Taxable |
But |
Of The |
||
Income |
Not |
Amount |
||
Is Over |
Over |
Pay |
+% |
Over |
360,659 |
432,787 |
30,083.65 |
10.30 % |
360,659 |
432,787 |
721,314 |
37,512.83 |
11.30 % |
432,787 |
721,314 |
and more |
70,116.38 |
12.30 % |
721,314 |
An additional 1 % surcharge applies to taxable income in excess of $ 1 million . | ||||
Married Filing Jointly or Surviving Spouse | ||||
$ 0 |
$ 21,512 |
$ 0 |
1.00 % |
$ 0 |
21,512 |
50,998 |
215.12 |
2.00 % |
21,512 |
50,998 |
80,490 |
804.84 |
4.00 % |
50,998 |
80,490 |
111,732 |
1,984.52 |
6.00 % |
80,490 |
111,732 |
141,212 |
3,859.04 |
8.00 % |
111,732 |
141,212 |
721,318 |
6,217.44 |
9.30 % |
141,212 |
721,318 |
865,574 |
60,167.30 |
10.30 % |
721,318 |
865,574 |
1,442,628 |
75,025.67 |
11.30 % |
865,574 |
1,442,628 |
and more |
140,232.77 |
12.30 % |
1,442,628 |
An additional 1 % surcharge applies to taxable income in excess of $ 1 million . | ||||
Head of Household $ 0 |
$ 21,527 |
$ 0 |
1.00 % |
$ 0 |
21,527 |
51,000 |
215.27 |
2.00 % |
21,527 |
51,000 |
65,744 |
804.27 |
4.00 % |
51,000 |
65,744 |
81,364 |
1,394.49 |
6.00 % |
65,744 |
81,364 |
96,107 |
2,331.69 |
8.00 % |
81,364 |
96,107 |
490,493 |
3,511.13 |
9.30 % |
96,107 |
490,493 |
588,593 |
40,189.03 |
10.30 % |
490,493 |
588,593 |
980,987 |
50,293.33 |
11.30 % |
588,593 |
980,987 |
and more |
94,633.85 |
12.30 % |
980,987 |
An additional 1 % surcharge applies to taxable income in excess of $ 1 million . | ||||
Year |
First |
Second |
Third |
Thereafter |
2024 |
$ 20,400 |
19,800 |
11,900 |
7,160 |
Depreciation limitations for automobiles first placed in service during the 2024 | ||||
calendar year , for which the section 168 ( k ) additional first year depreciation deduction | ||||
does not apply . | ||||
Year |
First |
Second |
Third |
Thereafter |
2024 |
$ 12,400 |
19,500 |
11,900 |
7,160 |
SOCIAL SECURITY AND MEDICARE TAXES | ||
2023 |
2024 |
|
Social Security Tax Maximum wage base |
$ 160,000 |
$ 168,600 |
Social Security rate - employee |
6.2 % |
6.2 % |
Social Security rate - employer |
6.2 % |
6.2 % |
Social Security rate - self-employed |
12.4 % |
12.4 % |
Medicare Tax Maximum wage base |
Unlimited |
Unlimited |
Medicare rate — employee / employer |
1.45 % |
1.45 % |
Medicare rate — self-employed |
2.90 % |
2.90 % |
Monthly Medicare Part B Premium |
$ 170.10 |
$ 164.90 |
Additional Medicare Tax | ||
An additional 0.9 % Medicare tax is imposed on an employee ’ s wages received in excess of | ||
Married Filing Jointly |
$ 250,000 |
$ 250,000 |
Married Filing Separately |
125,000 |
125,000 |
Qualifying Widower w / Depend . |
200,000 |
200,000 |
Single / Head of Household |
200,000 |
200,000 |
Net Investment Income Tax ( NIIT ) | ||
An additional 3.8 % tax may be imposed on net investment income if modified AGI is in | ||
excess of | ||
Married Filing Jointly |
$ 250,000 |
$ 250,000 |
Married Filing Separately |
125,000 |
125,000 |
Qualifying Widower w / Depend . |
250,000 |
250,000 |
Single / Head of Household |
200,000 |
200,000 |
Earned Income Ceilings for Social Security Benefits Under full retirement age |
$ 21,240 |
$ 22,320 |
|
Full retirement age |
Unlimited |
Unlimited |
|
RETIREMENT PLAN LIMITATIONS | ||
2023 |
2024 |
|
Maximum 401 ( k ) or 403 ( b ) Deferral |
$ 22,500 |
$ 23,000 |
Maximum Defined Contribution Plan or SEP Contribution |
66,000 |
69,000 |
Maximum Annual Benefit for Defined Benefit Plans |
265,000 |
275,000 |
Annual Compensation Limit for Computing Plan Benefits |
330,000 |
345,000 |
Annual Compensation Limit for the Definition of Highly Compensated Employee IRC Section 414 ( q ) |
150,000 |
155,000 |
Compensation Minimum for SEP plan |
750 |
750 |
Maximum Contribution for SIMPLE plan |
15,500 |
16,000 |
Catch-up Contribution for 401 ( k ) or 403 ( b ) for taxpayers age 50 and older |
7,500 |
7,500 |
Catch-up Contribution for SIMPLE for taxpayers age 50 and older |
3,500 |
3,500 |
Key Employee for Top Heavy Purposes : | ||
|
• Officers Earning Over
$ 215,000
|
$ 220,000 |
|
|
• A more-than-5-percent Owner
N / A
|
N / A |
|
• A more-than-1-percent Owner Earning Over |
150,000 |
150,000 |
TRADITIONAL & ROTH IRAs | ||
2023 |
2024 |
|
Contribution Limit |
$ 6,500 |
$ 7,000 |
Catch-up Contribution age 50 and older |
1,000 |
1,000 |
IRA Deduction Phase-out for Active Participants | ||
Single or Head of Household |
$ 73,000 – 83,000 |
$ 77,000 – 87,000 |
Married Filing Jointly |
116,000 – 136,000 |
123,000 – 143,000 |
Married Filing Separately |
0 – 10,000 |
0 – 10,000 |
Roth IRA Contribution Phase-out Single or Head of Household |
$ 138,000 – 153,000 |
146,000 – 161,000 |
Married Filing Jointly |
218,000 – 228,000 |
230,000 – 240,000 |
Married Filing Separately |
0 – 10,000 |
0 – 10,000 |
Roth IRA Conversion Phase-out |
||
All filing statuses |
no AGI Limit |
no AGI Limit |
IRA & PENSION CREDIT | |||
Saver ’ s Credit Rate applied to maximum contribution of $ 2,000 and based on AGI | |||
Joint Filers |
Heads of |
All Other |
Credit |
Household |
Filers |
Rate |
|
$ 0 – 46,500 |
$ 0 – 34,500 |
$ 0 – 23,000 |
50 % |
46,000 – 50,000 |
34,500 – 37,500 |
23,000 – 25,000 |
20 % |
50,000 – 76,500 |
37,500 – 57,375 |
25,000 – 38,250 |
10 % |
Over 76,500 |
Over 57,375 |
Over 38,250 |
0 % |