The Internal Revenue Service has unveiled its annual inflation adjustments for the 2024 tax year, featuring a slight uptick in income thresholds for each bracket compared to 2023.

Your taxable income and filing status determine both the tax rate and bracket that apply to you, outlining the amount you’ll owe on different portions of your income. For both 2023 and 2024, the seven federal income tax rates are 10%, 12%, 22%, 24%, 32%, 35% and 37%.

Below, CNBC Select breaks down the updated tax brackets of 2024 and what you need to know.