Federal Tax Database

        Federal Tax Database

Individual Deductions and Credits

 

 

2021 2022 2023 2024 2025
Standard Deduction, Joint Return And Surviving Spouse $25,100 $25,900 $27,700 $29,200 $30,000
Standard Deduction, Head of Household $18,800 $19,400 $20,800 $21,900 $22,500
Standard Deduction, Single $12,550 $12,950 $13,850 $14,600 $15,000
Standard Deduction, Married Filing Separate $12,550 $12,950 $13,850 $14,600 $15,000
Additional Standard Deduction For Blindness or Age, Single $1,700 $1,750 $1,850 $1,950 $2,000
Additional Standard Deduction For Blindness or Age, Married  $1,300 $1,400 $1,400 $1,550 $1,600
Itemized Deduction Income Threshold (deductions reduced by 3% of amount your adjusted gross income exceeds threshold) N/A N/A N/A N/A N/A
Maximum IRA Deduction $6,000 $6,000 $6,500 $7,000 $7,000
Additional IRA Deduction For Age 50 and Over $1,000 $1,000 $1,000 $1,000 $1,000
Hope Scholarship Credit Per Eligible Student
American Opportunity Tax Credit Per Eligible Student $2,500 $2,500 $2,500 $2,500 $2,500
Lifetime Learning Credit  $2,000 $2,000 $2,000 $2,000 $2,000
Maximum Contribution To Education Savings Account (previously Education IRA) $2,000 $2,000 $2,000 $2,000 $2,000
Child Tax Credit Under 6 $3,600 $2,000 $2,000 $2,000 $2,000
Child Tax Credit Ages 6-17 $3,000 $2,000 $2,000 $2,000 $2,000
 

 

Business Deductions

 

 

2021 2022 2023 2024 2025
Section 179 Deduction  $1,050,000l $1,080,000l $1,160,000l $1,220,000 $1,250,000
Phaseout Amount

 

$2.62 mil $2.7 mil $2.89 mil $3.05 mil $3.13 mil

Capital Gain and Dividend Tax Rates

 

 

2021 2022 2023 2024 2025
Tax Rate On Qualified Dividends and Capital Gains 15%* 15%* 15%* 15%* 15%*
Dividend and Capital Gain Tax Rate For High Income Taxpayers (Income in the 39.6% marginal tax bracket) 20%* 20%* 20%* 20%* 20%*
Tax Rate On Dividends For Low Income Taxpayers (10% and 15% Brackets) 0%* 0%* 0%* 0%* 0%*
 * 0% rate applies to incomes below $39,375 single, $78,750 MFJ and $52,750 HH.  15% rate applies to incomes between $39,376-$434,550 single, $78,751-$488,850 MFJ and $52,751-$461,700 HH.  20% rate applies to incomes exceeding $434,550 single, $488,850 MFJ and $461,700 HH.

Auto And Transportation Allowances

 

 

2021 2022 2023 2024 2025
Business Mileage Rate .56 .58.5*
.62.5*
.65 .67 .
Medical/Moving Mileage Rate .16 .18*
.22*
.22 .21 .
Charity Mileage Rate .14 .14 .14 .14 .
Vehicle/Transit Pass Limit $270 $280 $300 $315 $325
Qualified Parking Limit $270 $280 $300 $315 $325

Inclusion Amount For Leased Autos (smbiz.com)

* 2022 Mileage rates increased on July 1, 2022

 

Federal Income Tax Schedules



IRS 2024 Individual Tax Table
2024 Individual Tax Rate Schedules
2000-2025 Corporate Tax Rates

Social Security and Self-Employment Tax

 

 

2021 2022 2023 2024 2025
FICA Taxable Maximum Earnings $142,800 $147,000 $160,200 $168,600 $176,100
FICA Tax Rate On Employee 6.2% 6.2% 6.2% 6.2% 6.2%
Tax on Self-Employment Earnings 12.4% 12.4% 12.4% 12.4% 12.4%
Medicare Taxable Maximum Earnings No Limit No Limit No Limit No Limit No Limit
Medicare Tax Rate on Employee 1.45%** 1.45%** 1.45%** 1.45%** 1.45%**
Medicare Tax on Self-Employment Earnings 2.9% 2.9% 2.9% 2.9% 2.9%
Social Security Earnings Cap - Recipients Under 65  $18,960 $19,560 $21,240 $22,320 $23,400
Social Security Earnings Cap - Recipients 65-69 * No Limit No Limit No Limit No Limit No Limit
Social Security Earnings Cap - Recipients Over 70  No Limit No Limit No Limit No Limit No Limit
For More Social Security Limits : SSA.gov

**Beginning in 2013, there is an additional .9% Medicare tax on single taxpayers earning more than $200,000 and joint filers earning more than $250,000.

Retirement Plan Amounts

 

 

2021 2022 2023 2024 2025
Limit on 401(k) Elective Deferrals $19,500 $20,500 $22,500 $23,000 $23,500
Allowable Catch-Up Contribution For Employees 50 and Over $6,500 $6,500 $7,500 $7,500 $7,500
Compensation Limit Under 401(a)(17), 404(I) and 408(k)(3)(C) $290,000 $305,000 $330,000 $345,000 $350,000
Deferral Limit Under A SIMPLE Plan $13,500 $14,000 $15,500 $16,000 $16,500
SIMPLE Plan Deferral Limit - Age 50 $16,500 $17,000 $19,000 $19,500 $20,000
Limit on Annual Benefit From A Defined Benefit Plan $230,000 $245,000 $265,000 $275,000 $280,000
Earnings Definition of Highly Compensated Employee $130,000 $135,000 $150,000 $155,000 $160,000
Limit on Deductible Contributions to Defined Contribution Plans $58,000 $61,000 $66,000 $69,000 $70,000
Compensation Limit To Trigger a SEP $600 $600 $600 $600 $600
 

 

Estate And Gift Amounts

 

 

2021 2022 2023 2024 2025
Annual Gift Exclusion $15,000 $16,000 $17,000 $18,000 $19,000
Lifetime Gift Exclusion

$11.7 million 

$12.06 million 

$12.92 million 

$13.61 million 

$13.99 million 

Estate Tax Exclusion

$11.7 million 

$12.06 million

$12.92 million 

$13.61 million

$13.99 million 

         Links to external sites are provided as a courtesy. They are not endorsed and their accuracy has not been verified by our firm or staff.

 

 

 

                                 Home  |  About Us  |  Services  |  Newsletter  | Calculators  |  Links & Info
                                 Contact Us  |  Privacy

                                 © Roger J. Griesmeyer, CPA, P.C.