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RETIREMENT BENEFIT LIMITSBenefit LimitContributions to 401(k), 403(b), 457(b)(2), 457(c)(1) and SARSEP plans $ 23,000Contributions to dened contribution plans $ 69,000Contributions to SIMPLEs $ 16,000Contributions to IRAs $ 7,000Catch-up contributions to 401(k), 403(b), 457(b)(2), 457(c)(1) and SARSEP plans $ 7,500Catch-up contributions to SIMPLEs $ 3,500Catch-up contributions to IRAs $ 1,000Compensation for benet purposes for qualied plans and SEPs $ 345,000Highly compensated employee threshold $ 155,000Annual benet for dened benet plans $ 275,000EARNINGS THRESHOLDS FOR PHASEOUT OF SOCIAL SECURITY BENEFITSRetirement age status Earnings limitBefore Full Retirement Age (FRA) $22,320 per yearPre-FRA in year you reach FRA $4,960 per monthFRA and after NoneGIFT AND ESTATE TAX EXEMPTIONS AND RATESExemption Top rate$13,610,000 40%A surviving spouse may be able to use the deceased spouse’s unused estate tax exemption. The annual gift tax exclusion is $18,000 per recipient ($36,000 if spouses elect “split-gift” treatment).SECTION 199A DEDUCTION FOR OWNERS OF PASS-THROUGH ENTITIES120% of qualied business income. When an owner’s taxable income exceeds $191,950 ($383,900 for joint lers), the following limits are phased in over a $50,000 range ($100,000 range for joint lers):• Deduction isn’t available for income from specied service businesses.• Deduction can’t exceed the greater of the owner’s share of: 0 50% of the amount of W-2 wages paid to employees by the qualied business during the tax year, or 0 The sum of 25% of W-2 wages plus 2.5% of the cost of qualied property. 1 Including sole proprietors.This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specic facts or matters, and, accordingly, assume no liability whatsoever in connection with its use. It reects tax law as of January 1, 2024. Some material may be affected by subsequent tax law changes. Contact your tax advisor for the latest information. ©2024DEPRECIATION CLASSES AND METHODSClass Method Examples36-month Straight-line Software3-year 200% DB1 Dies, molds, small tools5-year 200% DB1 Vehicles, computers, ofce equipment7-year 200% DB1 Manufacturing equipment, ofce furniture7-year 150% DB1 Farm equipment27.5-year Straight-line Rental residential buildings39-year Straight-line Nonresidential buildings 1 Declining-balance.MACRS DEPRECIATION RATES(with half-year convention) Asset classYear 3-year 5-year 7-year1 33.33% 20.00% 14.29%2 44.45% 32.00% 24.49%3 14.81% 19.20% 17.49%4 7.41% 11.52% 12.49%5 — 11.52% 8.93%6 — 5.76% 8.92%7 — — 8.93%8 — — 4.46%SECTION 179 EXPENSING AND BONUS DEPRECIATIONSec. 179 expensing limit $ 1,220,000Sec. 179 phaseout threshold $ 3,050,000Bonus depreciation limit 60%LONG-TERM-CARE INSURANCEAge Premium deduction limit40 and under $ 47041 to 50 $ 88051 to 60 $ 1,76061 to 70 $ 4,710Over 70 $ 5,880FLEXIBLE SPENDING ACCOUNT CONTRIBUTIONSHealth care FSA $ 3,200Dependent care FSA $ 5,000CORPORATE INCOME TAX RATESC corporations and professional services corporations are taxed at a at 21% rate.HEALTH SAVINGS ACCOUNTSLimit Individual FamilyHSA contribution $ 4,150 $ 8,300HSA catch-up contribution $ 1,000 $ 1,000Minimum high-deductible health plan (HDHP) deductible $ 1,600 $ 3,200Maximum HDHP out-of-pocket costs $ 8,050 $ 16,1002024FEDERAL TAX RATES

