Tax Rates
Stay updated with the latest federal and state tax rates, including income, corporate, and sales taxes, to ensure accurate tax planning and compliance.
2024 Tax Rates
Income Tax Brackets
Income tax brackets segment income into various brackets, each associated with a specific tax rate that applies solely to the portion of income within that particular bracket.
Filing Status: Single
If taxable income is over:
But not over:
The tax is:
$0
$11,600
10% of taxable income
$11,600
$47,150
$1,160 + 12% of the amount over $11,600
$47,150
$100,525
$5,426 + 22% of the amount over $47,150
$100,525
$191,950
$17,168.50 + 24% of the amount over $100,525
$191,950
$243,725
$39,110.50 + 32% of the amount over $191,150
$243,725
$609,350
$55,678.50 + 35% of the amount over $243,725
$609,350
No limit
$183,647.25+ 37% of the amount over $609,350
Filing Status: Head of Household
If taxable income is over:
But not over:
The tax is:
$0
$16,550
10% of taxable income
$16,550
$63,100
$1,655 + 12% of the amount over $16,550
$63,100
$100,500
$7,241 + 22% of the amount over $63,100
$100,500
$191,950
$15,469 + 24% of the amount over $100,500
$191,950
$243,700
$37,417 + 32% of the amount over $191,150
$243,700
$609,350
$55,678.50 + 35% of the amount over $243,725
$609,350
No limit
$183,647.25+ 37% of the amount over $609,350
Filing Status: Married Filing Jointly
If taxable income is over:
But not over:
The tax is:
$0
$23,200
10% of taxable income
$23,200
$94,300
$2,320 + 12% of the amount over $23,200
$94,300
$201,050
$10,852 + 22% of the amount over $94,300
$201,050
$383,900
$34,337+ 24% of the amount over $201,050
$383,900
$487,450
$78,221 + 32% of the amount over $383,900
$487,450
$731,200
$111,357 + 35% of the amount over $487,450
$731,200
No limit
$196,669 + 37 % of the amount over $731,200
Filing Status: Married Filing Separately
If taxable income is over:
But not over:
The tax is:
$0
$11,600
10% of taxable income
$11,600
$47,150
$1,160 + 12% of the amount over $11,600
$47,150
$100,525
$5,426 + 22% of the amount over $47,150
$100,525
$191,950
$17,168.50 + 24% of the amount over $100,525
$191,950
$243,725
$39,110.50 + 32% of the amount over $191,150
$243,725
$365,600
$55,678.50 + 35% of the amount over $243,725
$365,600
No limit
$98,334.75 + 37% of the amount over $365,600
Standard Mileage Rate
Standard mileage rates are used for calculating the deductible expenses related to using a personal vehicle for work-related purposes. The rates are typically based on the number of miles driven and are meant to cover the cost of operating a vehicle, including fuel, maintenance, and depreciation.
Use
Rate
Business
67 cents
Medical Care or Move (Military only)
21 cents
Charitable
14 cents
Standard Deduction
The standard deduction is a set amount that taxpayers can subtract from their adjusted gross income to reduce their taxable income. It is a flat dollar amount that varies depending on the taxpayer's filing status and is intended to simplify the tax filing process for individuals who may not have many itemized deductions. Taxpayers can choose to take the standard deduction or itemize their deductions, whichever results in a lower taxable income.
Name
Maximum Credit
Married Filing Jointly/Surviving Spouses
$29,200
Heads of Households
$21,900
Single
$14,600
Married Filing Separately
$14,600
Education
The IRS offers education credits and student loan deductions to help taxpayers save money on education-related expenses. Education credits can help offset the cost of tuition, fees, and other eligible expenses for higher education.
Name
Maximum Credit
American Opportunity Credit (AOTC)
$2,500
Lifetime Learning Credit (LLC)
$2,000
Student Loan Interest Deduction
$2,500
Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a refundable tax credit for low to moderate-income working individuals and families. It is designed to help reduce the tax burden and provide financial support to those who need it.
