Tax Rates
2024
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10% |
0 to $11,600 |
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12% |
$11,601 to $47,150 |
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22% |
$47,151 to $100,525 |
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24% |
$100,526 to $191,950 |
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32% |
$191,951 to $243,725 |
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35% |
$243,726 to $609,350 |
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37% |
Over $609,351 |
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2024 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $29,200 |
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10% |
0 to $23,200 |
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12% |
$23,201 to $94,300 |
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22% |
$94,301 to $201,050 |
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24% |
$201,051 to $383,900 |
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32% |
$383,901 to $487,450 |
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35% |
$487,451 to $731,200 |
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37% |
Over $731,201 |
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2024 Tax Rates – Married Filing Separately – Standard Deduction $14,600 |
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10% |
0 to $11,600 |
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12% |
$11,601 to $47,150 |
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22% |
$47,151 to $100,525 |
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24% |
$100,526 to $191,150 |
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32% |
$191,151 to $243,725 |
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35% |
$243,726 to $365,600 |
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37% |
Over $365,601 |
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2024 Tax Rates – Head of Household – Standard Deduction $21,900 |
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10% |
0 to $16,550 |
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12% |
$16,551 to $63,100 |
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22% |
$63,101 to $100,500 |
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24% |
$100,501 to $191,950 |
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32% |
$191,951 to $243,700 |
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35% |
$243,701 to $609,350 |
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37% |
Over $609,351 |
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2024 Tax Rates – Estates & Trusts |
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10% |
0 to $3,100 |
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24% |
$3,101 to $11,150 |
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35% |
$11,151 to $15,200 |
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37% |
Over $15,201 |
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Social Security |
2024 Tax Rates |
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Social Security Tax Rate: Employers |
6.2% |
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Social Security Tax Rate: Employees |
6.2% |
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Social Security Tax Rate: Self-Employed |
15.3% |
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Maximum Taxable Earnings |
$168,600 |
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Medicare Base Salary |
Unlimited |
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Medicare Tax Rate: Employers |
1.45% |
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Medicare Tax Rate: Employees |
1.45% |
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Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) |
0.9% |
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Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) |
3.8% |
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Miscellaneous |
2024 Tax Rates |
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Business expensing limit: Cap on equipment purchases |
$2,890,000 |
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Business expensing limit: New and Used Equipment and Software |
$1,220,000 |
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Qualified Business Income threshold amount: |
$191,950 (single and head of household); $383,900 (married filing joint return) |
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Qualified Small Employer Health Reimbursement Arrangement limit: |
$6,150 (single coverage); $12,450 (family coverage) |
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Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2023 tax liability |
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Standard mileage rate for business driving |
67 |
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Standard mileage rate for medical driving |
21 |
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Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station |
21 |
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Standard mileage rate for charitable driving |
14 |
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Child Tax Credit |
$2,000 |
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Unearned income maximum for children under 19 before kiddie tax applies |
$1,300 |
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Maximum capital gains tax rate for taxpayers with income up to $47,025 for single filers, $94,050 for married filing jointly |
0% |
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Maximum capital gains tax rate for taxpayers with income $47,026 to $518,900 for single filers, $94,051 to $583,750 for married filing jointly |
15% |
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Maximum capital gains tax rate for taxpayers with income above $518,901 for single filers, $583,751 for married filing jointly |
20% |
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Capital gains tax rate for unrecaptured Sec. 1250 gains |
25% |
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Capital gains tax rate on collectibles |
28% |
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Maximum contribution for Traditional/Roth IRA |
$7,000 if under age 50 |
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Maximum employee contribution to SIMPLE IRA |
$16,000 if under age 50 |
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Maximum Contribution to SEP IRA |
25% of eligible compensation |
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401(k) maximum employee contribution limit |
$23,000 if under age 50 |
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Estate tax exemption |
$13,610,000 |
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Annual Exclusion for Gifts |
$18,000 |
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Education |
2024 Tax Rates |
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American Opportunity Credit (per student) |
$2,500 |
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Lifetime Learning Credit (per return) |
$2,000 |
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Student Loan Interest Deduction |
$2,500 |
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Coverdell Education Savings Account Contribution |
$2,000 |
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Source: IRS Revenue Procedure 2023-34 |
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Standard Meal Rates for Family Child Care Providers for income tax returns |
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Continental U.S. |
2023-24 Tax Rates (July 1, 2023-June 30, 2024) |
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For each breakfast |
$1.65 |
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For each lunch or supper |
$3.12 |
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For each snack (up to 3 per day for each child) |
$0.93 |
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Alaska |
2023-24 Tax Rates (July 1, 2023-June 30, 2024) |
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For each breakfast |
$2.63 |
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For each lunch or supper |
$5.05 |
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For each snack (up to 3 per day for each child) |
$1.50 |
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Hawaii |
2023-24 Tax Rates (July 1, 2023-June 30, 2024) |
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For each breakfast |
$2.12 |
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For each lunch or supper |
$4.05 |
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For each snack (up to 3 per day for each child) |
$1.20 |
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Source: Federal Register |
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