INDIVIDUAL INCOME TAX RATES1SingleIf taxable income is … … tax is … … of amount over$ 0 – $ 11,600 10% $ 0$ 11,601 – $ 47,150 $ 1,160.00 + 12% $ 11,600$ 47,151 – $ 100,525 $ 5,426.00 + 22% $ 47,150$ 100,526 – $ 191,950 $ 17,168.50 + 24% $ 100,525$ 191,951 – $ 243,725 $ 39,110.50 + 32% $ 191,950$ 243,726 – $ 609,350 $ 55,678.50 + 35% $ 243,725 Over $ 609,350 $ 183,647.25 + 37% $ 609,350Head of householdIf taxable income is … … tax is … … of amount over$ 0 – $ 16,550 10% $ 0$ 16,551 – $ 63,100 $ 1,655.00 + 12% $ 16,550$ 63,101 – $ 100,500 $ 7,241.00 + 22% $ 63,100$ 100,501 – $ 191,950 $ 15,469.00 + 24% $ 100,500$ 191,951 – $ 243,700 $ 37,417.00 + 32% $ 191,950$ 243,701 – $ 609,350 $ 53,977.00 + 35% $ 243,700 Over $ 609,350 $ 181,954.50 + 37% $ 609,350Married filing jointlyIf taxable income is … … tax is … … of amount over$ 0 – $ 23,200 10% $ 0$ 23,201 – $ 94,300 $ 2,320.00 + 12% $ 23,200$ 94,301 – $ 201,050 $ 10,852.00 + 22% $ 94,300$ 201,051 – $ 383,900 $ 34,337.00 + 24% $ 201,050$ 383,901 – $ 487,450 $ 78,221.00 + 32% $ 383,900$ 487,451 – $ 731,200 $ 111,357.00 + 35% $ 487,450 Over $ 731,200 $ 196,669.50 + 37% $ 731,200Married filing separatelyIf taxable income is … … tax is … … of amount over$ 0 – $ 11,600 10% $ 0$ 11,601 – $ 47,150 $ 1,160.00 + 12% $ 11,600$ 47,151 – $ 100,525 $ 5,426.00 + 22% $ 47,150$ 100,526 – $ 191,950 $ 17,168.50 + 24% $ 100,525$ 191,951 – $ 243,725 $ 39,110.50 + 32% $ 191,950$ 243,726 – $ 365,600 $ 55,678.50 + 35% $ 243,725 Over $ 365,600 $ 98,334.75 + 37% $ 365,600 1 These rates generally apply to earned income, business income, interest and nonqualied dividends. Long-term capital gains rates apply to qualied dividends.ALTERNATIVE MINIMUM TAXSingle, head of household or married filing jointlyIf taxable income is … … tax is … … of amount over$ 0 – $ 232,600 26% $ 0 Over $ 232,600 $ 60,476 + 28% $ 232,600Married filing separatelyIf taxable income is … … tax is … … of amount over$ 0 – $ 116,300 26% $ 0 Over $ 116,300 $ 30,238 + 28% $ 116,300ExemptionsFiling status Exemption amountSingle or head of household $ 85,700Married ling jointly $ 133,300Married ling separately $ 66,650Exemption phaseouts based on AMT incomeFiling status Income range of phaseout Single or head of household $ 609,350 – $ 952,150Married ling jointly $ 1,218,700 – $ 1,751,900Married ling separately $ 609,350 – $ 875,950CAPITAL GAINS TAX RATESType of gain Maximum rate1Short-term gain (assets held 12 months or less) 37%Long-term gain (generally assets held more than 12 months) 15% or 20%2Long-term gain on collectibles 28%Long-term gain attributable to certain depreciation recapture 25%Gain on qualied small business stock held more than 5 years 14%3Most long-term gain that would be taxed at 12% or less based on the taxpayer’s ordinary-income rate 0% 1 The 3.8% net investment income tax applies to net investment income to the extent that modied adjusted gross income (MAGI) exceeds $200,000 (singles and heads of households), $250,000 (joint lers) or $125,000 (separate lers). 2 The 20% rate applies only to those with taxable income exceeding $518,900 (singles), $551,350 (heads of households), $583,750 (joint lers), $291,850 (separate lers) or $15,450 (estates and trusts). 