Leake CPA, PC

    If taxable income is over

    But not over

    The tax is

    $0

    $11,600

    10% of the taxable amount

    $11,600

    $47,150

    $1,160.00 plus 12% of the excess over $11,600

    $47,150

    $100,525

    $5,426.00 plus 22% of the excess over $47,150

    $100,525

    $191,950

    $17,168.50 plus 24% of the excess over $100,525

    $191,950

    $243,725

    $39,110.50 plus 32% of the excess over $191,950

    $243,725

    $609,350

    $55,678.50 plus 35% of the excess over $243,725

    $609,350

    no limit

    $183,647.25 plus 37% of the excess over $609,350

    If taxable income is over

    But not over

    The tax is

    $0

    $23,200

    10% of the taxable amount

    $23,200

    $94,300

    $2,320.00 plus 12% of the excess over $23,200

    $94,300

    $201,050

    $10,852.00 plus 22% of the excess over $94,300

    $201,050

    $383,900

    $34,337.00 plus 24% of the excess over $201,050

    $383,900

    $487,450

    $78,221.00 plus 32% of the excess over $383,900

    $487,450

    $731,200

    $111,357.00 plus 35% of the excess over $487,450

    $731,200

    no limit

    $196,669.50 plus 37% of the excess over $731,200

    If taxable income is over

    But not over

    The tax is

    $0

    $11,600

    10% of the taxable amount

    $11,600

    $47,150

    $1,160.00 plus 12% of the excess over $11,600

    $47,150

    $100,525

    $5,426.00 plus 22% of the excess over $47,150

    $100,525

    $191,950

    $17,168.50 plus 24% of the excess over $100,525

    $191,950

    $243,725

    $39,110.50 plus 32% of the excess over $191,950

    $243,725

    $365,600

    $55,678.50 plus 35% of the excess over $243,725

    $365,600

    no limit

    $98,334.75 plus 37% of the excess over $365,600

    If taxable income is over

    But not over

    The tax is

    $0

    $16,550

    10% of the taxable amount

    $16,550

    $63,100

    $1,655.00 plus 12% of the excess over $16,550

    $63,100

    $100,500

    $7,241.00 plus 22% of the excess over $63,100

    $100,500

    $191,950

    $15,469.00 plus 24% of the excess over $100,500

    $191,950

    $243,700

    $37,417.00 plus 32% of the excess over $191,950

    $243,700

    $609,350

    $53,977.00 plus 35% of the excess over $243,700

    $609,350

    no limit

    $181,954.50 plus 37% of the excess over $609,350

    If taxable income is over

    But not over

    The tax is

    $0

    $3,100

    10% of the taxable income

    $3,100

    $11,150

    $310.00 plus 24% of the excess over $3,100

    $11,150

    $15,200

    $2,242.00 plus 35% of the excess over $11,150

    $15,200

    no limit

    $3,659.50 plus 37% of the excess over $15,200

    Social Security 2024 Tax Rates

    Base Salary

    $168,600

    Social Security Tax Rate

    6.20%

    Maximum Social Security Tax

    $10,453.20

    Medicare Base Salary

    unlimited

    Medicare Tax Rate

    1.45%

    Additional Medicare 2024 Tax Rates

    Additional Medicare Tax

    0.90%

    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

    Education 2024 Credit and Deduction Limits

    American Opportunity Tax Credit (Hope)

    $2,500

    Lifetime Learning Credit

    $2,000

    Student Loan Interest Deduction

    $2,500

    Coverdell Education Savings Contribution

    $2,000

    Miscellaneous 2024 Tax Rates

    Standard Deduction:

    • Married filing jointly or Qualifying Widow(er)

    $29,200

    • Head of household

    $21,900

    • Single or Married filing separately

    $14,600

    Business Equipment Expense Deduction

    $1,220,000

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

    110% of your 2023 tax liability

    Standard mileage rate for business driving

    67 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

    Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $94,050 for joint filers and surviving spouses, $63,000 for heads of household, $47,025 for single filers, $47,025 for married taxpayers filing separately, and $3,150 for estates and trusts

    0%

    Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $583,750 for joint filers and surviving spouses, $551,350 for heads of household, $518,900 for single filers, $291,850 for married taxpayers filing separately, and $15,450 for estates and trusts

    15%

    Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $583,750 for joint filers and surviving spouses, $551,350 for heads of household, $518,900 for single filers, $291,850 for married taxpayers filing separately, and $15,450 for estates and trusts

    20%

    Long-term gain attributable to certain depreciation recapture

    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

    $16,000 if under age 50$19,500 if 50 or older

    Maximum Contribution to SEP IRA

    25% of compensation up to $69,000

    401(k) maximum employee contribution limit

    $23,000 if under age 50$30,500 if 50 or older

    Self-employed health insurance deduction

    100%

    Estate tax exemption

    $13,610,000

    Annual Exclusion for Gifts

    $18,000

    Foreign Earned Income Exclusion

    $126,500

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