2024
Income Tax
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
Gross Income:
$0-$11,600
Income Tax:
10% of Gross Income
Gross Income:
$100,526-$191,950
Income Tax:
$17,168.50 + 24% of Gross Income over $100,525
Gross Income:
$609,351+
Income Tax:
$183,647.25 + 37% of Gross Income over $609,350
Gross Income:
$11,601-$47,150
Income Tax:
$1,160 + 12% of Gross Income over $11,600
Gross Income:
$191,951-$243,725
Income Tax:
$39,110.50 + 32% of Gross Income over $191,950
Gross Income:
$47,151-$100,525
Income Tax:
$5,426 + 22% of Gross Income over $47,150
Gross Income:
$243,726-$609,350
Income Tax:
$55,678.50 + 35% of Gross Income over $243,725
Filing Status - Head of Household
Gross Income:
$0-$16,550
Income Tax:
10% of Gross Income
Gross Income:
$100,501-$191,950
Income Tax:
$15,469 + 24% of Gross Income over $100,500
Gross Income:
$609,351+
Income Tax:
$181,954.50 + 37% of Gross Income over $609,350
Gross Income:
$16,551-$63,100
Income Tax:
$1,655 + 12% of Gross Income over $16,500
Gross Income:
$191,951-$243,700
Income Tax:
$37,417 + 32% of Gross Income over $191,951
Gross Income:
$63,101-$100,500
Income Tax:
$7,241 + 22% of Gross Income over $63,100
Gross Income:
$243,701-$609,350
Income Tax:
$53,977 + 35% of Gross Income over $243,700
Filing Status - Married Filing Jointly
Gross Income:
$0-$23,200
Income Tax:
10% of Gross Income
Gross Income:
$201,051-$383,900
Income Tax:
$34,337 + 24% of Gross Income over $201,050
Gross Income:
$731,201+
Income Tax:
$196,669.50 + 37% of Gross Income over $731,200
Gross Income:
$23,201-$94,300
Income Tax:
$2,320 + 12% of Gross Income over $23,200
Gross Income:
$383,901-$487,450
Income Tax:
$78,221 + 32% of Gross Income over $383,900
Gross Income:
$93,401-$201,050
Income Tax:
$10,852 + 22% of Gross Income over $94,300
Gross Income:
$487,451-$731,200
Income Tax:
$111,357 + 35% of Gross Income over $487,450
Filing Status - Married Filing Separately
Gross Income:
$0-$11,600
Income Tax:
10% of Gross Income
Gross Income:
$100,526-$191,950
Income Tax:
$17,168.50 + 24% of Gross Income over $100,525
Gross Income:
$365,600+
Income Tax:
$98,334.75 + 37% of Gross Income over $365,600
Gross Income:
$11,601-$47,150
Income Tax:
$1,160 + 12% of Gross Income over $11,600
Gross Income:
$191,951-$243,725
Income Tax:
$39,110.50 + 32% of Gross Income over $191,950
Gross Income:
$47,151-$100,525
Income Tax:
$5,426 + 22% of Gross Income over $47,150
Gross Income:
$243,726-$365,600
Income Tax:
$55,678.50 + 35% of Gross Income over $243,725
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.
Business
$0.67 per mile
Medical Care
$0.21 per mile
Military Move
$0.21 per mile
Charitable
$0.14 per mile
The 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.
Single
$14,600
Head of Household
$21,900
Married Filing Jointly/ Surviving Spouse
$29,200
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.
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-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
Maximum Credit Amount
Threshold Phaseout Amount (Married Filing Jointly)
Completed Phaseout Amount (Married Filing Jointly)
Threshold Phaseout Amount (All other filing statuses)
Completed Phaseout Amount (All other filing statuses)
$12,390
$4,213
$29,640
$56,004
$22,720
$49,084
$17,400
$6,960
$29,640
$62,688
$22,720
$55,768
$17,400
$7,840
$29,640
$66,819
$22,720
$59,899
$8,260
$632
$17,250
$25,511
$10,330
$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.
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.
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.
