Your Personal and Business Tax Rates for 2024

  • Tax strategies
  • 7/19/2024
Happy businesswoman using cell phone and laptop in office

The IRS announced the 2024 tax rates, which went into effect on January 1. Look up the key individual and businesses federal tax rates and limits for 2024 (or prior years) in the tables below.

Are you achieving sound tax and wealth planning simultaneously?

Learn More


2024 tax rates

2024 personal and business tax rates

Individual Tax Rate Filing Status
Married Filing Jointly (MFJ) Single Married Filing Separately Head of Household
10% Up to $23,200 Up to $11,600 Up to $11,600 Up to $16,550
12% $23,201 – $94,300 $11,601 – $47,150 $11,601 – $47,150 $16,551 – $63,100
22% $94,301 – $201,050 $47,151 – $100,525 $47,151 – $100,525 $63,101 – $100,500
24% $201,051– $383,900 $101,526 – $191,950 $101,526 – $191,950 $100,501 – $191,950
32% $383,901 – $487,450 $191,951 – $243,725 $191,951 – $243,725 $191,951 – $243,700
35% $487,451 – $731,200 $243,726 – $609,350 $243,726 – $365,600 $243,701– $609,350
37% More than $731,200 More than $609,350 More than $365,600 More than $609,350
2024 Standard Deduction
Standard deduction — single and married filing separately $14,600
Additional deduction age 65 or older — single $1,950
Standard deduction — married filing jointly $29,200
Additional deduction age 65 or older — married filing jointly and married filing separately $1,550
Standard deduction — head of household $21,900
Additional deduction age 65 or older — head of household $1,950
Note: the personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025.
2024 Retirement Plans
Maximum annual benefit for defined benefit plan Up to $275,000
Defined contribution annual addition $69,000
Defined contribution compensation limit $345,000
401(k) maximum exclusion $23,000
401(k) catch-up contribution (for individuals 50 or older) $7,500
SIMPLE contribution limit $16,000
SIMPLE catch-up contribution (for individuals 50 or older) $3,500
IRA contribution limitation (in general) $7,000
IRA catch-up contribution (for individuals 50 or older) $1,000
2024 Payroll Taxes
Social Security (self-employed) combined rate (OASDI + Medicare) (6.2% + 1.45%) x 2 = 15.3%
Social Security (employee) rate (OASDI + Medicare) (6.2% + 1.45%) = 7.65%
OASDI contribution base $168,600
Medicare contribution base Unlimited
Additional Medicare Payroll Tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) 0.9%
FUTA wage base $7,000
FUTA rate 6%
2024 Social Security
Maximum earned income while receiving Social Security under full retirement age $22,320
in the year you reach full retirement age $59,520
full retirement age (once reached) No limit
2024 Education Phase-Outs
American Opportunity Credit (formerly Hope Credit) MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000
Lifetime Learning Credit MFJ: $160,000 – $180,000
Other Filers: $80,000 – $90,000
Student loan interest deduction MFJ: $155,000 – $185,000
Single: $75,000 – $90,000
2024 Health Savings Accounts
HSA contribution limit (single insurance coverage) $4,150
HSA contribution limit (family insurance coverage) $8,300
HSA catch-up contribution (age 55 or older) $1,000
2024 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax
Section 179 limitation $1,220,000
Annual gift tax exclusion $18,000
Estate tax exclusion amount $13,610,000
Kiddie tax base amount $1,300
2024 Travel
High cost per diem travel rate within continental United States (high/low method) $309
Low cost per diem travel rate within continental United States (high/low method) $214
2024 Mileage Rates
Business $.67 per mile
Medical/Moving $.21 per mile
Charitable $.14 per mile
2023 tax rates

