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Quick Reference 2024

PostedOctober 17, 2023

By Jason Watson, CPA
Posted Wednesday, October 18, 2023

Single 2024
From To Rate Marginal Tax Total Tax
0 11,600 10% 1,160 1,160
11,601 47,150 12% 4,266 5,426
47,151 100,525 22% 11,743 17,169
100,526 191,950 24% 21,942 39,111
191,951* 243,725 32% 16,568 55,679
243,726 609,350 35% 127,969 183,647
609,351 forever 37%
Married Filing Jointly 2024
From To Rate Marginal Tax Total Tax
0 23,200 10% 2,230 2,230
23,201 94,300 12% 8,532 10,852
94,301 201,050 22% 23,485 34,337
201,051 383,900 24% 43,884 78,221
383,901* 487,450 32% 33,136 11,357
487,451 731,200 35% 85,313 196,670
731,201 forever 37%

* Start of Section 199A qualified business income phaseout for small business owners.

 

Standard Deduction Single 14,600
Standard Deduction Married Filing Joint 29,200
Social Security Wage Limit 168,600
IRA Contribution Limit 7,000 + 1,000 catch-up
Roth Income Phaseout Single 146,000
Roth Income Phaseout Married Filing Joint 230,000
401k Employee 23,000 + 7,500 catch-up
401k Employer 46,000
Max 401k Total 69,000 + 7,500 catch-up

Jason Watson, CPA, is a Partner and the CEO of WCG CPAs & Advisors, a boutique yet progressive tax, accounting and business consultation firm located in Colorado serving small business owners and taxpayers worldwide.

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