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.