Tax Rates
| Tax Rate | Income Range |
|---|---|
| 10% | 0 to $11,925 |
| 12% | $11,925 to $48,475 |
| 22% | $48,475 to $103,350 |
| 24% | $103,350 to $197,300 |
| 32% | $197,300 to $250,525 |
| 35% | $250,525 to $626,350 |
| 37% | Over $626,350 |
| Standard Deduction: $15,000 | |
| Tax Rate | Income Range |
|---|---|
| 10% | 0 to $23,850 |
| 12% | $23,850 to $96,950 |
| 22% | $96,950 to $206,700 |
| 24% | $206,700 to $394,600 |
| 32% | $394,600 to $501,050 |
| 35% | $501,050 to $751,600 |
| 37% | Over $751,600 |
| Standard Deduction: $30,000 | |
| Tax Rate | Income Range |
|---|---|
| 10% | 0 to $11,925 |
| 12% | $11,925 to $48,475 |
| 22% | $48,475 to $103,350 |
| 24% | $103,350 to $197,300 |
| 32% | $197,300 to $250,525 |
| 35% | $250,525 to $375,800 |
| 37% | Over $375,800 |
| Standard Deduction: $15,000 | |
| Tax Rate | Income Range |
|---|---|
| 10% | 0 to $17,000 |
| 12% | $17,000 to $64,850 |
| 22% | $64,850 to $103,350 |
| 24% | $103,350 to $197,300 |
| 32% | $197,300 to $250,500 |
| 35% | $250,500 to $626,350 |
| 37% | Over $626,350 |
| Standard Deduction: $22,500 | |
| Tax Rate | Income Range |
|---|---|
| 10% | 0 to $3,150 |
| 24% | $3,150 to $11,450 |
| 35% | $11,450 to $15,650 |
| 37% | Over $15,650 |
| Category | Rate |
|---|---|
| Social Security Tax Rate: Employers | 6.2% |
| Social Security Tax Rate: Employees | 6.2% |
| Social Security Tax Rate: Self-Employed | 12.4% |
| Maximum earnings subject to Social Security tax | $176,100 |
| Medicare Tax Rate: Employers | 1.45% |
| Medicare Tax Rate: Employees | 1.45% |
| Medicare Tax Rate: Self-Employed | 2.9% |
| Additional Medicare tax on FICA wages and self-employment income above $200,000 (single filers) or $250,000 (joint filers) | 0.9% |
| Net investment income tax on taxpayers with modified adjusted gross income (MAGI) exceeding $200,000 (single filers) or $250,000 (joint filers) | 3.8% |
| Category | Amount/Rate |
|---|---|
| Business Section 179 expensing limit | $1,250,000 |
| Business Section 179 phaseout threshold | $3,130,000 |
| First-year bonus depreciation rate | 40% |
| Income threshold for Section 199A deduction phaseout | $197,300 (single/head of household); $394,600 (married filing jointly) |
| Qualified small-employer Health Reimbursement Arrangement limit | $6,350 (single coverage); $12,800 (family coverage) |
| Prior-year safe harbor for estimated taxes of higher-income taxpayers | 110% of 2024 tax liability |
| Standard mileage rate for business driving | 70 cents |
| Standard mileage rate for medical driving | 21 cents |
| Standard mileage rate for moving driving (Armed Forces) | 21 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit (per child under age 17) | $2,000 |
| Unearned income maximum for children under 19 before kiddie tax applies | $1,350 |
| Maximum capital gains tax rate (income up to $48,350 single/$96,700 joint) | 0% |
| Maximum capital gains tax rate ($48,350-$533,400 single/$96,700-$600,050 joint) | 15% |
| Maximum capital gains tax rate (above $533,400 single/$600,050 joint) | 20% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles | 28% |
| Maximum contribution for Traditional/Roth IRA | $7,000 if under age 50 / $8,000 if 50 or older |
| Maximum employee contribution to SIMPLE IRA | $16,500 if under age 50 / $20,000 if 50 or older + $1,750 if age 60-63 |
| Maximum contribution to SEP IRA | 25% of eligible compensation up to $70,000 |
| Benefit | Amount |
|---|---|
| American Opportunity Credit (per student) | $2,500 |
| Lifetime Learning Credit (per return) | $2,000 |
| Student Loan Interest Deduction (per return) | $2,500 |
| Coverdell Education Savings Account Contribution (per student) | $2,000 |
| Meal Type | Rate (July 1, 2024 – June 30, 2025) |
|---|---|
| Breakfast | $1.66 |
| Lunch or Supper | $3.15 |
| Snack (up to 3 per day per child) | $0.93 |
| Source: Federal Register | |