INDIANA – Experts say Hoosier paycheck could be slightly bigger in 2024 due to federal income tax bracket adjustments due to inflation.
The standard deduction is increasing to $29,200 for married couples filing together and $14,600 for single taxpayers.
There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit, and flexible spending account limits, among others.
There’s also a higher earned income tax credit, bumping the write-off to a maximum of $7,830 for low- to moderate-income filers. And employees can funnel $3,200 into health flexible spending accounts.
But tax experts say Hoosier should review their federal and state withholdings throughout the year to avoid a surprise tax bill.
Marginal tax brackets for tax year 2024
Married filing jointly
The table shows the income brackets for married couples filing jointly for the 2024 tax year.
| Taxable income | Taxes owed |
|---|---|
| $0 to $23,200 | 10% of the taxable income |
| $23,201 to $94,300 | $2,320 Plus 12% of the amount over $23,200 |
| $94,301 to $201,050 | $10,852 Plus 22% of the amount over $94,300 |
| $201,051 to $383,900 | $34,337 Plus 24% of the amount over $201,050 |
| $383,901 to $487,450 | $78,221 Plus 32% of the amount over $383,900 |
| $487,451 to $731,200 | $111,357 Plus, 35% of the amount over $487,450 |
| $731,201 or more | $196,669.50 Plus 37% of the amount over $731,200 |
Marginal tax brackets for tax year 2024
Single individuals
The table shows the income brackets for single individuals for the 2024 tax year.
| Taxable income | Taxes owed |
|---|---|
| $0 to $11,600 | 10% of the taxable income |
| $11,601 to $47,150 | $1,160 Plus 12% of the amount over $11,600 |
| $47,151 to $100,525 | $5,426 Plus 22% of the amount over $47,150 |
| $100,526 to $191,950 | $17,168.50 Plus 24% of the amount over $100,525 |
| $191,951 to $243,725 | $39,110.50 Plus 32% of the amount over $191,150 |
| $243,726 to $609,350 | $55,678.50 Plus 35% of the amount over $243,725 |
| $609,351 or more | $183,647.25 Plus 37% of the amount over $609,350 |
