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 Senior Partner of WCG CPAs & Advisors, a boutique yet progressive tax,
accounting and business consultation firm located in Colorado serving clients worldwide.
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