Tax Rates

2024 Tax Rates

2024 Tax Rates Schedule X – Single

If taxable income is overBut not overThe tax is
$0$11,60010%
$11,601$47,15012%
$47,151$100,52522%
$100,526$191,95024%
$191,951$243,72532%
$243,726$609,35035%
$609,351no limit37%

2024 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er)

If taxable income is overBut no overThe tax is
$0$23,22010%
$23,221$94,30012%
$94,301$201,05022%
$201,051$383,90024%
$383,901$487,45032%
$487,451$731,20035%
$731,201no limit37%

2024 Tax Rates Schedule Y-2 – Married Filing Separately

If taxable income is overBut not overThe tax is
$0$11,60010%
$11,601$47,15012%
$47,151$100,52522%
$100,525$191,95024%
$191,951$243,72532%
$243,726$365,60035%
$365,601no limit37%

2024 Tax Rates Schedule Z – Head of Household

If taxable income is overBut not overThe tax is
$0$16,55010%
$16,551$63,10012%
$63,101$100,50022%
$100,501$191,95024%
$191,951$243,70024%
$243,701$609,35035%
$609,351no limit37%

2022 Tax Rates Estates & Trusts

If taxable income is overBut not overThe tax is
$0$2,75010% of the taxable income
$2,750$9,850$275 plus 24% of the excess over $2,750
$9,850$13,450$1,979 plus 35% of the excess over $9,850
$13,450no limit$3,239 plus 37% of the excess over $13,450

Social Security 2022 Tax Rates

Base Salary$147,000
Social Security Tax Rate6.20%
Maximum Social Security Tax$9,114
Medicare Base Salaryunlimited
Medicare Tax Rate1.45%

Additional Medicare 2022 Tax Rates

Additional Medicare Tax0.90%
Filing StatusCompensation over
Married filing jointly$250,000
Married filing separate$125,000
Single$200,000
Head of household (with qualifiying person)$200,000
Qualifying widow(er) with dependent child$200,000

Education 2022 Credit and Deduction Limits

American Opportunity Tax Credit (Hope)$2,500
Lifetime Learning Credit$2,000
Student Loan Interest Deduction$2,500
Coverdell Education Savings Contribution$2,000

Miscellaneous 2022 Tax Rates

Standard Deduction:
- Married filing jointly or Qualifying Widow(er)$25,900
- Head of household $19,400
- Single or Married filing separately$12,950
Business Equipment Expense Deduction$1,080,000
Prior-year safe harbor for estimated taxes of higher-income110% of your 2021 tax liability
Standard mileage rate for business driving58.5 cents Jan. 1 - June 30, 2022; 62.5 cents July 1 - Dec. 31, 2022
Standard mileage rate for medical/moving driving18 cents Jan. 1 - June 30, 2022; 22 cents July 1 - Dec. 31, 2022
Standard mileage rate for charitable driving14 cents
Child Tax Credit$2,000 per qualifying child
Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $83,350 for joint filers and surviving spouses, $55,800 for heads of household, $41,675 for single filers, $41,675 for married taxpayers filing separately, and $2,800 for estates and trusts0%
Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts15%
Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts20%
Long-term gain attributable to certain depreciation recapture25%
Capital gains tax rate on collectibles and qualified small business stock28%
Maximum contribution for Traditional/Roth IRA$6,000 if under age 50
$7,000 if 50 or older
Maximum employee contribution to SIMPLE IRA$14,000 if under age 50
$27,000 if 50 or older
Maximum Contribution to SEP IRA25% of compensation up to $61,000
401(k) maximum employee contribution limit$20,500 if under age 50
$27,000 if 50 or older
Self-employed health insurance deduction100%
Estate tax exemption$12,060,000
Annual Exclusion for Gifts$16,000
Foreign Earned Income Exclusion$112,000