2024 Tax Rates
2024 Tax Rates Schedule X – Single
If taxable income is over | But not over | The tax is |
---|---|---|
$0 | $11,600 | 10% |
$11,601 | $47,150 | 12% |
$47,151 | $100,525 | 22% |
$100,526 | $191,950 | 24% |
$191,951 | $243,725 | 32% |
$243,726 | $609,350 | 35% |
$609,351 | no limit | 37% |
2024 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er)
If taxable income is over | But no over | The tax is |
---|---|---|
$0 | $23,220 | 10% |
$23,221 | $94,300 | 12% |
$94,301 | $201,050 | 22% |
$201,051 | $383,900 | 24% |
$383,901 | $487,450 | 32% |
$487,451 | $731,200 | 35% |
$731,201 | no limit | 37% |
2024 Tax Rates Schedule Y-2 – Married Filing Separately
If taxable income is over | But not over | The tax is |
---|---|---|
$0 | $11,600 | 10% |
$11,601 | $47,150 | 12% |
$47,151 | $100,525 | 22% |
$100,525 | $191,950 | 24% |
$191,951 | $243,725 | 32% |
$243,726 | $365,600 | 35% |
$365,601 | no limit | 37% |
2024 Tax Rates Schedule Z – Head of Household
If taxable income is over | But not over | The tax is |
---|---|---|
$0 | $16,550 | 10% |
$16,551 | $63,100 | 12% |
$63,101 | $100,500 | 22% |
$100,501 | $191,950 | 24% |
$191,951 | $243,700 | 24% |
$243,701 | $609,350 | 35% |
$609,351 | no limit | 37% |
2022 Tax Rates Estates & Trusts
If taxable income is over | But not over | The tax is |
---|---|---|
$0 | $2,750 | 10% 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 |
$13,450 | no limit | $3,239 plus 37% of the excess over $13,450 |
Social Security 2022 Tax Rates
Base Salary | $147,000 |
Social Security Tax Rate | 6.20% |
Maximum Social Security Tax | $9,114 |
Medicare Base Salary | unlimited |
Medicare Tax Rate | 1.45% |
Additional Medicare 2022 Tax Rates
Additional Medicare Tax | 0.90% |
Filing Status | Compensation 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-income | 110% of your 2021 tax liability |
Standard mileage rate for business driving | 58.5 cents Jan. 1 - June 30, 2022; 62.5 cents July 1 - Dec. 31, 2022 |
Standard mileage rate for medical/moving driving | 18 cents Jan. 1 - June 30, 2022; 22 cents July 1 - Dec. 31, 2022 |
Standard mileage rate for charitable driving | 14 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 trusts | 0% |
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 trusts | 15% |
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 trusts | 20% |
Long-term gain attributable to certain depreciation recapture | 25% |
Capital gains tax rate on collectibles and qualified small business stock | 28% |
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 IRA | 25% 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 deduction | 100% |
Estate tax exemption | $12,060,000 |
Annual Exclusion for Gifts | $16,000 |
Foreign Earned Income Exclusion | $112,000 |