3 Effective rate based on 50% exclusion from a 28% rate. If stock was acquired after February 17, 2009, and before September 28, 2010, the rate is 7% (75% exclusion from a 28% rate). If stock was acquired on or after September 28, 2010, the rate is 0%.ITEMIZED DEDUCTION LIMITS1State and local taxUp to $10,000 on a combined basis for property tax and either income tax or sales tax ($5,000 for separate lers).Home mortgage interestAcquisition debt of up to $750,000. (This limit is generally for indebtedness incurred after Dec. 15, 2017; a $1 million limit still applies to indebtedness incurred on or before that date.)Miscellaneous itemized deductions subject to the 2% floorNo longer deductible. (Examples include investment expenses, certain professional fees and unreimbursed employee business expenses.)Casualty and theft lossesNo longer deductible except for losses due to an event ofcially declared a disaster by the President.Medical expensesUnreimbursed medical expenses in excess of 7.5% of adjusted gross income are deductible. 1 Additional rules and limits may affect these deductions.STANDARD MILEAGE RATESUse of vehicle Deduction per mileBusiness 67 centsMedical or moving 21 centsCharitable 14 centsCHILD AND EDUCATION BREAKS1Tax break Maximum MAGI2 phaseout rangeCredit Single / Head of household3 Married filing jointlyChild $2,000 $ 200,000 – $ 240,000 $ 400,000 – $ 440,000Adoption $16,810 $ 252,150 – $ 292,150 $ 252,150 – $ 292,150Dependent care4 $600 $ 15,000 – $ 43,000 $ 15,000 – $ 43,000American Opportunity $2,500 $ 80,000 – $ 90,000 $ 160,000 – $ 180,000Lifetime Learning $2,000 $ 80,000 – $ 90,000 $ 160,000 – $ 180,000OtherStudent loan interest deduction $2,500 $ 80,000 – $ 95,000 $ 165,000 – $ 195,000ESA contribution $2,000 $ 95,000 – $ 110,000 $ 190,000 – $ 220,000 1 Assumes one child or student. Amounts may vary for more than one child or student. Other rules and limits might reduce the break. 2 Modied adjusted gross income. 3 These ranges also apply to married taxpayers ling separately, except that separate lers aren’t eligible for the American Opportunity or Lifetime Learning credit or the student loan interest deduction. 4 The phaseout is based on AGI rather than MAGI. The credit doesn’t phase out altogether, but the minimum credit percentage of 20% applies to AGIs above $43,000.FICA RATES AND ADDITIONAL MEDICARE TAXThe rate for the employee portion of Social Security tax is 6.2%, and the maximum earned income it applies to is $168,600, while the Medicare rate is 1.45% and applies to all earned income. Self-employed individuals pay both the employee and employer portions, but get a deduction for the employer portion. Cash wages totaling $2,700 or more to a household employee are also subject to FICA taxes.An additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 (singles and heads of households), $250,000 (joint lers) or $125,000 (separate lers).Employers must withhold the additional Medicare tax beginning in the pay period when wages exceed $200,000 for the calendar year, without regard to an employee’s ling status.STANDARD DEDUCTIONSFiling status DeductionSingle $ 14,600Head of household $ 21,900Married ling jointly or surviving spouse $ 29,200Married ling separately $ 14,600ESTATE AND TRUST INCOME TAX RATESIf taxable income is … … tax is … … of amount over$ 0 – $ 3,100 10% $ 0$ 3,101 – $ 11,150 $ 310.00 + 24% $ 3,100$ 11,151 – $ 15,200 $ 2,242.00 + 35% $ 11,150 Over $ 15,200 $ 3,659.50 + 37% $ 15,200“KIDDIE” TAXThis tax generally applies to unearned income beyond $2,600 of children under age 19, or under 24 if a full-time student. Such income is generally taxed according to the parents’ marginal tax bracket.

