2024 Tax Rate Laws
Here is a quick guide to this year’s tax rate laws compared to the previous year.
2023 |
2024 |
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| Business Standard Mileage Rate | $0.655 per mile | $0.67 per mile | |
| Maximum Wages Subject to Social Security | $160,200 | $167,700 | |
| Estate Tax Exemption | $12,920,000 | $13,610,000 | |
| Gift Tax Exclusion | $17,000 | $18,000 | |
| Equipment Expensing Deduction | $1,160,000 | $1,220,000 | |
Maximum Retirement Plan Contributions |
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| IRA for Those Under 50 | $6,500 | $7,000 | |
| IRA for Those Over 50 | $7,500 | $8,000 | |
| SIMPLE Plan for those Under 50 | $15,500 | $16,000 | |
| SIMPLE Plan for those Over 50 | $19,000 | $19,500 | |
| 401K Plan for those Under 50 | $22,500 | $23,000 | |
| 401K Plan for those Over 50 | $30,000 | $30,500 | |
Standard Deduction |
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| Single | $13,850 | $14,600 | |
| Join Returns | $27,700 | $29,200 | |
| Married Filing Separate | $13,850 | $14,600 | |
| Head of Household | $20,800 | $21,900 | |
| Personal Exemption | $0 | $0 |