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Tax Rates

Year: 2024 - 2023 - 2022 - 2021 - 2020

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

$53,977 + 35% of the amount over $243,700

$609,350

No limit

$181,954.50 + 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.

Filing Status:

Standard Deduction:

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 Adoption Tax Credit is a nonrefundable tax credit that provides financial assistance to individuals who have adopted a child. The adoption tax credit helps offset some of the costs associated with adoption and provides support to families welcoming a new child into their home.

Name

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 Rates

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

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