Tax Reference Guide - 2024 Calendar Year
The information presented below is subject to change. Contact your Worth Tax Advisor to discuss the potential application to your particular situation.
Ordinary Income Tax Rates
| Tax Rate |
Single Filer |
Head of Household |
Married Filling Jointly |
Married Filling Separately |
| 10% |
$0+ |
$0+ |
$0+ |
$0+ |
| 12% |
$11,601+ |
$16,551+ |
$23,201+ |
$11,601+ |
| 22% |
$47,151+ |
$63,101+ |
$94,301+ |
$47,151+ |
| 24% |
$100,526+ |
$100,501+ |
$201,051+ |
$100,526+ |
| 32% |
$191,951+ |
$191,951+ |
$383,901+ |
$191,951+ |
| 35% |
$243,726+ |
$243,701+ |
$487,451+ |
$243,276+ |
| 37% |
$609,351+ |
$609,351+ |
$731,201+ |
$365,601+
|
Long-Term Capital Gains and Qualified Dividends
| Tax Rate |
Single Filer |
Head of Household |
Married Filling Jointly |
Married Filling Separately |
| 0% |
$0+ |
$0+ |
$0+ |
$0+ |
| 15% |
$47,026+ |
$63,000+ |
$94,051+ |
$47,026+ |
| 20% |
$518,900+ |
$551,350+ |
$583,750+ |
$291,850+ |
General Tax Benefits
| |
Tax Benefit Thresholds |
| Standard Deduction |
|
| Single and Married filing Separately |
$14,600 |
| Head of Household |
$21,900 |
| Married Filing Jointly |
$29,200 |
| Additional Deduction for Aged or Blind |
$1,950 |
| Additional Deduction for Married Aged or Blind |
$1,550 |
| Deduction if you can be claimed by another(or $450 plus earned income if greater) |
$1,300 |
| Transportation Fringe Benefit |
|
| Transit |
$315 |
| Parking |
$315 |
| Standard Mileage Rates |
|
| Business |
67 cents per mile |
| Charity (not indexed) |
14 cents per mile |
| Medical/moving |
21 cents per mile |
| Kiddie Tax (Unearned Income) |
|
| First $1,300 not taxed |
$0+ |
| Next $1,300 taxed at child’s rate |
$1,300+ |
| Over $2,600 taxed at parent’s rate |
$2,600+ |
| Adoption Benefits |
|
| Adoption Credit |
$16,810 |
| Employer Adoption Benefit Income Exclusion |
www.irs.gov/ |
| Expatriation |
|
| Average Income Threshold for Determining if Subject to Tax |
$201,000 |
| Exclusion from Tax |
$866,000 |
| Foreign Earned Income Exclusion |
|
| Per Person |
$126,500 |
| Retirement Accounts |
|
| 401(k)/403(b) Deferrals |
$23,000 |
| 401(k)/403(b) Catch-up Deferral |
$7,500 |
| IRA Contribution |
$7,000 |
| IRA Catch-up Contributions |
$1,000 |
Medicare and Social Security rate change thresholds
| |
Rate Change Thresholds |
| Social Security Wage Cap (earned income) |
|
| Per Individual |
$160,200 |
| Threshold for Additional 0.9% Medicare Tax (earned income) |
|
| Single (not indexed) |
$200,000 |
| Threshold for 3.8% Medicare tax on Investment Income (AGI) |
|
| Single (not indexed) |
$200,000 |
| Joint (not indexed) |
$250,000 |
| Trusts and Estates |
$13,450 |
2025 Filing Deadlines for the 2024 Calendar Year
| |
Original |
Extension |
| Partnerships (Form 1065) |
March 17 |
September 15 |
| S corporations (Form 1120-S) |
March 17 |
September 15 |
| C corporations (Form 1120) |
April 15 |
October 15 |
| Trusts (Form 1041) |
April 15 |
October 15 |
| Individuals (Form 1040) |
April 15 |
October 15 |
Qualified Retirement Plans: 401(k), 403(b) and most 457 Plans
| |
Contribution Limits |
| Maximum employee contribution/deferral |
$23,000 |
| Catch-up employee contribution/deferral (age 50 and older) |
$7,500 |
| Maximum combined employer and employee contributions to a defined contribution plan |
$69,000 |
| Maximum annual benefit in a defined benefit plan |
$275,000 |
Limit on compensation under 401(a)(17) that can be
considered in calculating contributions to qualified plans |
$345,000 |
| Limit on compensation under 401(a)(17) for grandfathered employees for governmental plans under OBRA ’93 |
$505,000 |
Threshold for designation as “highly compensated employee”
for nondiscrimination testing |
$155,000 |
| Definition of key employee in a top-heavy plan |
$220,000 |
Individual Retirement Account (IRA) Contribution Limits
| |
Contribution Limits |
| Traditional and Roth IRA |
$7,000 |
| Traditional and Roth IRA catch-up contribution (age 50 and older) |
$1,000 |
| SIMPLE IRA |
$16,000 |
| SIMPLE IRA catch-up contribution (age 50 and older) |
$3,500 |
| SEP IRA (only employer may contribute)* |
$69,000 |
| Minimum compensation required to participate in SEP |
$750 |
| Maximum compensation for calculating contributions |
$345,000 |
C Corporation Income Tax Brackets (Not Indexed)
| Tax Rate |
| 21% Flat Tax Rate |
