2024
Tax Rates

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Tax Rates

Income Tax Brackets

Income tax brackets segment income into various brackets, each associated with a specific tax rate that applies solely to the portion of income within that particular bracket.

Single

IF TAXABLE INCOME IS: THE TAX IS:
$0 to $11,600 10% of taxable income
$11,600 to $47,150 $1,160 + 12% of the amount over $11,600
$47,150 to $100,525 $5,426 + 22% of the amount over $47,150
$100,525 to $191,950 $17,168.50 + 24% of the amount over $100,525
$191,950 to $243,725 $39,110.50 + 32% of the amount over $191,150
$243,725 to $609,350 $55,678.50 + 35% of the amount over $243,725
Over $609,350 $183,647.25+ 37% of the amount over $609,350

Head of Household

IF TAXABLE INCOME IS: THE TAX IS:
$0 to $16,550 10% of taxable income
$16,550 to $63,100 $1,655 + 12% of the amount over $16,550
$63,100 to $100,500 $7,241 + 22% of the amount over $63,100
$100,500 to $191,950 $15,469 + 24% of the amount over $100,500
$191,950 to $243,700 $37,417 + 32% of the amount over $191,150
$243,700 to $609,350 $53,977 + 35% of the amount over $243,700
Over $609,350 $181,954.50 + 37% of the amount over $609,350

Married Filing Jointly

IF TAXABLE INCOME IS: THE TAX IS:
$0 to $23,200 10% of taxable income
$23,200 to $94,300 $2,320 + 12% of the amount over $23,200
$93,300 to $201,050 $10,852 + 22% of the amount over $94,300
$201,050 to $383,900 $34,337+ 24% of the amount over $201,050
$383,900 to $487,450 $78,221 + 32% of the amount over $383,900
$487,450 to $731,200 $111,357 + 35% of the amount over $487,450
Over $731,200 $196,669 + 37 % of the amount over $731,200

Married Filing Separately

IF TAXABLE INCOME IS: THE TAX IS:
Not over $11,600 10% of taxable income
$11,600 to $47,150 $1,160 + 12% of the amount over $11,600
$47,150 to $100,525 $5,426 + 22% of the amount over $47,150
$100,525 to $191,950 $17,168.50 + 24% of the amount over $100,525
$191,950 to $243,725 $39,110.50 + 32% of the amount over $191,150
$243,725 to $365,600 $55,678.50 + 35% of the amount over $243,725
Over $365,600 $98,334.75 + 37% of the amount over $365,600

Standard Mileage Rate

Standard mileage rates are used for calculating the deductible expenses related to using a personal vehicle for work-related purposes. The rates are typically based on the number of miles driven and are meant to cover the cost of operating a vehicle (fully electric, hybrid, gasoline or diesel-powered), including fuel, maintenance, and depreciation.

USE RATE
Business 67 cents
Medical Care or Move (Military only) 21 cents
Charitable 14 cents

Standard Deduction

The standard deduction is a set amount that taxpayers can subtract from their adjusted gross income to reduce their taxable income. It is a flat dollar amount that varies depending on the taxpayer's filing status and is intended to simplify the tax filing process for individuals who may not have many itemized deductions. Taxpayers can choose to take the standard deduction or itemize their deductions, whichever results in a lower taxable income.

Filing Status: Standard Deduction:
Married Filing Jointly/Surviving Spouses $29,200
Heads of Households $21,900
Single $14,600
Married Filing Separately $14,600

Education

The IRS offers education credits and student loan deductions to help taxpayers save money on education-related expenses. Education credits can help offset the cost of tuition, fees, and other eligible expenses for higher education.

Name Maximum Credit
American Opportunity Credit (AOTC) $2,500
Lifetime Learning Credit (LLC) $2,000
Student Loan Interest Deduction $2,500

Child Tax Credit

The Child Tax Credit (CTC) is a partially refundable financial benefit provided by the government to eligible families or individuals who have dependent children. It is designed to help reduce the financial burden of raising children by providing a tax credit that directly reduces the amount of tax owed. The credit is typically based on the number of qualifying children and their age.

Maximum Credit
Child Tax Credit $2,000
Advance CTC (Refundable Portion) $1,700

Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is a refundable tax credit for low to moderate-income working individuals and families. It is designed to help reduce the tax burden and provide financial support to those who need it.

Number of Qualifying Children
One Two Three or More None
Earned Income Amount $12,390 $17,400 $17,400 $8,260
Maximum Credit Amount $4,213 $6,960 $7,840 $632
Threshold Phaseout Amount (Married Filing Jointly) $29,640 $29,640 $29,640 $17,250
Completed Phaseout Amount (Married Filing Jointly) $56,004 $62,688 $66,819 $25,511
Threshold Phaseout Amount (All other filing statuses) $22,720 $22,720 $22,720 $10,330
Completed Phaseout Amount (All other filing statuses) $49,084 $55,768 $59,899 $18,591

Adoption Tax Credit

The Adoption Tax Credit is a nonrefundable tax credit that provides financial assistance to individuals who have adopted a child. The adoption tax credit helps offset some of the costs associated with adoption and provides support to families welcoming a new child into their home.

Name Maximum Credit
Adoption Tax Credit $16,810

Retirement

The IRS sets annual contribution limits for retirement accounts like 401(k) plans and IRAs to help individuals save for retirement while receiving tax benefits. Contributions to these accounts are often tax-deductible, and the earnings grow tax-deferred until withdrawal.

Name Contribution Limit
401(k), 403(b), most 457 plans $23,000
Traditional/Roth IRAs $7,000
SIMPLE IRAs $16,000

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