Tax Rates

2024 Tax Rates

Income Tax Brackets - Standard Mileage Rate - Standard Deduction - Education
Earned Income Tax Credit - Child Tax Credit - Adoption Tax Credit - Retirement

Income Tax Brackets

Income tax brackets segment income into various brackets, each associated with a specific tax rate that applies solely to the portion of income within that particular bracket.

Filing Status: Single

IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS: $0 $11,600 10% of taxable income $11,600 $47,150 $1,160 + 12% of the amount over $11,600 $47,150 $100,525 $5,426 + 22% of the amount over $47,150 $100,525 $191,950 $17,168.50 + 24% of the amount over $100,525 $191,950 $243,725 $39,110.50 + 32% of the amount over $191,150 $243,725 $609,350 $55,678.50 + 35% of the amount over $243,725 $609,350 No limit $183,647.25+ 37% of the amount over $609,350

Filing Status: Head of Household

IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS: $0 $16,550 10% of taxable income $16,550 $63,100 $1,655 + 12% of the amount over $16,550 $63,100 $100,500 $7,241 + 22% of the amount over $63,100 $100,500 $191,950 $15,469 + 24% of the amount over $100,500 $191,950 $243,700 $37,417 + 32% of the amount over $191,150 $243,700 $609,350 $53,977 + 35% of the amount over $243,700 $609,350 No limit $181,954.50 + 37% of the amount over $609,350

Filing Status: Married Filing Jointly

IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS: $0 $23,200 10% of taxable income $23,200 $94,300 $2,320 + 12% of the amount over $23,200 $94,300 $201,050 $10,852 + 22% of the amount over $94,300 $201,050 $383,900 $34,337+ 24% of the amount over $201,050 $383,900 $487,450 $78,221 + 32% of the amount over $383,900 $487,450 $731,200 $111,357 + 35% of the amount over $487,450 $731,200 No limit $196,669 + 37 % of the amount over $731,200

Filing Status: Married Filing Separately

IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS: $0 $11,600 10% of taxable income $11,600 $47,150 $1,160 + 12% of the amount over $11,600 $47,150 $100,525 $5,426 + 22% of the amount over $47,150 $100,525 $191,950 $17,168.50 + 24% of the amount over $100,525 $191,950 $243,725 $39,110.50 + 32% of the amount over $191,150 $243,725 $365,600 $55,678.50 + 35% of the amount over $243,725 $365,600 No limit $98,334.75 + 37% of the amount over $365,600

Standard Mileage Rate

Standard mileage rates are used for calculating the deductible expenses related to using a personal vehicle for work-related purposes. The rates are typically based on the number of miles driven and are meant to cover the cost of operating a vehicle, including fuel, maintenance, and depreciation.

USE RATE Business 67 cents Medical Care or Move (Military only) 21 cents Charitable 14 cents

Standard Deduction

The standard deduction is a set amount that taxpayers can subtract from their adjusted gross income to reduce their taxable income. It is a flat dollar amount that varies depending on the taxpayer's filing status and is intended to simplify the tax filing process for individuals who may not have many itemized deductions. Taxpayers can choose to take the standard deduction or itemize their deductions, whichever results in a lower taxable income.

Filing Status: Standard Deduction: Married Filing Jointly/Surviving Spouses $29,200 Heads of Households $21,900 Single $14,600 Married Filing Separately $14,600

Education

The IRS offers education credits and student loan deductions to help taxpayers save money on education-related expenses. Education credits can help offset the cost of tuition, fees, and other eligible expenses for higher education.

Name Maximum Credit American Opportunity Credit (AOTC) $2,500 Lifetime Learning Credit (LLC) $2,000 Student Loan Interest Deduction $2,500

Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is a refundable tax credit for low to moderate-income working individuals and families. It is designed to help reduce the tax burden and provide financial support to those who need it.

