| 2024 Tax Rates – Single Taxpayers Standard Deduction $14,600 2023 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 |
| 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 gross income (MAGI) exceeding $200,000 (single filers) or $250,000 (joint filers) |
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 |
|
MARK ARONOFF, CPA, P.C.
122-39 Mowbray Drive
Kew Gardens, NY 11415
Phone: (718) 775-5868
mark@aronoffcpa.com
