Income Tax Brackets (2024)

Question 1

Fed Tax Brackets for Individual Filers (2024)

Answer 1

10%: Taxable income up to $11,600
12%: Taxable income over $11,600
22%: Taxable income over $47,150
24%: Taxable income over $100,525
32%: Taxable income over $191,950
35%: Taxable income over $243,725
37%: Taxable income over $609,350

Question 1

Fed Tax Brackets for Joint Filers (2024)

Answer 1

10%: Taxable income up to $23,200
12%: Taxable income over $23,200
22%: Taxable income over $94,300
24%: Taxable income over $201,050
32%: Taxable income over $383,900
35%: Taxable income over $487,450
37%: Taxable income over $731,200

Question 2

Top 3 NJ Tax Rates & Income Ranges (JOINT filers)

Answer 2

$150,000 - $500,000 = 6.370%
$500,000 - $1,000,000 = 8.970%
$1,000,000+ = 10.750%

Question 3

Top 3 NJ Tax Rates & Income Ranges (SINGLE filers)

Answer 3

$75,000-500,000= 6.370%
$500,000-$1,000,000 = 8.970%
$1,000,000+ = 10.750%

Question 4

What States do NOT have income tax (8 total)?

Answer 4

Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming do not levy state income taxes,

Question 5

Does New Hampshire have any income-tax breaks?

Answer 5

Yes - New Hampshire does not tax earned income (and therefore, does not tax retirement distributions). HOWEVER, NH does tax interest and dividend.

Question 6

In addition to the 8 states that do not have income tax, which 5 do not tax IRA distributions?

Answer 6

New Hampshire, Illinois, Mississippi, Pennsylvania, and Iowa.