TAX RATES
2024 Tax Rates Schedule X - Single |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $11,600 | 10% of the taxable amount |
| $11,600 | $47,150 | $1,160.00 plus 12% of the excess over $11,600 |
| $47,150 | $100,525 | $5,426.00 plus 22% of the excess over $47,150 |
| $100,525 | $191,950 | $17,168.50 plus 24% of the excess over $100,525 |
| $191,950 | $243,725 | $39,110.50 plus 32% of the excess over $191,950 |
| $243,725 | $609,350 | $55,678.50 plus 35% of the excess over $243,725 |
| $609,350 | no limit | $183,647.25 plus 37% of the excess over $609,350 |
2024 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er) |
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If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $23,200 | 10% of the taxable amount |
| $23,200 | $94,300 | $2,320.00 plus 12% of the excess over $23,200 |
| $94,300 | $201,050 | $10,852.00 plus 22% of the excess over $94,300 |
| $201,050 | $383,900 | $34,337.00 plus 24% of the excess over $201,050 |
| $383,900 | $487,450 | $78,221.00 plus 32% of the excess over $383,900 |
| $487,450 | $731,200 | $111,357.00 plus 35% of the excess over $487,450 |
| $731,200 | no limit | $196,669.50 plus 37% of the excess over $731,20 |
2024 Tax Rates Schedule Y-2 - Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $11,600 | 10% of the taxable amount |
| $11,600 | $47,150 | $1,160.00 plus 12% of the excess over $11,600 |
| $47,150 | $100,525 | $5,426.00 plus 22% of the excess over $47,150 |
| $100,525 | $191,950 | $17,168.50 plus 24% of the excess over $100,525 |
| $191,950 | $243,725 | $39,110.50 plus 32% of the excess over $191,950 |
| $243,725 | $365,600 | $55,678.50 plus 35% of the excess over $243,725 |
| $365,600 | no limit | $98,334.75 plus 37% of the excess over $365,600 |
2024 Tax Rates Schedule Z - Head of Household |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $16,550 | 10% of the taxable amount |
| $16,550 | $63,100 | $1,655.00 plus 12% of the excess over $16,550 |
| $63,100 | $100,500 | $7,241.00 plus 22% of the excess over $63,100 |
| $100,500 | $191,950 | $15,469.00 plus 24% of the excess over $100,500 |
| $191,950 | $243,700 | $37,417.00 plus 32% of the excess over $191,950 |
| $243,700 | $609,350 | $53,977.00 plus 35% of the excess over $243,700 |
| $609,350 | no limit | $181,954.50 plus 37% of the excess over $609,350 |
2024 Tax Rates Estates & Trusts |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $3,100 | 10% of the taxable income |
| $3,100 | $11,150 | $310.00 plus 24% of the excess over $3,100 |
| $11,150 | $15,200 | $2,242.00 plus 35% of the excess over $11,150 |
| $15,200 | no limit | $3,659.50 plus 37% of the excess over $15,200 |
Social Security 2024 Tax Rates |
|
| Base Salary | $168,600 |
| Social Security Tax Rate | 6.20% |
| Maximum Social Security Tax | $10,453.20 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2024 Tax Rates |
|
| Additional Medicare Tax | 0.90% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2024 Credit and Deduction Limits |
|
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2024 Tax Rates |
|
| Standard Deduction: | |
| Married filing jointly or Qualifying Widow(er) | $29,200 |
| Head of household | $21,900 |
| Single or Married filing separately | $14,600 |
| Business Equipment Expense Deduction | $1,220,000 |
| Prior-year safe harbor for estimated taxes of higher-income taxpayers | 110% of your 2023 tax liability |
| Standard mileage rate for business driving | 67 cents |
| Standard mileage rate for medical/moving driving | 21 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $94,050 for joint filers and surviving spouses, $63,000 for heads of household, $47,025 for single filers, $47,025 for married taxpayers filing separately, and $3,150 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $583,750 for joint filers and surviving spouses, $551,350 for heads of household, $518,900 for single filers, $291,850 for married taxpayers filing separately, and $15,450 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $583,750 for joint filers and surviving spouses, $551,350 for heads of household, $518,900 for single filers, $291,850 for married taxpayers filing separately, and $15,450 for estates and trusts | 20% |
| Long-term gain attributable to certain depreciation recapture | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 28% |
| Maximum contribution for Traditional/Roth IRA | $7,000 if under age 50 $8,000 if 50 or older |
| Maximum employee contribution to SIMPLE IRA | $16,000 if under age 50 $19,500 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of compensation up to $69,000 |
| 401(k) maximum employee contribution limit | $23,000 if under age 50 $30,500 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $13,610,000 |
| Annual Exclusion for Gifts | $18,000 |
| Foreign Earned Income Exclusion | $126,500 |