401(k), 403(b), most 457 plans
$23,000
Traditional/Roth IRAs
$7,000
SIMPLE IRAs
$16,000
2023
Income Tax
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
Gross Income:
$0-$11,000
Income Tax:
10% of Gross Income
Gross Income:
$95,376-182,100
Income Tax:
$16,290 + 24% of Gross Income over $95,375
Gross Income:
$578,126+
Income Tax:
$174,238.25 + 37% of Gross Income over $578,125
Gross Income:
$11,001-$44,725
Income Tax:
$1,100 + 12% of Gross Income over $11,000
Gross Income:
$182,101-231,250
Income Tax:
$37,104 + 32% of Gross Income over $182,100
Gross Income:
$44,726-$95,375
Income Tax:
$5,147 + 22% of Gross Income over $44,725
Gross Income:
$231,251-$578,125
Income Tax:
$52,832 + 35% of Gross Income over $231,250
Filing Status - Head of Household
Gross Income:
$0-$15,700
Income Tax:
10% of Gross Income
Gross Income:
$95,351-182,100
Income Tax:
$14,678 + 24% of Gross Income over $95,350
Gross Income:
$578,101+
Income Tax:
$172,623.50 + 37% of Gross Income over $578,100
Gross Income:
$15,701-$59,850
Income Tax:
$1,570 + 12% of Gross Income over $15,700
Gross Income:
$182,101-231,250
Income Tax:
$35,498 + 32% of Gross Income over $182,100
Gross Income:
$59,851-$95,350
Income Tax:
$6,868 + 22% of Gross Income over $59,850
Gross Income:
$231,251-$578,100
Income Tax:
$51,226 + 35% of Gross Income over $231,250
Filing Status - Married Filing Jointly
Gross Income:
$0-$22,000
Income Tax:
10% of Gross Income
Gross Income:
$190,751-$364,200
Income Tax:
$32,580 + 24% of Gross Income over $190,750
Gross Income:
$693,751+
Income Tax:
$186,601.50 + 37% of Gross Income over $693,750
Gross Income:
$22,001-$89,450
Income Tax:
$2,200 + 12% of Gross Income over $22,000
Gross Income:
$364,201-$462,500
Income Tax:
$74,208 + 32% of Gross Income over $364,200
Gross Income:
$89,451-$190,750
Income Tax:
$10,294 + 22% of Gross Income over $89,450
Gross Income:
$462,501-$693,750
Income Tax:
$105,664 + 35% of Gross Income over $462,500
Filing Status - Married Filing Separately
Gross Income:
$0-$11,000
Income Tax:
10% of Gross Income
Gross Income:
$95,376-$182,100
Income Tax:
$16,290 + 24% of Gross Income over $95,375
Gross Income:
$346,876+
Income Tax:
$93,300.75 + 37% of Gross Income over $346,875
Gross Income:
$11,001-$44,725
Income Tax:
$1,100 + 12% of Gross Income over $11,000
Gross Income:
$182,101-$231,250
Income Tax:
$37,104 + 32% of Gross Income over $182,100
Gross Income:
$44,726-$95,375
Income Tax:
$5,147 + 22% of Gross Income over $44,725
Gross Income:
$231,251-$346,875
Income Tax:
$52,832 + 35% of Gross Income over $231,250
Standard Mileage Rate
Business
$0.655 per mile
Medical Care
$0.22 per mile
Move
$0.22 per mile
Charitable
$0.14 per mile
2022
Income Tax
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
Gross Income:
$0-$10,275
Income Tax:
10% of Gross Income
Gross Income:
$89,076-$170,050
Income Tax:
$15,213.50 + 24% of Gross Income over $89,075
Gross Income:
$539,900+
Income Tax:
$162,718 + 37% of Gross Income over $539,900
Gross Income:
$10,275-$41,775
Income Tax:
$1,027.50 + 12% of Gross Income over $10,275
Gross Income:
$170,051-$215,950
Income Tax:
$34,647.50 + 32% of Gross Income over $170,050
Gross Income:
$41,776-$89,075
Income Tax:
$4,807.50 + 22% of Gross Income over $41,775
Gross Income:
$215,951-$539,900
Income Tax:
$49,335.50 + 35% of Gross Income over $215,950
Filing Status - Head of Household
Gross Income:
$0-$14,650
Income Tax:
10% of Gross Income
Gross Income:
$89,051-$170,050
Income Tax:
$13,708 + 24% of Gross Income over $89,050
Gross Income:
$539,901+
Income Tax:
$161,218.50 + 37% of Gross Income over $539,900
Gross Income:
$14,651-$55,900
Income Tax:
$1,465 + 12% of Gross Income over $14,650
Gross Income:
$170,051-$215,950
Income Tax:
$33,148 + 32% of Gross Income over $170,050
Gross Income:
$55,901-$89,050
Income Tax:
$6,415 + 22% of Gross Income over $55,900
Gross Income:
$215,951-$539,900
Income Tax:
$47,836 + 35% of Gross Income over $215,950
