Federal income tax rates for individuals are categorized into seven brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%

10%: Applies to the lowest income bracket. 12%: Applicable just above the 10% bracket, capturing more of the median incomes. 22%, 24%: These middle brackets cover a broad range, reflecting moderate to higher-income levels. 32%, 35%: Affect those with substantially higher earnings before hitting the peak rate. 37%: The top rate, reserved for the highest earners. It’s important to note that these rates apply to different portions of your income rather than the entire amount. This means that if you fall into the 24% bracket, only income within that range is taxed at 24%.