Tax Rates
2024 Tax Rates – Single Taxpayers
| Standard Deduction | $14,600 |
|---|---|
| Rate | Income Range |
| 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 Filing Jointly & Surviving Spouses
| Standard Deduction | $29,200 |
|---|---|
| Rate | Income Range |
| 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 |
|---|---|
| Rate | Income Range |
| 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 |
|---|---|
| Rate | Income Range |
| 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
| Rate | Income Range |
|---|---|
| 10% | $0 to $3,100 |
| 24% | $3,100 to $11,150 |
| 35% | $11,150 to $15,200 |
| 37% | Over $15,200 |
2024 Social Security Tax Rates
| Type | Rate |
|---|---|
| Employers | 6.2% |
| Employees | 6.2% |
| 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 | 0.9% on income above $200,000 (single) or $250,000 (joint) |
| Net Investment Income Tax | 3.8% on income exceeding $200,000 (single) or $250,000 (joint) |
2024 Miscellaneous Tax Rates
| Item | Rate/Limit |
|---|---|
| Section 179 Expensing Limit | $1,220,000 |
| Section 179 Phaseout Threshold | $3,050,000 |
| First-Year Bonus Depreciation Rate | 60% |
| Section 199A Deduction Phaseout Threshold | $191,950 (single/HOH), $383,900 (joint) |
| Qualified Small-Employer HRA Limit | $6,150 (single), $12,450 (family) |
| Prior-Year Safe Harbor for Estimated Taxes | 110% of 2023 tax liability |
| Standard Mileage Rate for Business | 67 cents |
| Standard Mileage Rate for Medical/Moving | 21 cents |
| Standard Mileage Rate for Charitable Driving | 14 cents |
| Child Tax Credit | $2,000 per child |
| Unearned Income Maximum Before Kiddie Tax | $1,300 |
| Maximum Capital Gains Tax Rate (0%) | $0 to $47,025 (single), $0 to $94,050 (joint) |
| Maximum Capital Gains Tax Rate (15%) | $47,025 to $518,900 (single), $94,050 to $583,750 (joint) |
| Maximum Capital Gains Tax Rate (20%) | Over $518,900 (single), Over $583,750 (joint) |
| Capital Gains Tax Rate on Sec. 1250 Gains | 25% |
| Capital Gains Tax Rate on Collectibles | 28% |
| Maximum Contribution to Traditional/Roth IRA | $7,000 (under 50), $8,000 (50 or older) |
| Maximum Contribution to SIMPLE IRA | $16,000 (under 50), $19,500 (50 or older) |
| Maximum Contribution to SEP IRA | 25% of eligible compensation up to $69,000 |
2024 Education Tax Rates
| Item | Limit |
|---|---|
| American Opportunity Credit | $2,500 per student |
| Lifetime Learning Credit | $2,000 per return |
| Student Loan Interest Deduction | $2,500 per return |
| Coverdell Education Savings Account Contribution | $2,000 per student |
2024 Standard Meal Rates for Family Child Care Providers
Continental U.S. (July 1, 2023 – June 30, 2024)
| Meal | Rate |
|---|---|
| Breakfast | $1.65 |
| Lunch/Supper | $3.12 |
| Snack | $0.93 |
Alaska (July 1, 2023 – June 30, 2024)
| Meal | Rate |
|---|---|
| Breakfast | $2.63 |
| Lunch/Supper | $5.05 |
| Snack | $1.50 |
Hawaii (July 1, 2023 – June 30, 2024)
| Meal | Rate |
|---|---|
| Breakfast | $2.12 |
| Lunch/Supper | $4.05 |
| Snack | $1.20 |
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