INDIVIDUAL INCOME TAX RATES1SingleIf taxable income is … … tax is … … of amount over$ 0 – $ 11,600 10% $ 0$ 11,601 – $ 47,150 $ 1,160.00 + 12% $ 11,600$ 47,151 – $ 100,525 $ 5,426.00 + 22% $ 47,150$ 100,526 – $ 191,950 $ 17,168.50 + 24% $ 100,525$ 191,951 – $ 243,725 $ 39,110.50 + 32% $ 191,950$ 243,726 – $ 609,350 $ 55,678.50 + 35% $ 243,725 Over $ 609,350 $ 183,647.25 + 37% $ 609,350Head of householdIf taxable income is … … tax is … … of amount over$ 0 – $ 16,550 10% $ 0$ 16,551 – $ 63,100 $ 1,655.00 + 12% $ 16,550$ 63,101 – $ 100,500 $ 7,241.00 + 22% $ 63,100$ 100,501 – $ 191,950 $ 15,469.00 + 24% $ 100,500$ 191,951 – $ 243,700 $ 37,417.00 + 32% $ 191,950$ 243,701 – $ 609,350 $ 53,977.00 + 35% $ 243,700 Over $ 609,350 $ 181,954.50 + 37% $ 609,350Married filing jointlyIf taxable income is … … tax is … … of amount over$ 0 – $ 23,200 10% $ 0$ 23,201 – $ 94,300 $ 2,320.00 + 12% $ 23,200$ 94,301 – $ 201,050 $ 10,852.00 + 22% $ 94,300$ 201,051 – $ 383,900 $ 34,337.00 + 24% $ 201,050$ 383,901 – $ 487,450 $ 78,221.00 + 32% $ 383,900$ 487,451 – $ 731,200 $ 111,357.00 + 35% $ 487,450 Over $ 731,200 $ 196,669.50 + 37% $ 731,200Married filing separatelyIf taxable income is … … tax is … … of amount over$ 0 – $ 11,600 10% $ 0$ 11,601 – $ 47,150 $ 1,160.00 + 12% $ 11,600$ 47,151 – $ 100,525 $ 5,426.00 + 22% $ 47,150$ 100,526 – $ 191,950 $ 17,168.50 + 24% $ 100,525$ 191,951 – $ 243,725 $ 39,110.50 + 32% $ 191,950$ 243,726 – $ 365,600 $ 55,678.50 + 35% $ 243,725 Over $ 365,600 $ 98,334.75 + 37% $ 365,600 1 These rates generally apply to earned income, business income, interest and nonqualied dividends. Long-term capital gains rates apply to qualied dividends.ALTERNATIVE MINIMUM TAXSingle, head of household or married filing jointlyIf taxable income is … … tax is … … of amount over$ 0 – $ 232,600 26% $ 0 Over $ 232,600 $ 60,476 + 28% $ 232,600Married filing separatelyIf taxable income is … … tax is … … of amount over$ 0 – $ 116,300 26% $ 0 Over $ 116,300 $ 30,238 + 28% $ 116,300ExemptionsFiling status Exemption amountSingle or head of household $ 85,700Married ling jointly $ 133,300Married ling separately $ 66,650Exemption phaseouts based on AMT incomeFiling status Income range of phaseout Single or head of household $ 609,350 – $ 952,150Married ling jointly $ 1,218,700 – $ 1,751,900Married ling separately $ 609,350 – $ 875,950CAPITAL GAINS TAX RATESType of gain Maximum rate1Short-term gain (assets held 12 months or less) 37%Long-term gain (generally assets held more than 12 months) 15% or 20%2Long-term gain on collectibles 28%Long-term gain attributable to certain depreciation recapture 25%Gain on qualied small business stock held more than 5 years 14%3Most long-term gain that would be taxed at 12% or less based on the taxpayer’s ordinary-income rate 0% 1 The 3.8% net investment income tax applies to net investment income to the extent that modied adjusted gross income (MAGI) exceeds $200,000 (singles and heads of households), $250,000 (joint lers) or $125,000 (separate lers). 2 The 20% rate applies only to those with taxable income exceeding $518,900 (singles), $551,350 (heads of households), $583,750 (joint lers), $291,850 (separate lers) or $15,450 (estates and trusts). 