2024 Tax Rates - Single Taxpayers Standard Deduction $14,600

• 10%   0 to $11,600

• 12%   $11,600 to $47,150

• 22%   $47,150 to $100,525

• 24%   $100,525 to $191,950

• 32%   $191,950 to $243,725

• 35%   $243,725 to $609,350

• 37%   Over $609,350

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

• 10%   0 to $23,200

• 12%   $23,201 to $94,300

• 22%   $94,301 to $201,050

• 24%   $201,051 to $383,900

• 32%   $383,901 to $487,450

• 35%   $487,451 to $731,200

• 37%   Over $731,200

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

• 10%   0 to $11,600

• 12%   $11,600 to $47,150

• 22%   $47,150 to $100,525

• 24%   $100,525 to $191,950

• 32%   $191,950 to $243,725

• 35%   $243,725 to $365,600

• 37%   Over $365,600

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

• 10%   0 to $16,550

• 12%   $16,550 to $63,100

• 22%   $63,100 to $100,500

• 24%   $100,500 to $191,950

• 32%   $191,950 to $243,725

• 35%   $243,725 to $609,350

• 37%   Over $609,350

2024 Tax Rates - Estates & Trusts

• 10%   0 to $3,100

• 24%   $3,100 to $11,150

• 35%   $11,150 to $15,200

• 37%   Over $15,200

2024 Social Security

2024 Tax Rates

• Social Security Tax Rate: Employers -  6.2%

• Social Security Tax Rate: Employees -  6.2%

• Social Security Tax Rate: Self-Employed -  12.4%

• Maximum earnings subject to Social Security tax -  $168,600

• Maximum earnings subject to Medicare tax  - Unlimited

• Medicare Tax Rate: Employers -  1.45%

• Medicare Tax Rate: Employees -  1.45%

• Medicare tax rate: Self-employed -  2.9%

• Additional Medicare tax on FICA wages and self-employment income above $200,000 (single filers) or $250,000 (joint filers) -  0.9%

• Net investment income tax on taxpayers with modified adjusted gross income (MAGI) exceeding $200,000 (single filers) or $250,000 (joint filers) -  3.8%

2024 Miscellaneous

2024 Tax Rates

• Business Section 179 expensing limit -  $1,220,000

• Business Section 179 phaseout threshold - $3,050,000

• First-year bonus depreciation rate - 60%

• Income threshold after which the Section 199A (qualified business income) deduction for pass-through entities may begin to phase out

• $191,950 (single and head of household); $383,900 (married filing jointly)

• Qualified small-employer Health Reimbursement Arrangement limit

• $6,150 (single coverage); $12,450 (family coverage)

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

• 110% of 2023 tax liability

• Standard mileage rate for business driving - 67 cents

• Standard mileage rate for medical driving - 21 cents

• Standard mileage rate for moving driving (only members of the Armed Forces on active duty who move because of a permanent change of station) - 21 cents

• Standard mileage rate for charitable driving - 14 cents

• Child Tax Credit (per child under age 17 at the end of the tax year) - $2,000

• Unearned income maximum for children under 19 before kiddie tax applies - $1,300

• Maximum capital gains tax rate for taxpayers with income up to $47,025 for single filers, $94,050 for married filing jointly - 0%

• Maximum capital gains tax rate for taxpayers with income $47,025 to $518,900 for single filers, $94,050 to $583,750 for married filing jointly - 15%

• Maximum capital gains tax rate for taxpayers with income above $518,900 for single filers, $583,750 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 - $16,000 if under age 50/$19,500 if 50 or older

• Maximum contribution to SEP IRA - 25% of eligible compensation up to $69,000

2024 Education - 2024 Tax Rates

• American Opportunity Credit (per student) - $2,500

• Lifetime Learning Credit (per return) - $2,000

• Student Loan Interest Deduction (per return) - $2,500

• Coverdell Education Savings Account Contribution (per student) - $2,000

2024 Standard Meal Rates for Family Child Care Providers for income tax returns Continental U.S.

2023-24 Tax Rates (July 1, 2023-June 30, 2024)

• For each breakfast - $1.65

• For each lunch or supper - $3.12

• For each snack (up to 3 per day for each child) - $0.93

Alaska

2023-24 Tax Rates (July 1, 2023-June 30, 2024)

• For each breakfast - $2.63

• For each lunch or supper - $5.05

• For each snack (up to 3 per day for each child) - $1.50

Hawaii

2023-24 Tax Rates (July 1, 2023-June 30, 2024)

• For each breakfast - $2.12

• For each lunch or supper - $4.05

• For each snack (up to 3 per day for each child) - $1.20

Source: IRS Federal Registrar