Federal Income Tax Brackets | Gorman Hardin CPA & Consulting

Filing Status	Standard Deduction	10% Bracket	12% Bracket	22% Bracket	24% Bracket	32% Bracket	35% Bracket	37% Bracket
Single	$14,600	$0 – $11,600	$11,601 – $47,150	$47,151 – $100,525	$100,526 – $191,950	$191,951 – $243,725	$243,726 – $609,350	Over $609,350
Married Filing Jointly	$29,200	$0 – $23,200	$23,201 – $94,300	$94,301 – $201,050	$201,051 – $383,900	$383,901 – $487,450	$487,451 – $731,200	Over $731,200
Married Filing Separately	$14,600	$0 – $11,600	$11,601 – $47,150	$47,151 – $100,525	$100,526 – $191,950	$191,951 – $243,725	$243,726 – $365,600	Over $365,600
Head of Household	$21,900	$0 – $16,550	$16,551 – $63,100	$63,101 – $100,500	$100,501 – $191,950	$191,951 – $243,725	$243,726 – $609,350	Over $609,350

Category	Rate (%)	Maximum Earnings
Social Security Tax (Employers)	6.2%	$168,600
Social Security Tax (Employees)	6.2%	$168,600
Social Security Tax (Self-Employed)	12.4%	$168,600
Medicare Tax (Employers)	1.45%	Unlimited
Medicare Tax (Employees)	1.45%	Unlimited
Medicare Tax (Self-Employed)	2.9%	Unlimited
Additional Medicare Tax	0.9%	Over $200,000 (single) / $250,000 (joint)
Net Investment Income Tax	3.8%	Over $200,000 (single) / $250,000 (joint)

Item	Limit/Rate
Section 179 Expensing Limit	$1,220,000
Section 179 Phaseout Threshold	$3,050,000
First-Year Bonus Depreciation Rate	60%
Safe Harbor for Higher-Income Estimated Taxes	110% of 2023 tax liability
Maximum Capital Gains Tax Rate	0%: Up to $47,025 (single) / $94,050 (joint) 15%: $47,025 – $518,900 (single) / $94,050 – $583,750 (joint) 20%: Over $518,900 (single) / $583,750 (joint)
Kiddie Tax Unearned Income Threshold	$1,300

Benefit	Maximum Amount
American Opportunity Credit	$2,500 (per student)
Lifetime Learning Credit	$2,000 (per return)
Student Loan Interest Deduction	$2,500 (per return)
Coverdell ESA Contribution Limit	$2,000 (per student)