Tax Rates 2024
Moore and Associates
Tax Rates 2024
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10% | 0 to $11,600 | ||
12% | $11,601 to $47,150 | ||
22% | $47,151 to $100,525 | ||
24% | $100,526 to $191,950 | ||
32% | $191,951 to $243,725 | ||
35% | $243,726 to $609,350 | ||
37% | Over $609,351 | ||
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 $731,201 | ||
2024 Tax Rates – Married Filing Separately – Standard Deduction $14,600 | |||
10% | 0 to $11,600 | ||
12% | $11,601 to $47,150 | ||
22% | $47,151 to $100,525 | ||
24% | $100,526 to $191,950 | ||
32% | $191,951 to $243,725 | ||
35% | $243,726 to $365,600 | ||
37% | Over $365,601 | ||
2024 Tax Rates – Head of Household – Standard Deduction $21,900 | |||
10% | 0 to $16,550 | ||
12% | $16,551 to $63,100 | ||
22% | $63,101 to $100,500 | ||
24% | $100,501 to $191,950 | ||
32% | $191,951 to $243,700 | ||
35% | $243,701 to $609,350 | ||
37% | Over $609,351 | ||
2024 Tax Rates – Estates & Trusts | |||
10% | 0 to $3,100 | ||
24% | $3,101 to $11,150 | ||
35% | $11,151 to $15,200 | ||
37% | Over $15,201 | ||
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 | 15.3% |
Maximum Taxable Earnings | $168,600 |
Medicare Base Salary | Unlimited |
Medicare Tax Rate: Employers | 1.45% |
Medicare Tax Rate: Employees | 1.45% |
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) | 0.9% |
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) | 3.8% |
Miscellaneous | 2024 Tax Rates |
Business expensing limit: Cap on equipment purchases | $3,050,000 |
Business expensing limit: New and Used Equipment and Software | $1,220,000 |
Qualified Business Income threshold amount: | $191,950 (single and head of household); $383,900 (married filing joint return) |
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 | 110% of your 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 – 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 | $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 $492,300 for single filers, $90,050 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 |
Maximum employee contribution to SIMPLE IRA | $16,000 if under age 50 |
Maximum Contribution to SEP IRA | 25% of eligible compensation |
401(k) maximum employee contribution limit | $23,000 if under age 50 |
Estate tax exemption | $13,610,000 |
Annual Exclusion for Gifts | $18,000 |
Education | 2024 Tax Rates |
American Opportunity Credit (per student) | $2,500 |
Lifetime Learning Credit (per return) | $2,000 |
Student Loan Interest Deduction | $2,500 |
Coverdell Education Savings Account Contribution | $2,000 |
Standard Meal Rates for Family Child Care Providers for income tax returns | |
Continental U.S. | 2022-24 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 | |
