The IRS announced the 2024 tax rates, which went into effect on January 1. Check out the table below to find the main individual and corporate federal tax rates and limits for 2024.
Refer to this information as you prepare and make decisions throughout the year.
Filing Tax Rate Individual Tax Rate Filing Status Married filing jointly (MFJ) Single Married filing separately Head of household 10% Up to $23,200 Up to $11,600 Up to $11,600 Up to $16,550 12% $23,201-$94,300 $11,601-$47,150 $11,601-$47,150 $16,551-$63,100 22% $94,301-$201,050 $47,151-$100,525 $47,151-$100,525 $63,101-$100,500 24% $201,051-$383,900 $101,526+$191,950 $101,526 – $191,950 $100,501 – $191,950 32% $383,901 – $487,450 $191,951 – $243,725 $191,951 – $243,725 $191,951 – $243,700 35% $487,451 – $731,200 $243,726 – $609,350 $243,726 – $365,600 $243,701– $609,350 37% $731,200 and above $609,350 and above $365,600 and above $609,350 and above Standard deduction Standard deduction — singles and married couples filing separately$14,600 Additional deduction for ages 65 and over – single $1,950 Standard deduction – married filing jointly $29,200 Additional deduction for ages 65 and over – married filing jointly and married filing separately $1,550 Standard deduction – head of household $21,900 Additional deduction for ages 65 and over – head of household $1,950 Note: The personal deduction was suspended for tax years 2018 through 2025 by the Tax Cuts and Jobs Act of 2017. Retirement Plans Defined benefit plan maximum annual benefit Up to $275,000 Annual defined contribution top-up $69,000 Defined contribution compensation limit $345,000 401(k) maximum deduction $23,000 401(k) catch-up contribution (for individuals age 50 and older) $7,500 SIMPLE contribution limit $16,000 SIMPLE catch-up contribution (for individuals) IRA contribution limit (general) $3,500 IRA catch-up contribution (for individuals age 50 and older) $7,000 Payroll Taxes Social Security (self-employed) composite rate (OASDI + Medicare) (6.2% + 1.45%) x 2 = 15.3% Social Security (employee) rate (OASDI + Medicare) (6.2% +1.45%) = 7.65% OASDI contribution base $168,600 Medicare contribution base Unlimited Additional Medicare payroll tax on income over $200,000 (single) and $250,000 (married filing jointly) 0.9% FUTA wage base $7,000 FUTA rate 6% Social Security Maximum earned income while receiving Social Security before full retirement age $22,320 in the year full retirement age is reached $59,520 Full retirement age (after) Unlimited Education phase-out American Opportunity Credit (formerly the Hope Credit) MFJ: $160,000-$180,000
Other filers: $80,000 – $90,000 Lifetime Learning Credit MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000 Student loan interest deduction MFJ: $155,000 – $185,000
Single: $75,000 – $90,000 Health Savings Account HSA contribution limit (single coverage) $4,150 HSA contribution limit (family coverage) $8,300 HSA catch-up contribution (ages 55 and older) $1,000 Section 179 Limits, Gift and Estate Tax Exemptions, and Child Tax Section 179 Limit $1,220,000 Annual Gift Tax Exemption $18,000 Estate Tax Exemption $13,610,000 Child Tax Threshold $1,300 Travel Higher per diem rates within the continental U.S. (high/low method) $309 Lower per diem rates within the continental U.S. (high/low method) $214 Mileage Charges Business $0.67/mile Medical/Moving $0.21/mile Charitable $0.14/mile
View historical tax rates:
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