|
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
|
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