3 Effective rate based on 50% exclusion from a 28% rate. If stock was acquired after February 17, 2009, and before September 28, 2010, the rate is 7% (75% exclusion from a 28% rate). If stock was acquired on or after September 28, 2010, the rate is 0%.ITEMIZED DEDUCTION LIMITS1State and local taxUp to $10,000 on a combined basis for property tax and either income tax or sales tax ($5,000 for separate lers).Home mortgage interestAcquisition debt of up to $750,000. (This limit is generally for indebtedness incurred after Dec. 15, 2017; a $1 million limit still applies to indebtedness incurred on or before that date.)Miscellaneous itemized deductions subject to the 2% floorNo longer deductible. (Examples include investment expenses, certain professional fees and unreimbursed employee business expenses.)Casualty and theft lossesNo longer deductible except for losses due to an event ofcially declared a disaster by the President.Medical expensesUnreimbursed medical expenses in excess of 7.5% of adjusted gross income are deductible. 1 Additional rules and limits may affect these deductions.STANDARD MILEAGE RATESUse of vehicle Deduction per mileBusiness 67 centsMedical or moving 21 centsCharitable 14 centsCHILD AND EDUCATION BREAKS1Tax break Maximum MAGI2 phaseout rangeCredit Single / Head of household3 Married filing jointlyChild $2,000 $ 200,000 – $ 240,000 $ 400,000 – $ 440,000Adoption $16,810 $ 252,150 – $ 292,150 $ 252,150 – $ 292,150Dependent care4 $600 $ 15,000 – $ 43,000 $ 15,000 – $ 43,000American Opportunity $2,500 $ 80,000 – $ 90,000 $ 160,000 – $ 180,000Lifetime Learning $2,000 $ 80,000 – $ 90,000 $ 160,000 – $ 180,000OtherStudent loan interest deduction $2,500 $ 80,000 – $ 95,000 $ 165,000 – $ 195,000ESA contribution $2,000 $ 95,000 – $ 110,000 $ 190,000 – $ 220,000 1 Assumes one child or student. Amounts may vary for more than one child or student. Other rules and limits might reduce the break. 2 Modied adjusted gross income. 3 These ranges also apply to married taxpayers ling separately, except that separate lers aren’t eligible for the American Opportunity or Lifetime Learning credit or the student loan interest deduction. 4 The phaseout is based on AGI rather than MAGI. The credit doesn’t phase out altogether, but the minimum credit percentage of 20% applies to AGIs above $43,000.FICA RATES AND ADDITIONAL MEDICARE TAXThe rate for the employee portion of Social Security tax is 6.2%, and the maximum earned income it applies to is $168,600, while the Medicare rate is 1.45% and applies to all earned income. Self-employed individuals pay both the employee and employer portions, but get a deduction for the employer portion. Cash wages totaling $2,700 or more to a household employee are also subject to FICA taxes.An additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 (singles and heads of households), $250,000 (joint lers) or $125,000 (separate lers).Employers must withhold the additional Medicare tax beginning in the pay period when wages exceed $200,000 for the calendar year, without regard to an employee’s ling status.STANDARD DEDUCTIONSFiling status DeductionSingle $ 14,600Head of household $ 21,900Married ling jointly or surviving spouse $ 29,200Married ling separately $ 14,600ESTATE AND TRUST INCOME TAX RATESIf taxable income is … … tax is … … of amount over$ 0 – $ 3,100 10% $ 0$ 3,101 – $ 11,150 $ 310.00 + 24% $ 3,100$ 11,151 – $ 15,200 $ 2,242.00 + 35% $ 11,150 Over $ 15,200 $ 3,659.50 + 37% $ 15,200“KIDDIE” TAXThis tax generally applies to unearned income beyond $2,600 of children under age 19, or under 24 if a full-time student. Such income is generally taxed according to the parents’ marginal tax bracket.

