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 grossincome (MAGI) exceeding $200,000 (single filers) or $250,000 (jointfilers)

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: Federal Register