Tax Tools
2024 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) |
|---|
| 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 $731,200 |
| 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 |
|---|
| Description | Values |
|---|---|
|
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 |
|---|
| Description | Values |
|---|---|
|
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 |
|---|
| Description | Values |
|---|---|
|
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: | Values |
|---|---|
|
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 |