INDIVIDUAL INCOME TAX RATES1SingleIf taxable income is … … tax is … … of amount over$ 0 – $ 11,600 10% $ 0$ 11,601 – $ 47,150 $ 1,160.00 + 12% $ 11,600$ 47,151 – $ 100,525 $ 5,426.00 + 22% $ 47,150$ 100,526 – $ 191,950 $ 17,168.50 + 24% $ 100,525$ 191,951 – $ 243,725 $ 39,110.50 + 32% $ 191,950$ 243,726 – $ 609,350 $ 55,678.50 + 35% $ 243,725 Over $ 609,350 $ 183,647.25 + 37% $ 609,350Head of householdIf taxable income is … … tax is … … of amount over$ 0 – $ 16,550 10% $ 0$ 16,551 – $ 63,100 $ 1,655.00 + 12% $ 16,550$ 63,101 – $ 100,500 $ 7,241.00 + 22% $ 63,100$ 100,501 – $ 191,950 $ 15,469.00 + 24% $ 100,500$ 191,951 – $ 243,700 $ 37,417.00 + 32% $ 191,950$ 243,701 – $ 609,350 $ 53,977.00 + 35% $ 243,700 Over $ 609,350 $ 181,954.50 + 37% $ 609,350Married filing jointlyIf taxable income is … … tax is … … of amount over$ 0 – $ 23,200 10% $ 0$ 23,201 – $ 94,300 $ 2,320.00 + 12% $ 23,200$ 94,301 – $ 201,050 $ 10,852.00 + 22% $ 94,300$ 201,051 – $ 383,900 $ 34,337.00 + 24% $ 201,050$ 383,901 – $ 487,450 $ 78,221.00 + 32% $ 383,900$ 487,451 – $ 731,200 $ 111,357.00 + 35% $ 487,450 Over $ 731,200 $ 196,669.50 + 37% $ 731,200Married filing separatelyIf taxable income is … … tax is … … of amount over$ 0 – $ 11,600 10% $ 0$ 11,601 – $ 47,150 $ 1,160.00 + 12% $ 11,600$ 47,151 – $ 100,525 $ 5,426.00 + 22% $ 47,150$ 100,526 – $ 191,950 $ 17,168.50 + 24% $ 100,525$ 191,951 – $ 243,725 $ 39,110.50 + 32% $ 191,950$ 243,726 – $ 365,600 $ 55,678.50 + 35% $ 243,725 Over $ 365,600 $ 98,334.75 + 37% $ 365,600 1 These rates generally apply to earned income, business income, interest and nonqualied dividends. Long-term capital gains rates apply to qualied dividends.ALTERNATIVE MINIMUM TAXSingle, head of household or married filing jointlyIf taxable income is … … tax is … … of amount over$ 0 – $ 232,600 26% $ 0 Over $ 232,600 $ 60,476 + 28% $ 232,600Married filing separatelyIf taxable income is … … tax is … … of amount over$ 0 – $ 116,300 26% $ 0 Over $ 116,300 $ 30,238 + 28% $ 116,300ExemptionsFiling status Exemption amountSingle or head of household $ 85,700Married ling jointly $ 133,300Married ling separately $ 66,650Exemption phaseouts based on AMT incomeFiling status Income range of phaseout Single or head of household $ 609,350 – $ 952,150Married ling jointly $ 1,218,700 – $ 1,751,900Married ling separately $ 609,350 – $ 875,950CAPITAL GAINS TAX RATESType of gain Maximum rate1Short-term gain (assets held 12 months or less) 37%Long-term gain (generally assets held more than 12 months) 15% or 20%2Long-term gain on collectibles 28%Long-term gain attributable to certain depreciation recapture 25%Gain on qualied small business stock held more than 5 years 14%3Most long-term gain that would be taxed at 12% or less based on the taxpayer’s ordinary-income rate 0% 1 The 3.8% net investment income tax applies to net investment income to the extent that modied adjusted gross income (MAGI) exceeds $200,000 (singles and heads of households), $250,000 (joint lers) or $125,000 (separate lers). 2 The 20% rate applies only to those with taxable income exceeding $518,900 (singles), $551,350 (heads of households), $583,750 (joint lers), $291,850 (separate lers) or $15,450 (estates and trusts). 