Number of Qualifying Children One Two Three or More None Earned Income Amount $12,390 $17,400 $17,400 $8,260 Maximum Credit Amount $4,213 $6,960 $7,840 $632 Threshold Phaseout Amount (Married Filing Jointly) $29,640 $29,640 $29,640 $17,250 Completed Phaseout Amount (Married Filing Jointly) $56,004 $62,688 $66,819 $25,511 Threshold Phaseout Amount (All other filing statuses) $22,720 $22,720 $22,720 $10,330 Completed Phaseout Amount (All other filing statuses) $49,084 $55,768 $59,899 $18,591

Child Tax Credit

The Child Tax Credit (CTC) is a partially refundable financial benefit provided by the government to eligible families or individuals who have dependent children. It is designed to help reduce the financial burden of raising children by providing a tax credit that directly reduces the amount of tax owed. The credit is typically based on the number of qualifying children and their age.

Maximum Credit Child Tax Credit $2,000 Advance CTC (Refundable Portion) $1,700

Adoption Tax Credit

The Adoption Tax Credit is a nonrefundable tax credit that provides financial assistance to individuals who have adopted a child. The adoption tax credit helps offset some of the costs associated with adoption and provides support to families welcoming a new child into their home.

Name Maximum Credit Adoption Tax Credit $16,810

Retirement

The IRS sets annual contribution limits for retirement accounts like 401(k) plans and IRAs to help individuals save for retirement while receiving tax benefits. Contributions to these accounts are often tax-deductible, and the earnings grow tax-deferred until withdrawal.

Name Contribution Limit 401(k), 403(b), most 457 plans $23,000 Traditional/Roth IRAs $7,000 SIMPLE IRAs $16,000

2023 Tax Rates

Income Tax Rates

Filing Status: Single

IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS: $0 $11,000 10% of taxable income $11,000 $44,725 $1,100 + 12% of the amount over $11,000 $44,725 $95,375 $5,147 + 22% of the amount over $44,725 $95,375 $182,100 $16,290 + 24% of the amount over $95,375 $182,100 $231,250 $37,104 + 32% of the amount over $182,100 $231,250 $578,125 $52,832 + 35% of the amount over $231,250 $578,125 No limit $174,238.25 + 37% of the amount over $578,125

Filing Status: Head of Household

IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS: $0 $15,700 10% of taxable income $15,700 $59,850 $1,570 + 12% of the amount over $15,700 $59,850 $95,350 $6,868 + 22% of the amount over $59,850 $95,350 $182,100 $14,678 + 24% of the amount over $95,350 $182,100 $231,250 $35,498 + 32% of the amount over $182,100 $231,250 $578,100 $51,226 + 35% of the amount over $231,250 $578,100 No limit $172,623.50 + 37% of the amount over $578,100

Filing Status: Married Filing Jointly

IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS: $0 $22,000 10% of taxable income $22,000 $89,450 $2,200 + 12% of the amount over $22,000 $89,450 $190,750 $10,294 + 22% of the amount over $89,450 $190,750 $364,200 $32,580 + 24% of the amount over $190,750 $364,200 $462,500 $74,208 + 32% of the amount over $364,200 $462,500 $693,750 $105,664 + 35% of the amount over $462,500 $693,750 No limit $186,601.50 + 37 % of the amount over $693,750

Filing Status: Married Filing Separately

IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS: $0 $11,000 10% of taxable income $11,000 $44,725 $1,100 + 12% of the amount over $11,000 $44,725 $95,375 $5,147 + 22% of the amount over $44,725 $95,375 $182,100 $16,290 + 24% of the amount over $95,375 $182,100 $231,250 $37,104 + 32% of the amount over $182,100 $231,250 $346,875 $52,832 + 35% of the amount over $231,250 $346,875 No limit $93,300.75 + 37% of the amount over $346,875

Standard Mileage Rates

USE RATE Business 65.5 cents Medical Care or Move 22 cents Charitable 14 cents