STATEN ISLAND, N.Y. — Tax season is almost here and that means it’s time for millions of tax payers to learn what they should expect to pay for 2025.
Each year the Internal Revenue Service (IRS) updates its tax brackets informing the public at what rate the agency will tax different tiers of income.
According to the IRS, the top tax rate will be 37% for individual single taxpayers with incomes greater than $626,350 and $751,600 for married couples filing jointly). The other rates for 2025 income are:
35% for incomes over $250,525 ($501,050 for married couples filing jointly).32% for incomes over $197,300 ($394,600 for married couples filing jointly).24% for incomes over $103,350 ($206,700 for married couples filing jointly).22% for incomes over $48,475 ($96,950 for married couples filing jointly).12% for incomes over $11,925 ($23,850 for married couples filing jointly).10% for incomes $11,925 or less ($23,850 or less for married couples filing jointly).
The federal government taxes income at progressively higher rates meaning that every taxpayer pays the rate for their income that falls in each tax bracket.
The IRS announced last week that the opening for tax season this year would be Monday, Jan. 26.
Tax brackets rise with inflation each year, so taxpayers’ brackets for 2025 might be slightly different than what they saw for 2024 income.
When the IRS announced the new brackets in October, it also released information on the standard decutions, and are as listed:
Married couples filing together: $32,200Heads of household: $24,150Singles and married individuals: $16,100