top of page
Tax Center / Track Your Refund / Tax Rates / Record Retention Guide / Tax Due Dates / Tax Forms & Publications / State Tax Forms
Tax Rates
Tax rates change every year. Take a look at this year’s tax rates
2024 Tax Rates - Single Taxpayers - Standard Deduction $14,600 | |
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 - Standard Deduction $29,200 | |
10% | 0 to $23,200 |
12% | $23,201 to $94,300 |
22% | $94,301 to $201,050 |
2024 Tax Rates - Single Taxpayers - Standard Deduction $14,600 | |
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 - Standard Deduction $29,200 | |
10% | 0 to $23,200 |
12% | $23,201 to $94,300 |
22% | $94,301 to $201,050 |
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 earnings subject to Social Security tax | $168,600 |
Maximum earnings subject to Medicare tax | Unlimited |
Medicare Tax Rate: Employers | 1.5% |
Medicare Tax Rate: Employees | 1.5% |
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 grossincome (MAGI) exceeding $200,000 (single filers) or $250,000 (jointfilers) | 3.8% |
Miscellaneous
2024 Tax Rates
Business Section 179 expensing limit | $1,220,000 |
Business Section 179 phaseout threshold | $3,050,000 |
First-year bonus depreciation rate | 60% |
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) |
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 driving | 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 |
Education
2024 Tax Rates
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 |
Standard Meal Rates for Family Child Care Providers for income tax returns
Continental U.S. | 2023-24 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 |
bottom of page