3 Effective rate based on 50% exclusion from a 28% rate. If stock was acquired after February 17, 2009, and before September 28, 2010, the rate is 7% (75% exclusion from a 28% rate). If stock was acquired on or after September 28, 2010, the rate is 0%.ITEMIZED DEDUCTION LIMITS1State and local taxUp to $10,000 on a combined basis for property tax and either income tax or sales tax ($5,000 for separate lers).Home mortgage interestAcquisition debt of up to $750,000. (This limit is generally for indebtedness incurred after Dec. 15, 2017; a $1 million limit still applies to indebtedness incurred on or before that date.)Miscellaneous itemized deductions subject to the 2% floorNo longer deductible. (Examples include investment expenses, certain professional fees and unreimbursed employee business expenses.)Casualty and theft lossesNo longer deductible except for losses due to an event ofcially declared a disaster by the President.Medical expensesUnreimbursed medical expenses in excess of 7.5% of adjusted gross income are deductible. 1 Additional rules and limits may affect these deductions.STANDARD MILEAGE RATESUse of vehicle Deduction per mileBusiness 67 centsMedical or moving 21 centsCharitable 14 centsCHILD AND EDUCATION BREAKS1Tax break Maximum MAGI2 phaseout rangeCredit Single / Head of household3 Married filing jointlyChild $2,000 $ 200,000 – $ 240,000 $ 400,000 – $ 440,000Adoption $16,810 $ 252,150 – $ 292,150 $ 252,150 – $ 292,150Dependent care4 $600 $ 15,000 – $ 43,000 $ 15,000 – $ 43,000American Opportunity $2,500 $ 80,000 – $ 90,000 $ 160,000 – $ 180,000Lifetime Learning $2,000 $ 80,000 – $ 90,000 $ 160,000 – $ 180,000OtherStudent loan interest deduction $2,500 $ 80,000 – $ 95,000 $ 165,000 – $ 195,000ESA contribution $2,000 $ 95,000 – $ 110,000 $ 190,000 – $ 220,000 1 Assumes one child or student. Amounts may vary for more than one child or student. Other rules and limits might reduce the break. 2 Modied adjusted gross income. 3 These ranges also apply to married taxpayers ling separately, except that separate lers aren’t eligible for the American Opportunity or Lifetime Learning credit or the student loan interest deduction. 4 The phaseout is based on AGI rather than MAGI. The credit doesn’t phase out altogether, but the minimum credit percentage of 20% applies to AGIs above $43,000.FICA RATES AND ADDITIONAL MEDICARE TAXThe rate for the employee portion of Social Security tax is 6.2%, and the maximum earned income it applies to is $168,600, while the Medicare rate is 1.45% and applies to all earned income. Self-employed individuals pay both the employee and employer portions, but get a deduction for the employer portion. Cash wages totaling $2,700 or more to a household employee are also subject to FICA taxes.An additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 (singles and heads of households), $250,000 (joint lers) or $125,000 (separate lers).Employers must withhold the additional Medicare tax beginning in the pay period when wages exceed $200,000 for the calendar year, without regard to an employee’s ling status.STANDARD DEDUCTIONSFiling status DeductionSingle $ 14,600Head of household $ 21,900Married ling jointly or surviving spouse $ 29,200Married ling separately $ 14,600ESTATE AND TRUST INCOME TAX RATESIf taxable income is … … tax is … … of amount over$ 0 – $ 3,100 10% $ 0$ 3,101 – $ 11,150 $ 310.00 + 24% $ 3,100$ 11,151 – $ 15,200 $ 2,242.00 + 35% $ 11,150 Over $ 15,200 $ 3,659.50 + 37% $ 15,200“KIDDIE” TAXThis tax generally applies to unearned income beyond $2,600 of children under age 19, or under 24 if a full-time student. Such income is generally taxed according to the parents’ marginal tax bracket.

