Tax rates
|
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 |
|
10% |
0 to $22,000 |
|
12% |
$22,000 to $89,450 |
|
22% |
$89,450 to $190,750 |
|
24% |
$190,750 to $364,200 |
|
32% |
$364,200 to $462,500 |
|
35% |
$462,500 to $693,750 |
|
37% |
Over $693,750 |
|
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 |
|
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 |
|
10% |
0 to $3,100 |
|
24% |
$3,100 to $11,150 |
|
35% |
$11,150 to $15,200 |
|
37% |
Over $15,200 |
|
Social Security Tax Rate: Employers |
6.2% |
|
Social Security Tax Rate: Employees |
6.2% |
|
Social Security Tax Rate: Self-Employed |
15.3% |
|
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% |
|
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 driving |
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% |
|
Maximum contribution for Traditional/Roth IRA |
$6,500 if under age 50 |
|
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 |
|
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 |
|
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 |