2023 personal and business tax rates

Individual Tax Rate Filing Status
Married Filing Jointly (MFJ) Single Married Filing Separately Head of Household
10%   Up to $22,000  Up to $11,000 
 Up to $11,000 
 Up to $15,700 
12%  $22,001 – $89,450 
 $11,001 – $44,725 
 $11,001 – $44,725 
 $15,701 – $59,850 
22%  $89,451 – $190,750 
 $44,726 – $95,375 
 $44,726 – $95,375 
 $59,851 – $95,350 
24%  $190,751– $364,200 
 $95,376 – $182,100 
 $95,376 – $182,100 
 $95,351 – $182,100 
32%  $364,201 – $462,500   $182,101– $231,250 
 $182,101 – $231,250 
 $182,101 – $231,250 
35%  $462,501 – $693,750 
 $231,251– $578,125 
 $231,251 – $346,875 
 $231,251– $578,100 
37%  More than $693,750  More than $578,125 
 More than $346,875 
 More than $578,100 
2023 Standard Deduction
Standard deduction — single and married filing separately 
 $13,850 
Additional deduction age 65 or older — single 
 $1,850 
Standard deduction — married filing jointly 
 $27,700 
Additional deduction age 65 or older — married filing jointly and married filing separately 
 $1,500 
Standard deduction — head of household
 $20,800 
Additional deduction age 65 or older — head of household 
 $1,850 
Note: the personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025. 
2023 Retirement Plans
Maximum annual benefit for defined benefit plan  Up to $265,000 
Defined contribution annual addition  $66,000 
Defined contribution compensation limit  $330,000 
401(k) maximum exclusion  $22,500 
401(k) catch-up contribution (for individuals 50 or older)  $7,500 
SIMPLE contribution limit  $15,500 
SIMPLE catch-up contribution (for individuals 50 or older)  $3,500 
IRA contribution limitation (in general)  $6,500 
IRA catch-up contribution (for individuals 50 or older)  $1,000 
2023 Payroll Taxes
Social Security (self-employed) combined rate (OASDI + Medicare)  (6.2% + 1.45%) x 2 = 15.3% 
Social Security (employee) rate (OASDI + Medicare)  (6.2% + 1.45%) = 7.65% 
OASDI contribution base  $160,200 
Medicare contribution base  Unlimited 
Additional Medicare Payroll Tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly)  0.9% 
FUTA wage base  $7,000 
FUTA rate  6% 
2023 Social Security
Maximum earned income while receiving Social Security benefits  under full retirement age  $21,240 
in the year you reach full retirement age  $21,240 
full retirement age (once reached)  No limit 
2023 Education Phase-Outs
American Opportunity Credit (formerly Hope Credit)  MFJ: $160,000 – $180,000 
Other filers: $80,000 – $90,000 
Lifetime Learning Credit  MFJ: $160,000 – $180,000 
Other Filers: $80,000 – $90,000 
Student loan interest deduction  MFJ: $155,000 – $185,000 
Single: $75,000 – $90,000 
2023 Health Savings Accounts
HSA contribution limit (single insurance coverage)  $3,850 
HSA contribution limit (family insurance coverage)  $7,750  
HSA catch-up contribution (age 55 or older)  $1,000 
2023 179 Limitation, Gift & Estate Tax Exclusions, and Kiddie Tax
Section 179 limitation  $1,160,000 
Annual gift tax exclusion  $17,000 
Estate tax exclusion amount  $12,920,000 
Kiddie tax base amount   $1,250 
2023 Travel
High cost per diem travel rate within continental United States (high/low method)  $297 
Low cost per diem travel rate within continental United States (high/low method)  $204 
2023 Mileage Rates
Business  $.65.5 per mile 
Medical/Moving  $.22 per mile 
Charitable  $.14 per mile 
2022 tax rates

2022 personal and business tax rates

Individual Tax Rate Filing Status
Married Filing Jointly (MFJ) Single Married Filing Separately Head of Household
10% Up to $20,550 Up to $10,275 Up to $10,275 Up to $14,650
12% $20,551 –
$83,550		 $10,276 – $41,775 $10,276 –
$41,775		 $14,651 – $55,900
22% $83,551 –
$178,150		 $41,776 – $89,075 $41,776 –
$89,075		 $55,901 – $89,050
24% $178,151 – $340,100 $89,076 – $170,050 $89,076 – $170,050 $89,051 – $170,050
32% $340,101 – $431,900 $170,051 – $215,950 $170,051 – $215,950 $170,051 – $215,950
35% $431,901 – $647,850 $215,951 – $539,900 $215,951 – $323,925 $215,951 – $539,900
37% More than
$647,850		 More than $539,900 More than $323,925 More than $539,900
2022 Net Long-Term Capital Gains Tax Rates Applicable if Taxable Income is
Capital Gain Rate Filing Status
Married Filing Jointly (MFJ) Single Married Filing Separately Head of Household
0% Up to $83,350 Up to $41,675 Up to $41,675 Up to $55,800
15% $83,351 – $517,200 $41,676 – $459,750 $41,676 – $258,600 $55,801 – $488,500
20% More than $517,200 More than $459,750 More than $258,600 More than $488,500

Net short term capital gains are subject to taxation at ordinary rates; reference previous table.

