California CPA November 2024 | Page 15

2024
2024
Federal
California
Schedule A Miscellaneous Deduction
Suspended for tax
Based on federal AGI
years 2018 – 2025
2 %
Alternative Minimum Tax ( AMT ) Rate AMTI Less Exemption up to $ 232,600 26 % AMTI Less Exemption over $ 232,600 ($ 110,350 if Married Filing Separately ) 28 % AMTI Less Exemption 7 %
AMT Exemption Amounts Married Filing Jointly , Surviving Spouse
$ 133,300
$ 120,065
Single , Head of Household
85,700
90,048
Married Filing Separately
66,650
60,029
Estate or Trust
29,900
60,029
AMT Exemption Phase-out Married Filing Jointly , Surviving Spouse
$ 1,218,700
$ 450,238
Single , Head of Household
609,350
337,678
Married Filing Separately
609,350
225,115
Estate or Trust
99,700
225,115
199A Overview
20 % of Qualified
Federal Only
Maximum Deduction
Business Income *
* subject to wage and property limitations if AGI is above :
Married Filing Jointly
$ 383,900
Married Filing Separately
191,950
All Others
191,950
Self-Employed Health Insurance Premiums
Adjustment for AGI , percentage of total
qualifying health insurance premiums
100 %
100 %
Auto Standard Mileage Allowances ( January 1 – June 30 , 2023 ) Business
. 670
. 670
Charity work — general
. 14
. 14
Medical or moving
. 21
. 21
U . S . Savings Bond Interest Exclusion Phase-out Based on Modified AGI Joint Return , Surviving Spouse $ 145,200 – 175,200 All Others 96,800 – 111,800
California SDI Federal tax deduction * Removed by Senate Bill 951 Rate 1.1 % Maximum Tax Removed by Senate Bill 951 * Amounts paid to a voluntary program in lieu of the state programs are not deductible , but may be a credit on California return .
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Fast Tax Facts

2024

2024 FEDERAL TAX RATE SCHEDULE
Taxable
But
Of The
Income
Not
Amount
Is Over
Over
Pay
+%
Over
Single
$ 0
$ 11,600
$ 0
10 %
$ 0
11,600
47,150
1,160.00
12 %
11,600
47,150
100,525
5,426.00
22 %
47,150
100,525
191,950
17,168.50
24 %
100,525
191,950
243,725
39,110.50
32 %
191,950
243,725
609,350
55,678.50
35 %
243,725
609,350
and more
183,647.25
37 %
609,350
Head of Household $ 0
$ 16,550
$ 0
10 %
$ 0
16,550
63,100
1 , 655.00
12 %
16,550
63,100
100,500
7,241.00
22 %
63,100
100,500
191,950
15,469.00
24 %
100,500
191,950
243,700
37,417.00
32 %
191,950
243,700
609,350
53,977.00
35 %
243,700
609,350
and more
181,954.50
37 %
609,350
Married Filing Jointly or Surviving Spouse
$ 0
$ 23,200
$ 0
10 %
$ 0
23,200
94,300
2,320.00
12 %
23,200
94,300
201,050
10,852.00
22 %
94,300
201,050
383,900
34,337.00
24 %
201,050
383,900
487,450
78,221.00
32 %
383,900
487,450
731,200
111,357.00
35 %
487,450
731,200
and more
196,669.50
37 %
731,200
Married Filing Separately
$ 0
$ 11,600
$ 0
10 %
$ 0
11,600
47,150
1,160.00
12 %
11,600
47,150
100,525
5,426.00
22 %
47,150
100,525
191,950
17,168.50
24 %
100,525
191,950
243,725
39,110.50
32 %
191,950
243,725
365,600
55,678.50
35 %
243,725
365,600
and more
98,334.75
37 %
365,600
Estate or Nongrantor Trust
$ 0
$ 3,100
$ 0
10 %
$ 0
3,100
11,150
310.00
24 %
3,100
11,150
15,200
2,242.00
35 %
11,150
15,200
and more
3,659.50
37 %
15,200
2024 STATE TAX RATE SCHEDULE
Taxable
But
Of The
Income
Not
Amount
Is Over
Over
Pay
+%
Over
Single , Married Filing Separately , or Fiduciary Return
$ 0
$ 10,759
$ 0
1.00 %
$ 0
10,759
25,499
107.56
2.00 %
10,759
25,499
40,245
402.42
4.00 %
25,499
40,245
55,866
992.26
6.00 %
40,245
55,866
70,606
1,929.52
8.00 %
55,866
70,606
360,659
3,108.72
9.30 %
70,606
NOVEMBER 2024 CALIFORNIA CPA 13