United States - Individual - Taxes on personal income

Fri, 27 Dec 2024 15:07:08 +0000

In the United States, individual income taxes are imposed by both the federal government and, in many cases, state and local governments. The federal income tax is progressive, meaning that as an individual’s income increases, the tax rate also rises. For the 2023 tax year, there are seven tax brackets with rates ranging from 10% to 37%. The specific rate that applies depends on the taxpayer’s income level and filing status, such as single, married filing jointly, married filing separately, or head of household.