Number of Qualifying Children
One
Two
Three or More
None
Earned Income Amount
$12,390
$17,400
$17,400
$8,260
Maximum Credit Amount
$4,213
$6,960
$7,840
$632
Threshold Phaseout Amount (Married Filing Jointly)
$29,640
$29,640
$29,640
$17,250
Completed Phaseout Amount (Married Filing Jointly)
$56,004
$62,688
$66,819
$25,511
Threshold Phaseout Amount (All other filing statuses)
$22,720
$22,720
$22,720
$10,330
Completed Phaseout Amount (All other filing statuses)
$49,084
$55,768
$59,899
$18,591
Child Tax Credit
The Child Tax Credit (CTC) is a partially refundable financial benefit provided by the government to eligible families or individuals who have dependent children. It is designed to help reduce the financial burden of raising children by providing a tax credit that directly reduces the amount of tax owed. The credit is typically based on the number of qualifying children and their age.
Maximum Credit
Child Tax Credit
$2,000
Advance CTC (Refundable Portion)
$1,700
Adoption Tax Credit
The Child Tax Credit (CTC) is a partially refundable financial benefit provided by the government to eligible families or individuals who have dependent children. It is designed to help reduce the financial burden of raising children by providing a tax credit that directly reduces the amount of tax owed. The credit is typically based on the number of qualifying children and their age.
Maximum Credit
Adoption Tax Credit
$16,810
Retirement
The IRS sets annual contribution limits for retirement accounts like 401(k) plans and IRAs to help individuals save for retirement while receiving tax benefits. Contributions to these accounts are often tax-deductible, and the earnings grow tax-deferred until withdrawal.
Name
Contribution Limit
401(k), 403(b), most 457 plans
$23,000
Traditional/Roth IRAs
$7,000
SIMPLE IRAs
$16,000
2023 Tax Rates
Income Tax Rates
Filing Status: Single
If taxable income is over:
But not over:
The tax is:
$0
$11,000
10% of taxable income
$11,000
$44,725
$1,100 + 12% of the amount over $11,000
$44,725
$95,375
$5,147 + 22% of the amount over $44,725
$95,375
$182,100
$16,290 + 24% of the amount over $95,375
$182,100
$231,250
$37,104 + 32% of the amount over $182,100
$231,250
$578,125
$52,832 + 35% of the amount over $231,250
$578,125
No limit
$174,238.25 + 37% of the amount over $578,125
Filing Status: Head of Household
If taxable income is over:
But not over:
The tax is:
$0
$15,700
10% of taxable income
$15,700
$59,850
$1,570 + 12% of the amount over $15,700
$59,850
$95,350
$6,868 + 22% of the amount over $59,850
$95,350
$182,100
$14,678 + 24% of the amount over $95,350
$182,100
$231,250
$35,498 + 32% of the amount over $182,100
$231,250
$578,100
$51,226 + 35% of the amount over $231,250
$578,100
No limit
$172,623.50 + 37% of the amount over $578,100
Filing Status: Married Filing Jointly
If taxable income is over:
But not over:
The tax is:
$0
$22,000
10% of taxable income
$22,000
$89,450
$2,200 + 12% of the amount over $22,000
$89,450
$190,750
$10,294 + 22% of the amount over $89,450
