Tax Brackets 2024 Explained For Seniors. The irs uses different sets of tax brackets for each type of filing status, allowing for more income to be taxed at a lower rate if your filing status qualifies. There are seven federal tax brackets for tax year 2024.
You pay tax as a percentage of your income in layers called tax brackets. 10%, 12%, 22%, 24%, 32%, 35% and 37%.