2024 – 2025 Tax Rates Reference Guide
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2024 Federal Tax Bracket
| Rate | For Unmarried Individuals, Taxable Income Over | For Married Individuals Filing Joint Returns, Taxable Income Over | For Heads of Households, Taxable Income Over |
| 10% | Up to $11,600 | Up to $23,200 | Up to $16,550 |
| 12% | $11,601 to $47,150 | $23,201 to $94,300 | $16,551 to $63,100 |
| 22% | $47,151 to $100,525 | $94,301 to $201,050 | $63,101 to $100,500 |
| 24% | $100,526 to $191,950 | $201,051 to $383,900 | $100,501 to $191,950 |
| 32% | $191,951 to $243,725 | $383,901 to $487,450 | $191,951 to $243,700 |
| 35% | $243,726 to $609,350 | $487,451 to $731,200 | $243,701 to $609,350 |
| 37% | $609,351 or more | $731,201 or more | $609,351 or more |
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2024 Trust and Estates
| Rate | Trust and Estates, Taxable Income Over |
| 10% | Up to $3,100 |
| 24% | $3,101 to $11,150 |
| 35% | $11,151 to $15,200 |
| 37% | Over $15,200 |
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2024 Long Term Capital Gain and Qualified Dividend Tax Rates
| Tax Rate | Long Term Capital Gain, Single/MFS | Long Term Capital Gain, Married Filing Jointly | Long Term Capital Gain, Head of Household |
| 0% | $0.00 to $47,025 | $0.00 to $94,050 | $0.00 to $63,000 |
| 15% | $47,026 to $518,900 | $94,051 to $583,750 | $63,001 to 551,350 |
| 20% | $518,900 and above | $583,750 and above | $551,350 and above |
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Miscellaneous
| Standard Deductions | 2024 | 2025 |
| Single and Married Filing Separately | $14,600 | $15,000 |
| Married Filing Jointly & Surviving Spouse | $29,200 | $30,000 |
| Head of House Hold | $21,900 | $22,500 |
| Aged 65+ or Blind (MFJ/Single) Each | $1,550 and $1,950 | $1,600 and $2,000 |
| Child Unearned Tax (Kiddie Tax) | 2024 | 2025 |
| Unearned Income | $2,600 | $2,700 |
| Social Security and Medicare Tax | 2024 | 2025 |
| Social Security Rate (EE+ER) | 12.40% | 12.40% |
| Social Security Income Limit | $168,600 | $176,100 |
| Medicare Rate (EE+ER) | 2.90% | 2.90% |
| Additional Medicare Tax ($125,000+ to $250,000+) S/MFS/MFJ/HOH | 0.90% | 0.90% |
| Medicare Income Limit | No Limit | No Limit |
| Retirement Accounts Contribution | 2025 Regular Limit | 2025 Catch Up (50+) Limit |
| 401(k), 403(b), and 457 plans | $23,500 | $31,000 |
| SIMPLE IRA | $16,500 | $20,000 |
| Gift and GST Tax | 2024 | 2025 |
| Gift Tax Rate | 40% | 40% |
| Annual Exclusion | $18,000 | $19,000 |
| Lifetime Exemption | $13,610 million | $13,990 million |
| Annual Exclusion for non citizen spouse | $185,000 | $190,000 |
| Personal Exemptions | 2024 | 2025 |
| Personal Exemptions | Suspended | Suspended |
| STANDARD Mileage Deduction | 2024 | 2025 |
| Business Use | $0.67 | $0.70 |
| Charitable Use | $0.14 | $0.14 |
| Medical/Moving | $0.21 | $0.21 |
Child/other dependents Tax Credit
For 2024, child tax credit is $2,000 per child under age 17 as of the end of the year. Phase out of the credit begins at Modified Adjusted Gross Income (MAGI) of $400,000 for MFJ and $200,000 for all other filers (Reduces by $50 per $1,000 over threshold). Up to $1,700 of the child tax credit is subject to refund (refundable) in 2024.
For 2024, the credit for other dependent (ODC) is $500 per qualifying dependent. This is a non-refundable tax credit. Phase out of the credit begins at Modified Adjusted Gross Income (MAGI) of $400,000 for MFJ and $200,000 for all other filers (Reduces by $50 per $1,000 over threshold).
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Taxable Social Security Benefits
Social security income is not taxable unless Adjusted Gross Income (AGI) + tax-exempt interest + half of Social Security received exceeds base amounts.
The base amounts (or limits) for 2024 is $25,000 if you are a single filer, head of household or qualifying widow or widower with a dependent child. The limit for joint filers is $32,000. If you are married filing separately, you will likely have to pay taxes on your Social Security income.
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Section 179 Deductions
Section 179 dollar limitation is $1,220,000, (up to $3,050,000 qualifying property) for 2024. There is a $30,500 limitation on SUV’s for 2024. The dollar limitations phase out for the property amount exceeds $3,050,000.
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Special Bonus Depreciation
For 2024, the allowance is 60% for most qualified, new and used, property. Qualified property includes; MACRS property with 20 years or less recovery period, qualified improvements property, and off-the-shelf computer software. Bonus depreciation phases down 20% per year starting in 2023.