10%

0 to $11,600

12%

$11,601 to $47,150

22%

$47,151 to $100,525

24%

$100,526 to $191,950

32%

$191,951 to $243,725

35%

$243,726 to $609,350

37%

Over $609,351

2024 Tax Rates – Married Jointly or Qualifying Widow – Standard Deduction $29,200

10%

0 to $23,220

12%

$23,221 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 $731,201

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

10%

0 to $11,600

12%

$11,601 to $47,150

22%

$47,151 to $100,525

24%

$100,525 to $191,950

32%

$191,951 to $243,725

35%

$243,726 to $365,600

37%

Over $365,601

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

10%

0 to $16,550

12%

$16,551 to $63,100

22%

$63,101 to $100,500

24%

$100,501 to $191,950

32%

$191,951 to $243,700

35%

$243,701 to $609,350

37%

Over $609,351

2024 Tax Rates – Estates & Trusts

10%

0 to $2,900

24%

$2,901 to $10,550

35%

$10,551 to $14,450

37%

Over $14,450

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

15.3%

Maximum Taxable Earnings

$168,600

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

Additional Medicare Tax for income above $200,000 (single filers), $250,000 (joint filers) or $125,000 (Married Filing Separately)

0.9%

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

3.8%

Miscellaneous

2024 Tax Rates

Business expensing limit: New and Used Equipment and Software

$1,220,000

Qualified Business Income threshold amount

$191,950 (single and head of 383,900 (married filing joint return)

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

110% of your 2023 tax liability

Standard mileage rate for business driving

65.5 cents (July1 – December 31, 2023) and 67.0 cents (January 1 – June 30, 2024)

Standard mileage rate for medical/moving driving

22 cents (July1 – December 31, 2023) and 21 cents (January 1 – June 30, 2024)

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000

Unearned income maximum for children under 18 before kiddie tax applies

$2,300

Maximum capital gains tax rate for taxpayers in the 10% or 12% bracket

0%

Maximum capital gains tax rate for taxpayers above the 12% bracket but below the 37% bracket

15%

Maximum capital gains tax rate for taxpayers in the 37% bracket

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

401(k) maximum employee contribution limit

$23,000 if under age 50
$30,500 if 50 or older

Estate tax exemption

$13,610,000 (Single)

$27,220,000 (Couple)

Annual Exclusion for Gifts

$18,000

Education

2024 Tax Rates

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Standard Meal Rates for Family Child Care Providers for 2024-25 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

Guam, Hawaii, Puerto Rico and Virgin Islands

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