Tax Rates

2024 Tax Rates – Single Taxpayers

Standard Deduction $14,600 2023 Rates

Keep your business on track with our essential guide to tax deadlines. Avoid penalties and ensure smooth operations by staying informed of all critical tax obligations.

**2024 Tax Rates - Single Taxpayers**
Tax Rate	Income Bracket
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**
Tax Rate	Income Bracket
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**
Tax Rate	Income Bracket
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**
Tax Rate	Income Bracket
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**
Tax Rate	Income Bracket
10%	$0 to $3,100
24%	$3,100 to $11,150
35%	$11,150 to $15,200
37%	Over $15,200

**2024 Social Security and Tax Rates**
Description	Rate/Amount
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 Tax Rates and Limits**
Description	Rate/Amount
Business Section 179 expensing limit	6.2%
First-year bonus depreciation rate	12.4%
Income threshold after which the Section 199A 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 Tax Rates and Credits**
Description	Amount
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 (July 1, 2023 - June 30, 2024)
Region	Meal	Rate
Continental U.S.	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	For each breakfast	$3.19
	For each lunch or supper	$5.05
	For each snack (up to 3 per day for each child)	$1.50
Hawaii	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

We want to hear from you!

Click the link below to schedule a consultation with Biz Universal.

Schedule a Consultation