2022 Standard Deduction
Standard deduction — single and married filing separately $12,950
Additional deduction age 65 or older — single $1,750
Standard deduction — married filing jointly $25,900
Additional deduction age 65 or older — married filing jointly and married filing separately $1,400
Standard deduction — head of household $19,400
Additional deduction age 65 or older — head of household $1,750

Note: The personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025.

2022 Retirement Plans
Maximum annual benefit for defined benefit plan Up to $245,000
Defined contribution annual addition $61,000
Defined contribution compensation limit $305,000
401(k) maximum exclusion $20,500
401(k) catch-up contribution (for individuals 50 or older) $6,500
SIMPLE contribution limit $14,000
SIMPLE catch-up contribution (for individuals 50 or older) $3,000
IRA contribution limitation (in general) $6,000
IRA catch-up contribution (for individuals 50 or older) $1,000
2022 Payroll Taxes
Social Security (self-employed) combined rate (OASDI + Medicare) (6.2% + 1.45%) x 2 = 15.3%
Social Security (employee) rate (OASDI + Medicare) (6.2% + 1.45%) = 7.65%
OASDI contribution base $147,000
Medicare contribution base Unlimited
Additional Medicare payroll tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) 0.9%
FUTA wage base $7,000
FUTA rate 6%
2022 Social Security
Maximum earned income while receiving Social Security  Under full retirement age $19,560
In the year you reach full retirement age $51,960
Full retirement age No limit
2022 Education Phase-Outs
American Opportunity Credit (formerly Hope Credit) MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000
Lifetime Learning Credit MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000
Student loan interest deduction MFJ: $145,000 – $175,000
Single: $70,000 – $85,000
2022 Health Savings Accounts
HSA contribution limit (single insurance coverage) $3,650
HSA contribution limit (family insurance coverage) $7,300
HSA catch-up contribution (age 55 or older) $1,000
2022 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax
Section 179 limitation $1,080,000
Annual gift tax exclusion $16,000
Estate tax exclusion amount $12,060,000
Kiddie tax base amount $1,150
2022 Travel
High cost per diem travel rate within continental United States (high/low method) $296
Low cost per diem travel rate within continental United States (high/low method) $202
2022 Mileage Rates
Business $0.585
Medical/Moving $0.18
Charitable $0.14
2021 tax rates

2021 personal and business tax rates

Individual Tax Rate Filing Status
Married Filing Jointly (MFJ) Single Married Filing Separately Head of Household
10% Up to $19,900 Up to $9,950 Up to $9,950 Up to $14,200
12% $19,901 – $81,050 $9,951 – $40,525 $9,951 – $40,525 $14,201 – $54,200
22% $81,051 – $172,750 $40,526 – $86,375 $40,526 – $86,375 $54,201 – $86,350
24% $172,751 – $329,850 $86,376 – $164,925 $86,376 – $164,925 $86,351 – $164,900
32% $329,851 – $418,850 $164,926 – $209,425 $164,926 – $209,425 $164,901 – $209,400
35% $418,851 – $628,300 $209,426 – $523,600 $209,426 – $314,150 $209,401 – $523,600
37% More than $628,300 More than $523,600 More than $314,150 More than $523,600
2021 Standard Deduction
Standard deduction — single and married filing separately $12,550
Additional deduction age 65 or older — single $1,700
Standard deduction — married filing jointly $25,100
Additional deduction age 65 or older — married filing jointly and married filing separately $1,350
Standard deduction — head of household $18,800
Additional deduction age 65 or older — head of household $1,700

Note: The personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025.

