The IRS has announced new federal income tax brackets and standard deductions for 2025.
In its announcement Tuesday, the agency raised the income thresholds for each bracket, which applies to tax year 2025 for returns filed in 2026. The top rate of 37% applies to individuals with taxable income above $626,350 and married couples filing jointly earning $751,600 or more for 2025.
The IRS also boosted figures for dozens of other provisions, including long-term capital gains brackets, estate and gift tax exemption and eligibility for the earned income tax credit, among others.
Federal tax brackets for 2025
Federal income tax brackets show how much you owe on each part of your “taxable income,” which you calculate by subtracting the greater of the standard or itemized deductions from your adjusted gross income.
More at: https://www.cnbc.com/2024/10/22/irs-2025-federal-income-tax-brackets.html
Joy: $57,231, Plus 35% of amount over $250,525
According to The Tax Foundation, the national tax freedom day is April 18th meaning the average American will work 108 of 365 days a year just to pay their varied taxes.
I live on social security only — do little freelance commission art every year to supplement ( eat/heat etc) I’m very frugal but still had to pay self employment tax on $1900 income— it’s stupid