Filing Status - Married Filing Jointly
Gross Income:
$0-$20,550
Income Tax:
10% of Gross Income
Gross Income:
$178,151-$340,100
Income Tax:
$30,427 + 24% of Gross Income over $178,500
Gross Income:
$647,851+
Income Tax:
$174,253.50 + 37% of Gross Income over $647,850
Gross Income:
$20,551-$83,550
Income Tax:
$2,055 + 12% of Gross Income over $20,550
Gross Income:
$340,101-$431,900
Income Tax:
$69,295 + 32% of Gross Income over $340,100
Gross Income:
$83,550-$178,150
Income Tax:
$9,615 + 22% of Gross Income over $83,550
Gross Income:
$431,901-$647,850
Income Tax:
$98,671 + 35% of Gross Income over $431,900
Filing Status - Married Filing Separately
Gross Income:
$0-$9,700
Income Tax:
10% of Gross Income
Gross Income:
$84,201-$160,725
Income Tax:
$14,382.50 + 24% of Gross Income over $84,200
Gross Income:
$306,176+
Income Tax:
$82,354.75 + 37% of Gross Income over $306,175
Gross Income:
$9,701-$39,475
Income Tax:
$970 + 12% of Gross Income over $9,700
Gross Income:
$160,726-$204,100
Income Tax:
$32,748.50 + 32% of Gross Income over $160,725
Gross Income:
$39,476-$84,200
Income Tax:
$4,543 + 22% of Gross Income over $39,475
Gross Income:
$204,101-$306,175
Income Tax:
$46,628.50 + 35% of Gross Income over $204,100
Standard Mileage Rate
Business
Jan-June: $0.585
July-Dec: $0.625
Medical Care
$0.18 per mile
Move
$0.18 per mile
Charitable
$0.14 per mile
2021
Income Tax
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
Gross Income:
$0-$9,950
Income Tax:
10% of Gross Income
Gross Income:
$86,376-$164,925
Income Tax:
$14,751 + 24% of Gross Income over $86,375
Gross Income:
$523,601+
Income Tax:
$157,804.25 + 37% of Gross Income over $523,600
Gross Income:
$9,951-$40,525
Income Tax:
$995 + 12% of Gross Income over $9,950
Gross Income:
$164,926-$209,426
Income Tax:
$33,603 + 32% of Gross Income over $164,925
Gross Income:
$40,526-$86,375
Income Tax:
$4,664 + 22% of Gross Income over $40,525
Gross Income:
$209,426-$523,600
Income Tax:
$47,843 + 35% of Gross Income over $209,425
Filing Status - Head of Household
Gross Income:
$0-$14,200
Income Tax:
10% of Gross Income
Gross Income:
$86,351-$164,900
Income Tax:
$13,293 + 24% of Gross Income over $86,350
Gross Income:
$523,601+
Income Tax:
$156,355 + 37% of Gross Income over $523,600
Gross Income:
$14,201-$54,200
Income Tax:
$1,420 + 12% of Gross Income over $14,200
Gross Income:
$164,901-$209,400
Income Tax:
$32,145 + 32% of Gross Income over $164,900
Gross Income:
$54,201-$86,350
Income Tax:
$6,220 + 22% of Gross Income over $54,200
Gross Income:
$209,401-$523,600
Income Tax:
$46,385 + 35% of Gross Income over $209,400
Filing Status - Married Filing Jointly
Gross Income:
$0-$19,900
Income Tax:
10% of Gross Income
Gross Income:
$172,751-$329,850
Income Tax:
$29,502 + 24% of Gross Income over $172,750
Gross Income:
$628,301+
Income Tax:
$168,993.50 + 37% of Gross Income over $628,300
Gross Income:
$19,901-$81,050
Income Tax:
$1,990 + 12% of Gross Income over $19,900
Gross Income:
$329,851-$418,850
Income Tax:
$67,206 + 32% of Gross Income over $329,850
Gross Income:
$81,051-$172,750
Income Tax:
$9,328 + 22% of Gross Income over $81,050
Gross Income:
$418,851-$628,300
Income Tax:
$95,686 + 35% of Gross Income over $418,850
Filing Status - Married Filing Separately
Gross Income:
$0-$9,950
Income Tax:
10% of Gross Income
Gross Income:
$86,376-$164,925
Income Tax:
$14,751 + 24% of Gross Income over $86,375
Gross Income:
$314,151+
Income Tax:
$84,496.75 + 37% of Gross Income over $314,150
Gross Income:
$9,951-$40,525
Income Tax:
$995 + 12% of Gross Income over $9,950
Gross Income:
$164,926-$209,425
Income Tax:
$33,603 + 32% of Gross Income over $164,925
Gross Income:
$40,526-$86,375
Income Tax:
$4,664 + 22% of Gross Income over $40,525
Gross Income:
$209,426-$314,150
Income Tax:
$47,843 + 35% of Gross Income over $209,425
Standard Mileage Rate
Business
$0.56 per mile
Medical Care
$0.16 per mile
Move
$0.16 per mile
Charitable
$0.14 per mile