2021 Retirement Plans
Maximum annual benefit for defined benefit plan Up to $230,000
Defined contribution annual addition $58,000
Defined contribution compensation limit $290,000
401(k) maximum exclusion $19,500
401(k) catch-up contribution (for individuals 50 or older) $6,500
SIMPLE contribution limit $13,500
SIMPLE catch-up contribution (for individuals 50 or older) $3,000
IRA contribution limitation (in general) $6,000
IRA catch-up contribution (for individuals 50 or older) $1,000
2021 Payroll Taxes
Social Security (self-employed) combined rate (OASDI + Medicare) (6.2% + 1.45%) x 2 = 15.3%
Social Security (employee) rate (OASDI + Medicare) (6.2% + 1.45%) = 7.65%
OASDI contribution base $142,800
Medicare contribution base Unlimited
Additional Medicare payroll tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) 0.9%
FUTA wage base $7,000
FUTA rate 6%
2021 Social Security
Maximum earned income while receiving Social Security  Under full retirement age $18,960
In the year you reach full retirement age $50,520
Full retirement age No limit
2021 Education Phase-Outs
American Opportunity Credit (formerly Hope Credit) MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000
Lifetime Learning Credit MFJ: $119,000 – $139,000
Other filers: $59,000 – $69,000
Student loan interest deduction MFJ: $140,000 – $170,000
Single: $70,000 – $85,000
2021 Health Savings Accounts
HSA contribution limit (single insurance coverage) $3,600
HSA contribution limit (family insurance coverage) $7,200
HSA catch-up contribution (age 55 or older) $1,000
2021 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax
Section 179 limitation $1,050,000
Annual gift tax exclusion $15,000
Estate tax exclusion amount $11,700,000
Kiddie tax base amount $1,100
 
2021 Travel
High cost per diem travel rate within continental United States (high/low method) $292
Low cost per diem travel rate within continental United States (high/low method) $198

2021 Mileage Rates
Business $0.56
Medical/Moving $0.16
Charitable $0.14
2020 tax rates

2020 personal and business tax rates

Individual Tax Rate Filing Status
Married Filing Jointly (MFJ) Single Married Filing Separately Head of Household
10% Up to $19,750 Up to $9,875 Up to $9,875 Up to $14,100
12% $19,751 – $80,250 $9,876 – $40,125 $9,876 – $40,125 $14,101 – $53,700
22% $80,251 – $171,050 $40,126 – $85,525 $40,126 – $85,525 $53,701 – $85,500
24% $171,051 – $326,600 $85,526 – $163,300 $85,526 – $163,300 $85,501 – $163,300
32% $326,601 – $414,700 $163,301 – $207,350 $163,301 – $207,350 $163,301 – $207,350
35% $414,701 – $622,050 $207,351 – $518,400 $207,351 – $311,025 $207,351 – $518,400
37% More than $622,050 More than $518,400 More than $311,025 More than $518,400
2020 Standard Deduction
Standard deduction — single and married filing separately $12,400
Additional deduction age 65 or older — single $1,650
Standard deduction — married filing jointly $24,800
Additional deduction age 65 or older — married filing jointly and married filing separately $1,300
Standard deduction — head of household $18,650
Additional deduction age 65 or older — head of household $1,650

Note: The personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025.

2020 Retirement Plans
Maximum annual benefit for defined benefit plan Up to $230,000
Defined contribution annual addition $57,000
Defined contribution compensation limit $285,000
401(k) maximum exclusion $19,500
401(k) catch-up contribution (for individuals 50 or older) $6,500
SIMPLE contribution limit $13,500
SIMPLE catch-up contribution (for individuals 50 or older) $3,000
IRA contribution limitation (in general) $6,000
IRA catch-up contribution (for individuals 50 or older) $1,000
2020 Payroll Taxes
Social Security (self-employed) combined rate (OASDI + Medicare) (6.2% + 1.45%) x 2 = 15.3%
Social Security (employee) rate (OASDI + Medicare) (6.2% + 1.45%) = 7.65%
OASDI contribution base $137,700
Medicare contribution base Unlimited
Additional Medicare payroll tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) 0.9%
FUTA wage base $7,000
FUTA rate 6%
2020 Social Security
Maximum earned income while receiving Social Security  Under full retirement age $18,240
In the year you reach full retirement age $48,600
Full retirement age No limit
2020 Education Phase-Outs
American Opportunity Credit (formerly Hope Credit) MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000
Lifetime Learning Credit MFJ: $118,000 – $138,000
Other filers: $59,000 – $69,000
Student loan interest deduction MFJ: $140,000 – $170,000
Single: $70,000 – $85,000
2020 Health Savings Accounts
HSA contribution limit (single insurance coverage) $3,550
HSA contribution limit (family insurance coverage) $7,100
HSA catch-up contribution (age 55 or older) $1,000
2020 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax
Section 179 limitation $1,040,000
Annual gift tax exclusion $15,000
Estate tax exclusion amount $11,580,000
 
