The income level of each United States citizen determines the taxes that they will have to pay to the IRS each year. This year, it is true that most Americans have already sent the Tax Return, but there is still time until the 15th of October for those who requested an extension to send the documentation.
For that reason it is good to know that whenever we have any kind of income we are going to have to make a payment. This will be in this year 2024 from the income of 2023 and in the next year 2025 from the income of 2024. And in each year the percentage of taxes we pay to the IRS may change, something that will happen in 2025 as the tax brackets will vary from previous years.
Some Americans may have to pay more taxes, but many others will have to pay even less. For citizens filing a solo return, the income level will be different. This makes that even if we earn more income in this year 2024 it does not mean that we will have to pay more taxes. We may have to pay less.
IRS taxation in 2025
To have clear ideas the best thing to do is to see the complete table of the taxes we have to pay in 2025 from the income of 2024. If we check well, we can see, compared to previous years, that the level of income before paying more taxes has increased. Therefore, many groups of Americans have to pay less tax in the next year 2025.
These are the Tax Brackets for different groups of Americans:
|
Tax Rate |
Single person |
Married filing jointly |
Married filing separately |
Head of household |
|---|---|---|---|---|
|
10% |
$11,600 or less |
$23,200 or less |
$11,600 or less |
$16,550 or less |
|
12% |
$11,601 to $47,150 |
$23,201 to $94,300 |
$11,601 to $47,150 |
$16,551 to $63,100 |
|
22% |
$47,151 to $100,525 |
$94,301 to $201,050 |
$47,151 to $100,525 |
$63,101 to $100,500 |
|
24% |
$100,526 to $191,950 |
$201,051 to $383,900 |
$100,526 to $191,950 |
$100,501 to $191,950 |
|
32% |
$191,951 to $243,725 |
$383,901 to $487,450 |
$191,951 to $243,725 |
$191,951 to $243,700 |
|
35% |
$243,726 to $609,350 |
$487,451 to $731,200 |
$243,726 to $365,600 |
$234,701 to $609,350 |
|
37% |
Over $609,350 |
Over $731,200 |
Over $365,600 |
Over $609,350 |
In short, if you have an income of less than $47,150 you will have to pay 12% of your income in taxes to the IRS. In this year 2024 this income was less than $44,000, so we can see an increase of around $3,000 for this group of Americans.
Remember that the Tax Return is mandatory and not doing so means having to pay some kind of fine and penalty in most cases. Be sure to check the calendar to send the documentation and don’t forget to pay all your taxes to the IRS to avoid problems.