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What's a debt ceiling?
The government borrows money when spending exceeds receipts. The borrowing is done through the issue of securities by the Treasury and other federal government agencies.
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Costs up 8.5%
Employers' spending on health coverage for workers continues to skyrocket
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Employment Taxes Rising
Employment Taxes Keep On Rising.
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Single Taxable Income Brackets and Rates |
Rate |
Taxable Income Bracket |
Tax Owed |
10% |
$0 to $11,600 |
10% of Taxable Income |
12% |
$11,601 to $47,150 |
$1,160 plus 12% of the excess over $9,875 |
22% |
$47,151 to $100,525 |
$5,426 plus 22% of the excess over $47,150 |
24% |
$100,526 to $191,950 |
$17,168.50 plus 24% of the excess over $100,525 |
32% |
$191,951 to $243,725 |
$39,110.50 plus 32% of the excess over $191,950 |
35% |
$243.726 to $609.350 |
$55,678.50 plus 35% of the excess over $243,725 |
37% |
$609,351+ |
$183,647.25 plus 37% of the excess over $609,350 |
Married Filing Joint Taxable Income Brackets and Rates |
Rate |
Taxable Income Bracket |
Tax Owed |
10% |
$0 to $23,200 |
10% of taxable income |
12% |
$23,201 to $94,300 |
$2,320 plus 12% of the excess over $23,200 |
22% |
$94,301 to $201,050 |
$10,852 plus 22% of the excess over $94,300 |
24% |
$201,051 to $383,900 |
$34,337 plus 24% of the excess over $201,050 |
32% |
$383,901 to 487,450 |
$78,221 plus 32% of the excess over $383,900 |
35% |
$487,451 to $731,200 |
$111,357 plus 35% of the excess over $487,450 |
37% |
$731,201+ |
$196,669.50 plus 39.6% of the excess over $731,200 |
Head of Household Taxable Income Brackets and Rates |
Rate |
Taxable Income Bracket |
Tax Owed |
10% |
$0 to $16,550 |
10% of taxable income |
12% |
$16,551 to $63,100 |
$1,655 plus 12% of the excess over $16,500 |
22% |
$63,101 to $100,500 |
$7,241 plus 22% of the excess over $63,100 |
24% |
$100,501 to $191,950 |
$15,469 plus 24% of the excess over $100,500 |
32% |
$191,951 to $243,700 |
$37,417 plus 32% of the excess over $243,700 |
35% |
$243,701 to $609,350 |
$53,977 plus 35% of the excess over $243,700 |
37% |
$609,350+ |
$181,954.50 plus 37% of the excess over $609,350 |
Source: IRS. |
- Social Security Tax at a rate of 12.4% on wages and self-employment income up to the annual Social Security wage base of $168,600.
Standard Deduction is $29,200 effective tax year 2024 for married filing jointly and $14,600 for single and married filing separately.
- Capital Gains tax rates vary depending on whether the gains are short-term or long-term.
Short-term gains taxed at ordinary income tax rates.
Long-term gains and qualified dividends for MFJ taxed at
* 0% for taxable income up to
$89,250
* 15% for taxable income up to $553,850
* 20% for taxable income above $553,850
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