Marginal Tax Brackets For Tax Year 2024. The seven federal income tax brackets for 2024 and 2025 are 10%, 12%, 22%, 24%, 32%, 35% and 37%. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income taxable income is the amount of income subject to tax, after deductions and exemptions.

A marginal tax rate is the rate you pay on the last dollar of your taxable income. To ascertain the actual income tax payable with surcharge, compare the normal tax liability (before surcharge and cess) and tax liability after marginal tax relief (without cess).