What Is The Tax Bracket For 2024 Single.  — for tax year 2024, which applies to taxes filed in 2025, there are seven federal tax brackets with income tax rates of 10%, 12%, 22%, 24%, 32, 35%, and 37%.  — you live in new york state and fall in a federal tax bracket of 24% or higher.

If your income qualifies, you can deduct that entire $7,000 amount from your taxable income.  — to figure out your tax bracket, first look at the rates for the filing status you plan to use: