2024

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

Married Jointly & Surviving Spouses
Standard Deduction $29,200
10% $0 to $23,200
12% $23,200 to $94,300
22% $94,300 to $201,050
24% $201,050 to $383,900
32% $383,900 to $487,450
35% $487,450 to $731,200
37% Over $731,200

Married Filing Separately
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 $365,600
37% Over $365,600

Head of Household
Standard Deduction $21,900
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 $243,700
35% $243,700 to $609,350
37% Over $609,350

Estates & Trusts
10% $0 to $3,100
24% $3,100 to $11,150
35% $11,150 to $15,200
37% Over $15,200

Social Security
Social Security Tax Rate: Employers 6.20%
Social Security Tax Rate: Employees 6.20%
Social Security Tax Rate: Self-Employed 15.30%
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) 0.90%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) 3.80%

Miscellaneous
Business expensing limit: Cap on equipment purchases (Section 179 phase-out) $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 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 $2,500
Maximum capital gains tax rate for taxpayers with income up to $47,025 (single), $94,050 (MFJ) 0%
Maximum capital gains tax rate for taxpayers with income above $47,025 (single), $94,050 (MFJ) 15%
Maximum capital gains tax rate for taxpayers with income above $518,900 (single), $583,750 (MFJ) 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
401(k) maximum employee contribution limit $23,000 if under age 50; $30,500 if 50 or older
Estate tax exemption $13,610,000
Annual Exclusion for Gifts $18,000

Education
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

Source: IRS & Federal Register

2025

Single Taxpayers
Standard Deduction $15,000
10% $0 to $11,925
12% $11,925 to $48,475
22% $48,475 to $103,350
24% $103,350 to $197,300
32% $197,300 to $250,525
35% $250,525 to $626,350
37% Over $626,350

Married Jointly & Surviving Spouses
Standard Deduction $30,000
10% $0 to $23,850
12% $23,850 to $96,950
22% $96,950 to $206,700
24% $206,700 to $394,600
32% $394,600 to $501,050
35% $501,050 to $751,600
37% Over $751,600

Married Filing Separately
Standard Deduction $15,000
10% $0 to $11,925
12% $11,925 to $48,475
22% $48,475 to $103,350
24% $103,350 to $197,300
32% $197,300 to $250,525
35% $250,525 to $375,800
37% Over $375,800

Head of Household
Standard Deduction $22,500
10% $0 to $17,000
12% $17,000 to $64,850
22% $64,850 to $103,350
24% $103,350 to $197,300
32% $197,300 to $250,500
35% $250,500 to $626,350
37% Over $626,350

Estates & Trusts
10% $0 to $3,150
24% $3,150 to $11,450
35% $11,450 to $15,650
37% Over $15,650

Social Security
Social Security Tax Rate: Employers 6.20%
Social Security Tax Rate: Employees 6.20%
Social Security Tax Rate: Self-Employed 15.30%
Maximum Taxable Earnings $176,100
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) 0.90%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) 3.80%

Miscellaneous
Business expensing limit: Cap on equipment purchases (Section 179 phase-out) $3,130,000
Business expensing limit: New and Used Equipment and Software $1,250,000
Qualified Business Income threshold amount $197,300 (single and head of household); $394,600 (married filing joint return)
Qualified Small Employer Health Reimbursement Arrangement limit $6,350 (single coverage); $12,800 (family coverage)
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2024 tax liability
Standard mileage rate for business driving 70 cents
Standard mileage rate for medical driving 21 cents
Standard mileage rate for moving driving 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 $2,500
Maximum capital gains tax rate for taxpayers with income up to $48,350 (single), $96,700 (MFJ) 0%
Maximum capital gains tax rate for taxpayers with income above $48,350 (single), $96,700 (MFJ) 15%
Maximum capital gains tax rate for taxpayers with income above $533,400 (single), $600,050 (MFJ) 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 $16,500 if under age 50; $20,000 if 50 or older
Maximum Contribution to SEP IRA 25% of eligible compensation up to $70,000
401(k) maximum employee contribution limit $23,500 if under age 50; $31,000 if 50 or older
Estate tax exemption $13,990,000
Annual Exclusion for Gifts $19,000

Education
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

Source: IRS & Federal Register