your bonus will be taxed in 2024.
The following updates have been made for nonresident alien employees in 2024:
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!
New updates to the 2023 and 2024 401k contribution limits. Use a free paycheck calculator to gain insights to your 401k and financial future.