TAX TABLES

 

Current Year Tax Brackets and additional taxes for 2024

   
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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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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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Tax Tables for Individuals - 2024

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