$190,750
$364,200
$32,580 + 24% of the amount over $190,750
$364,200
$462,500
$74,208 + 32% of the amount over $364,200
$462,500
$693,750
$105,664 + 35% of the amount over $462,500
$693,750
No limit
$186,601.50 + 37 % of the amount over $693,750
Filing Status: Married Filing Separately
If taxable income is over:
But not over:
The tax is:
$0
$11,000
10% of taxable income
$11,000
$44,725
$1,100 + 12% of the amount over $11,000
$44,725
$95,375
$5,147 + 22% of the amount over $44,725
$95,375
$182,100
$16,290 + 24% of the amount over $95,375
$182,100
$231,250
$37,104 + 32% of the amount over $182,100
$231,250
$346,875
$52,832 + 35% of the amount over $231,250
$346,875
No limit
$93,300.75 + 37% of the amount over $346,875
Standard Mileage Rate
Use
Rate
Business
65.5 cents
Medical Care or Move
22 cents
Charitable
14 cents
2022 Tax Rates
Income Tax Rates
Filing Status: Single
If taxable income is over:
But not over:
The tax is:
$0
$10,275
10% of taxable income
$10,275
$41,775
$1,027.50 + 12% of the amount over $10,275
$41,775
$89,075
$4,807.50 + 22% of the amount over $41,775
$89,075
$170,050
$15,213.50 + 24% of the amount over $89,075
$170,050
$215,950
$34,647.50 + 32% of the amount over $170,050
$215,950
$539,900
$49,335.50 + 35% of the amount over $215,950
$539,900
No limit
$162,718 + 37% of the amount over $539,900
Filing Status: Head of Household
If taxable income is over:
But not over:
The tax is:
$0
$14,650
10% of taxable income
$14,650
$55,900
$1,465 + 12% of the amount over $14,650
$55,900
$89,050
$6,415 + 22% of the amount over $55,900
$89,050
$170,050
$13,708 + 24% of the amount over $89,050
$170,050
$215,950
$33,148 + 32% of the amount over $170,050
$215,950
$539,900
$47,836 + 35% of the amount over $215,950
$539,900
No limit
$161,218.50 + 37% of the amount over $539,900
Filing Status: Married Filing Jointly
If taxable income is over:
But not over:
The tax is:
$0
$20,550
10% of taxable income
$20,550
$83,550
$2,055 + 12% of the amount over $20,550
$83,550
$178,150
$9,615 + 22% of the amount over $83,550
$178,150
$340,100
$30,427 + 24% of the amount over $178,500
$340,100
$431,900
$69,295 + 32% of the amount over $340,100
$431,900
$647,850
$98,671 + 35% of the amount over $431,900
$647,850
No limit
$174,253.50 + 37% of the amount over $647,850
Filing Status: Married Filing Separately
If taxable income is over:
But not over:
The tax is:
$0
$9,700
10% of taxable income
$9,700
$39,475
$970.00 + 12% of the amount over $9,700
$39,475
$84,200
$4,543.00 + 22% of the amount over $39,475
$84,200
$160,725
$14,382.50 + 24% of the amount over $84,200
$160,725
$204,100
$32,748.50 + 32% of the amount over $160,725
$204,100
$306,175
$46,628.50 + 35% of the amount over $204,100
$306,175
No limit
$82,354.75 + 37% of the amount over $306,175
Standard Mileage Rate
Use
Rate
Business
For January 1 through June 30 of this year, the rate is set at 58.5 cents per mile. The rate will then rise to 62.5 cents per mile for the period from July 1 through December 31.
