TAX RATES

If Taxable Income Is Between

The Tax Due Is

$0 - $11,925

10% of the taxable amount

$11,926 - $48,475

$1,192.50 + 12% of the amount over $11,925

$48,476- $103,350

$5,578.50 + 22% of the amount over $48,475

$103,351- $197,300

$17,651 + 24% of the amount over $103,350

$197,301- $250,525

$40,199 + 32% of the amount over $197,300

$250,526 - $626,350

$57,231 + 35% of the amount over $250,525

$626,351 +

$188,769.75 + 37% of the amount over $626,350

If Taxable Income Is Between

The Tax Due Is

$0 - $23,850

10% of the taxable amount

$23,851 - $96,950

$2,385 + 12% of the amount over $23,850

$96,951- $206,700

$11,157 + 22% of the amount over $96,950

$206,701 - $394,600

$35,302 + 24% of the amount over $206,700

$394,601- $501,050

$80,398+ 32% of the amount over $394,600

$501,051- $751,600

$114,462 + 35% of the amount over $501,050

$751,601 +

$202,154.50 + 37% of the amount over $751,600

If Taxable Income Is Between

The Tax Due Is

$0 - $11,925

10% of the taxable amount

$11,926- $48,475

$1,192.50 + 12% of the amount over $11,925

$48,476- $103,350

$5,578.50 + 22% of the amount over $48,475

$103,351 - $197,300

$17,651 + 24% of the amount over $103,350

$197,301 - $250,525

$40,199 + 32% of the amount over $197,300

$250,526- $375,800

$57,231 + 35% of the amount over $250,525

$375,801 +

$101,077.25 + 37% of the amount over $375,800

If Taxable Income Is Between

The Tax Due Is

$0 - $17,000

10% of the taxable amount

$17,001 - $64,850

$1,700 + 12% of the amount over $17,000

$64,851- $103,350

$7,442+ 22% of the amount over $64,850

$103,351- $197,300

$15,912 + 24% of the amount over $103,350

$197,301 - $250,500

$38,460 + 32% of the amount over $197,300

$250,501 - $626,350

$55,484 + 35% of the amount over $250,500

$626,351+

$187,031.50 + 37% of the amount over $626,350

If Taxable Income Is Between

The Tax Due Is

$0 - $3,150

10%   of the taxable income

$3,150.01- $11,450

$315 + 24% of the amount over $3150

$11,450.01- $15,560

$2,307 + 35% of the amount over $11,450

$156,560.01 +

$3,745.5 + 37% of the amount over $15,560

Tax Rate

Single

Married Filing Jointly/ Surviving Spouse

Head of Household

10%

$0 - $11,925

$0 - $23,850

$0 - $17,000

12%

$11,926- $48,475

$23,851- $96,950

$17,001- $64,850

22%

$48,476- $103,350

$96,951 - $206,700

$64,851- $103,350

24%

$103,351 - $197,300

$206,701 - $394,600

$103,351 - $197,300

32%

$197,301- $250,525

$394,601 - $501,050

$197,301 - $250,525

35%

$250,526- $626,350

$501,051 - $751,600

$250,501 - $626,350

37%

$626,351+

$751,601+

$626,351+

Tax Rate

Single

Married Filing Jointly/ Surviving Spouse

Head of Household

0%

$0 - $47,025

$0 - $94,050

$0 - $63,000

15%

$47,026 - $518,900

$94,051- $583,750

$63,001- $551,350

20%

$518,900+

$583,750+

$551,350+

Base Salary

$176,100

Social Security Tax Rate

6.2%

Maximum Social Security Tax

$10,918.20

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare Tax

0.9%

Filing status

Compensation over

·   Married filing jointly

$250,000

·  Married filing separate

$125,000

·  Single

$200,000

·  Head of household (with qualifying person)

$200,000

·  Qualifying widow(er) with dependent child

$200,000

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Educator Expense Deduction

$300

Coverdell Education Savings Contribution

$2,000

Standard Deduction:

·  Married filing jointly or Qualifying Widow(er)

$30,000

·  Head of household

$22,500

·  Single or Married filing separately

$15,000

Business Equipment Expense Deduction

$1,250,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2024 tax liability

Standard mileage rate for business driving

70 cents

Standard mileage rate for medical/moving driving

21 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000 per qualifying child for age under 17;

$500 per qualifying dependent other than child

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles and qualified small business stock

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

Maximum Contribution to SEP IRA

25% of compensation up to $70,000

401(k) maximum employee contribution limit

$23,500 if under age 50;

$31,000 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$13,610,000

Annual Exclusion for Gifts

$19,000

Health savings accounts contribution limits

Individual $4,300;

Family $8,550

(extra $1,000 for age 55 or older)

Foreign Earned Income Exclusion

$130,000

Mortgage interest deduction (after 12/15/2017)

interest on mortgage up to $750,000 if married and $375,000 if   single or separately

Deduction for state and local tax

up to $10,000

AMT Tax Exemptions

unmarried $88,100;

married filing jointly $137,000