2020 Travel
High cost per diem travel rate within continental United States (high/low method) $297
Low cost per diem travel rate within continental United States (high/low method) $200

2020 Mileage Rates
Business $0.575
Medical/Moving $0.17
Charitable $0.14
2019 tax rates

2019 personal and business tax rates

Individual Tax Rate Filing Status
Married Filing Jointly (MFJ) Single Married Filing Separately Head of Household
10% Up to $19,400 Up to $9,700 Up to $9,700 Up to $13,850
12% $19,401 – $78,950 $9,701 – $39,475 $9,701 – $39,475 $13,851 – $52,850
22% $78,951 – $168,400 $39,476 – $84,200 $39,476 – $84,200 $52,851 – $84,200
24% $168,401 – $321,450 $84,201 – $160,725 $84,201 – $160,725 $82,201 – $160,700
32% $321,451 – $408,200 $160,726 – $204,100 $160,726 – $204,100 $160,701 – $204,100
35% $408,201 – $612,350 $204,101 – $510,300 $204,101 – $306,175 $204,101 – $510,300
37% More than $612,350 More than $510,300 More than $306,175 More than $510,300
2019 Standard Deduction
Standard deduction — single and married filing separately $12,200
Additional deduction age 65 or older — single $1,650
Standard deduction — married filing jointly $24,400
Additional deduction age 65 or older — married filing jointly and married filing separately $1,300
Standard deduction — head of household $18,350
Additional deduction age 65 or older — head of household $1,650

Note: The personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025.

2019 Retirement Plans
Maximum annual benefit for defined benefit plan Up to $225,000
Defined contribution annual addition $56,000
Defined contribution compensation limit $280,000
401(k) maximum exclusion $19,000
401(k) catch-up contribution (for individuals 50 or older) $6,000
SIMPLE contribution limit $13,000
SIMPLE catch-up contribution (for individuals 50 or older) $3,000
IRA contribution limitation (in general) $6,000
IRA catch-up contribution (for individuals 50 or older) $1,000
2019 Payroll Taxes
Social Security (self-employed) combined rate (OASDI + Medicare) (6.2% + 1.45%) x 2 = 15.3%
Social Security (employee) rate (OASDI + Medicare) (6.2% + 1.45%) = 7.65%
OASDI contribution base $132,900
Medicare contribution base Unlimited
Additional Medicare payroll tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) 0.9%
FUTA wage base $7,000
FUTA rate 6%
2019 Social Security
Maximum earned income while receiving Social Security  Under full retirement age $17,640
In the year you reach full retirement age $46,920
Full retirement age No limit
2019 Education Phase-Outs
American Opportunity Credit (formerly Hope Credit) MFJ: $160,000 – $180,000
Other filers: $80,000 – $90,000
Lifetime Learning Credit MFJ: $116,000 – $136,000
Other filers: $58,000 – $68,000
Student loan interest deduction MFJ: $140,000 – $170,000
Single: $70,000 – $85,000
2019 Health Savings Accounts
HSA contribution limit (single insurance coverage) $3,500
HSA contribution limit (family insurance coverage) $7,000
HSA catch-up contribution (age 55 or older) $1,000
2019 179 Limitation, Gift and Estate Tax Exclusions, and Kiddie Tax
Section 179 limitation $1,020,000
Annual gift tax exclusion $15,000
Estate tax exclusion amount $11,400,000
 
2019 Travel
High cost per diem travel rate within continental United States (high/low method) $287
Low cost per diem travel rate within continental United States (high/low method) $195

Experience the CLA Promise


Subscribe