Professional Tax Preparation Rates

2024 Tax Rates Schedule X - Single

$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

2024 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

$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

2024 Tax Rates Schedule Y-2 - Married Filing Separately

$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

2024 Tax Rates Schedule Z - Head of Household

$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

2024 Tax Rates Estates & Trusts

$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

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

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

Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

Miscellaneous 2024 Tax Rates

Married filing jointly or Qualifying Widow(er) Standard Deduction $29,200
Head of household Standard Deduction $21,900
Single or Married filing separately Standard Deduction $14,600
Business Equipment Expense Deduction $1,220,000
Prior-year safe harbor for estimated taxes 110% of 2023 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
Max Capital Gains Tax Rate (0%) Thresholds Joint: $94,050; HoH: $63,000; Single/MFS: $47,025; Estates: $3,150
Max Capital Gains Tax Rate (15%) Thresholds Joint: $583,750; HoH: $551,350; Single: $518,900; MFS: $291,850; Estates: $15,450
Max Capital Gains Tax Rate (20%) Thresholds Over 15% thresholds
Long-term gain depreciation recapture 25%
Capital gains rate on collectibles and small business stock 28%
Traditional/Roth IRA Maximum Contribution $7,000 (<50); $8,000 (50+)
SIMPLE IRA Maximum Employee Contribution $16,000 (<50); $19,500 (50+)
SEP IRA Maximum Contribution 25% of compensation up to $69
401(k) Maximum Employee Contribution $23,000 (<50); $30,500 (50+)
Self-employed health insurance deduction 100%
Estate tax exemption 100%
Annual Exclusion for Gifts $18,000
Foreign Earned Income Exclusion $126,500