10%

0 – $11,600

12%

$11,600  – $47,150

22%

$47,150  – $100,525

24%

$100,525  – $191,950

32%

$191,950 – $243,725

35%

$243,725 – $609,350

37%

Over $609,350

2024 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $29,200

10%

0 – $22,000

12%

$22,000 – $89,450

22%

$89,450  – $190,750

24%

$190,750 – $364,200

32%

$364,200 – $462,500

35%

$462,500 – $693,750

37%

Over $693,750

2024 Tax Rates - Married Filing Separately - Standard Deduction $14,600

10%

0 – $11,600

12%

$11,600  – $47,150

22%

$47,150  – $100,525

24%

$100,525  – $191,950

32%

$191,950 – $243,725

35%

$243,725 – $365,600

37%

Over $365,600

2024 Tax Rates - Head of Household - Standard Deduction $21,900

10%

0 to $16,550

12%

$16,550 – $63,100

22%

$63,100 – $100,500

24%

$100,500 – $191,950

32%

$191,950 – $243,725

35%

$243,725 – $609,350

37%

Over $609,350

2024 Tax Rates

Estates & Trusts

10%

0 to $3,100

24%

$3,100 – $11,150

35%

$11,150 – $15,200

37%

Over $15,200

2024 Tax Rates

Social Security

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$168,600

Medicare Base Salary

Unlimited

Medicare Tax Rate: Employees

1.45%

Medicare Tax Rate: Self-employed

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare Tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

2024 Tax Rates

Miscellaneous

Personal Exemption

none

Business expensing deduction limit: Cap on equipment purchases

$3,050,000

Business expensing deduction limit: New and Used Equipment and Software

$1,220,000

First-year bonus depreciation rate

60%

Qualified Business Income threshold amount:

$182,100 (single and head of household); $364,200 (married filing joint return)

Qualified Small Employer Health Reimbursement Arrangement limit:

$5,850 (single coverage); $11,050 (family coverage)

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2023 tax liability

Standard mileage rate for business driving

67 cents

Standard mileage rate for medical / moving

21 cents

Standard mileage rate for moving driving - Members of the Armed Forces on active duty because of a permanent change of station

21 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000

Unearned income maximum for children under 19 before kiddie tax applies

$1,300

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket (up to $44,625 for single filers, $89,250 for married filing jointly)

0%

Maximum capital gains tax rate for taxpayers above the 15% bracket but below 37% ($44,625 to $492,300 for single filers, $89,250 to $553,850 for married filing jointly)

15%

Maximum capital gains tax rate for taxpayers with income above $492,300 for single filers, $553,850 for married filing jointly

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles

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

$16,00 if under age 50
$19,500 if 50 or older

Maximum Contribution to SEP IRA

25% of eligible compensation
up to $69,000

401(k) maximum employee contribution limit

$23,000 if under age 50
$35,000 if 50 or older

Estate tax individual exemption / married

$13,610,000 / $27,220,000 if married

Annual Exclusion for Gifts

$18,000

2024 Tax Rates

Education

American Opportunity Credit (per student)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution (per student)

$2,000