Medical Care or Move
18 cents
Charitable
14 cents
2021 Tax Rates
Income Tax Rates
Filing Status: Single
If taxable income is over:
But not over:
The tax is:
$0
$9,950
10% of taxable income
$9,950
$40,525
$995 + 12% of the amount over $9,950
$40,525
$86,375
$4,664 + 22% of the amount over $40,525
$86,375
$164,925
$14,751 + 24% of the amount over $86,375
$164,925
$209,425
$33,603 + 32% of the amount over $164,925
$209,425
$523,600
$47,843 + 35% of the amount over $209,425
$523,600
No limit
$157,804.25 + 37% of the amount over $523,600
Filing Status: Head of Household
If taxable income is over:
But not over:
The tax is:
$0
$14,200
10% of taxable income
$14,200
$54,200
$1,420 + 12% of the amount over $14,200
$54,200
$86,350
$6,220 + 22% of the amount over $54,200
$86,350
$164,900
$13,293 + 24% of the amount over $86,350
$164,900
$209,400
$32,145 + 32% of the amount over $164,900
$209,400
$523,600
$46,385 + 35% of the amount over $209,400
$523,600
No limit
$156,355 + 37% of the amount over $523,600
Filing Status: Married Filing Jointly
If taxable income is over:
But not over:
The tax is:
$0
$19,900
10% of taxable income
$19,900
$81,050
$1,990 + 12% of the amount over $19,900
$81,050
$172,750
$9,328 + 22% of the amount over $81,050
$172,750
$329,850
$29,502 + 24% of the amount over $172,750
$329,850
$418,850
$67,206 + 32% of the amount over $329,850
$418,850
$628,300
$95,686 + 35% of the amount over $418,850
$628,300
No limit
$168,993.50 + 37% of the amount over $628,300
Filing Status: Married Filing Separately
If taxable income is over:
But not over:
The tax is:
$0
$9,950
10% of taxable income
$9,950
$40,525
$995 + 12% of the amount over $9,950
$40,525
$86,375
$4,664 + 22% of the amount over $40,525
$86,375
$164,925
$14,751 + 24% of the amount over $86,375
$164,925
$209,425
$33,603 + 32% of the amount over $164,925
$209,425
$314,150
$47,843 + 35% of the amount over $209,425
$314,150
No limit
$84,496.75 + 37% of the amount over $314,150
Standard Mileage Rate
Use
Rate
Business
56 cents
Medical Care or Move
16 cents
Charitable
14 cents
2020 Tax Rates
Income Tax Rates
Filing Status: Single
If taxable income is over:
But not over:
The tax is:
$0
$9,875
10% of taxable income
$9,875
$40,125
$987.50 + 12% of the amount over $9,875
$40,125
$85,525
$4,617.50 + 22% of the amount over $40,125
$85,525
$163,300
$14,605.50 + 24% of the amount over $85,525
$163,300
$207,350
$33,271.50 + 32% of the amount over $163,300
$207,350
$518,400
$47,367.50 + 35% of the amount over $207,350
$518,400
No limit
$156,235 + 37% of the amount over $518,400
Filing Status: Head of Household
If taxable income is over:
But not over:
The tax is:
$0
$14,100
10% of taxable income
$14,100
$53,700
$1,410 + 12% of the amount over $14,100
$53,700
$85,500
$6,162 + 22% of the amount over $53,700
$85,500
$163,300
$13,158 + 24% of the amount over $85,500
$163,300
$207,350
$31,830 + 32% of the amount over $163,300
$207,350
$518,400
$45,926 + 35% of the amount over $207,350
$518,400
No limit
$154,793.50 + 37% of the amount over $518,400
Filing Status: Married Filing Jointly
If taxable income is over:
But not over:
The tax is:
$0
$19,750
10% of taxable income
$19,750
$80,250
$1,975 + 12% of the amount over $19,750
$80,250
$171,050
$9,235 + 22% of the amount over $80,250
$171,050
$326,600
$29,211 + 24% of the amount over $171,050
$326,600
$414,700
$66,543 + 32% of the amount over $326,600
$414,700
$622,050
$94,735 + 35% of the amount over $414,700
$622,050
No limit
$167,307.50 + 37% of the amount over $622,050
Filing Status: Married Filing Separately
If taxable income is over:
But not over:
The tax is:
$0
$9,875
10% of taxable income
$9,875
$40,125
$987.50 + 12% of the amount over $9,875
$40,125
$85,525
$4,617.50 + 22% of the amount over $40,125
$85,525
$163,300
$14,605.50 + 24% of the amount over $85,525
$163,300
$207,350
$33,271.50 + 32% of the amount over $163,300
$207,350
$311,025
$47,367.50 + 35% of the amount over $207,350
$311,025
No limit
$83,653.75 + 37% of the amount over $311,025
Standard Mileage Rate
Use
Rate
Business
57.5 cents
Medical Care or Move
17 cents
Charitable
14 cents