Tax Rates
Stay up-to-date with the latest tax rates for the 2024 tax year. We’ve compiled the key information you need, including federal income tax brackets, Social Security and Medicare rates, as well as various credits, deductions, and other important tax figures.
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10% |
0 to $11,600 |
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12% |
$11,600 to $47,150 |
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22% |
$47,150 to $100,525 |
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24% |
$100,525 to $191,950 |
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32% |
$191,950 to $243,725 |
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35% |
$243,725 to $609,350 |
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37% |
Over $609,350 |
2024 Tax Rates: Married Jointly & Surviving Spouses Standard Deduction: $29,200
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10% |
0 to $23,200 |
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12% |
$23,201 to $94,300 |
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22% |
$94,301 to $201,050 |
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24% |
$201,051 to $383,900 |
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32% |
$383,901 to $487,450 |
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35% |
$487,451 to $731,200 |
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37% |
Over $731,200 |
2024 Tax Rates: Married Filing Separately Standard Deduction $14,600
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10% |
0 to $11,600 |
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12% |
$11,600 to $47,150 |
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22% |
$47,150 to $100,525 |
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24% |
$100,525 to $191,950 |
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32% |
$191,950 to $243,725 |
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35% |
$243,725 to $365,600 |
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37% |
Over $365,600 |
2024 Tax Rates – Head of Household Standard Deduction $21,900
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10% |
0 to $16,550 |
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12% |
$16,550 to $63,100 |
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22% |
$63,100 to $100,500 |
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24% |
$100,500 to $191,950 |
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32% |
$191,950 to $243,725 |
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35% |
$243,725 to $609,350 |
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37% |
Over $609,350 |
2024 Tax Rates – Estates & Trusts
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10% |
0 to $3,100 |
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24% |
$3,100 to $11,150 |
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35% |
$11,150 to $15,200 |
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37% |
Over $15,200 |
2024 Social Security |
2024 Tax Rates |
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Social Security Tax Rate: Employers |
6.2% |
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Social Security Tax Rate: Employees |
6.2% |
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Social Security Tax Rate: Self-Employed |
12.4% |
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Maximum earnings subject to Social Security tax |
$168,600 |
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Maximum earnings subject to Medicare tax |
Unlimited |
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Medicare Tax Rate: Employers |
1.45% |
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Medicare Tax Rate: Employees |
1.45% |
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Medicare tax rate: Self-employed |
2.9% |
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Additional Medicare tax on FICA wages and self-employment income above $200,000 (single filers) or $250,000 (joint filers) |
0.9% |
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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 |
2024 Tax Rates |
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Business Section 179 expensing limit |
$1,220,000 |
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Business Section 179 phaseout threshold |
$3,050,000 |
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First-year bonus depreciation rate |
60% |
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Income threshold after which the Section 199A (qualified business income) deduction for pass-through entities may begin to phase out |
$191,950 (single and head of household); $383,900 (married filing jointly) |
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Qualified small-employer Health Reimbursement Arrangement limit |
$6,150 (single coverage); $12,450 (family coverage) |
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Prior-year safe harbor for estimated taxes of higher-income taxpayers |
110% of 2023 tax liability |
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Standard mileage rate for business driving |
67 cents |
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Standard mileage rate for medical driving |
21 cents |
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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 |
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Standard mileage rate for charitable driving |
14 cents |
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Child Tax Credit (per child under age 17 at the end of the tax year) |
$2,000 |
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Unearned income maximum for children under 19 before kiddie tax applies |
$1,300 |
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Maximum capital gains tax rate for taxpayers with income up to $47,025 for single filers, $94,050 for married filing jointly |
0% |
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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% |
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Maximum capital gains tax rate for taxpayers with income above $518,900 for single filers, $583,750 for married filing jointly |
20% |
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Capital gains tax rate for unrecaptured Sec. 1250 gains |
25% |
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Capital gains tax rate on collectibles |
28% |
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Maximum contribution for Traditional/Roth IRA |
$7,000 if under age 50/$8,000 if 50 or older |
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Maximum employee contribution to SIMPLE IRA |
$16,000 if under age 50/$19,500 if 50 or older |
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Maximum contribution to SEP IRA |
25% of eligible compensation up to $69,000 |
2024 Education |
2024 Tax Rates |
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American Opportunity Credit (per student) |
$2,500 |
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Lifetime Learning Credit (per return) |
$2,000 |
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Student Loan Interest Deduction (per return) |
$2,500 |
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Coverdell Education Savings Account Contribution (per student) |
$2,000 |
2024 Standard Meal Rates for Family Child Care Providers for income tax returns |
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Continental U.S. |
2023-24 Tax Rates (July 1, 2023-June 30, 2024) |
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For each breakfast |
$1.65 |
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For each lunch or supper |
$3.12 |
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For each snack (up to 3 per day for each child) |
$0.93 |
Alaska |
2023-24 Tax Rates (July 1, 2023-June 30, 2024) |
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For each breakfast |
$2.63 |
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For each lunch or supper |
$5.05 |
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For each snack (up to 3 per day for each child) |
$1.50 |
Hawaii |
2023-24 Tax Rates (July 1, 2023-June 30, 2024) |
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For each breakfast |
$2.12 |
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For each lunch or supper |
$4.05 |
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For each snack (up to 3 per day for each child) |
$1.20 |
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Source: Federal Register |
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