RETIREMENT BENEFIT LIMITSBenefit LimitContributions to 401(k), 403(b), 457(b)(2), 457(c)(1) and SARSEP plans $ 23,000Contributions to dened contribution plans $ 69,000Contributions to SIMPLEs $ 16,000Contributions to IRAs $ 7,000Catch-up contributions to 401(k), 403(b), 457(b)(2), 457(c)(1) and SARSEP plans $ 7,500Catch-up contributions to SIMPLEs $ 3,500Catch-up contributions to IRAs $ 1,000Compensation for benet purposes for qualied plans and SEPs $ 345,000Highly compensated employee threshold $ 155,000Annual benet for dened benet plans $ 275,000EARNINGS THRESHOLDS FOR PHASEOUT OF SOCIAL SECURITY BENEFITSRetirement age status Earnings limitBefore Full Retirement Age (FRA) $22,320 per yearPre-FRA in year you reach FRA $4,960 per monthFRA and after NoneGIFT AND ESTATE TAX EXEMPTIONS AND RATESExemption Top rate$13,610,000 40%A surviving spouse may be able to use the deceased spouse’s unused estate tax exemption. The annual gift tax exclusion is $18,000 per recipient ($36,000 if spouses elect “split-gift” treatment).SECTION 199A DEDUCTION FOR OWNERS OF PASS-THROUGH ENTITIES120% of qualied business income. When an owner’s taxable income exceeds $191,950 ($383,900 for joint lers), the following limits are phased in over a $50,000 range ($100,000 range for joint lers):• Deduction isn’t available for income from specied service businesses.• Deduction can’t exceed the greater of the owner’s share of: 0 50% of the amount of W-2 wages paid to employees by the qualied business during the tax year, or 0 The sum of 25% of W-2 wages plus 2.5% of the cost of qualied property. 1 Including sole proprietors.This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specic facts or matters, and, accordingly, assume no liability whatsoever in connection with its use. It reects tax law as of January 1, 2024. Some material may be affected by subsequent tax law changes. Contact your tax advisor for the latest information. ©2024DEPRECIATION CLASSES AND METHODSClass Method Examples36-month Straight-line Software3-year 200% DB1 Dies, molds, small tools5-year 200% DB1 Vehicles, computers, ofce equipment7-year 200% DB1 Manufacturing equipment, ofce furniture7-year 150% DB1 Farm equipment27.5-year Straight-line Rental residential buildings39-year Straight-line Nonresidential buildings 1 Declining-balance.MACRS DEPRECIATION RATES(with half-year convention) Asset classYear 3-year 5-year 7-year1 33.33% 20.00% 14.29%2 44.45% 32.00% 24.49%3 14.81% 19.20% 17.49%4 7.41% 11.52% 12.49%5 — 11.52% 8.93%6 — 5.76% 8.92%7 — — 8.93%8 — — 4.46%SECTION 179 EXPENSING AND BONUS DEPRECIATIONSec. 179 expensing limit $ 1,220,000Sec. 179 phaseout threshold $ 3,050,000Bonus depreciation limit 60%LONG-TERM-CARE INSURANCEAge Premium deduction limit40 and under $ 47041 to 50 $ 88051 to 60 $ 1,76061 to 70 $ 4,710Over 70 $ 5,880FLEXIBLE SPENDING ACCOUNT CONTRIBUTIONSHealth care FSA $ 3,200Dependent care FSA $ 5,000CORPORATE INCOME TAX RATESC corporations and professional services corporations are taxed at a at 21% rate.HEALTH SAVINGS ACCOUNTSLimit Individual FamilyHSA contribution $ 4,150 $ 8,300HSA catch-up contribution $ 1,000 $ 1,000Minimum high-deductible health plan (HDHP) deductible $ 1,600 $ 3,200Maximum HDHP out-of-pocket costs $ 8,050 $ 16,1002024FEDERAL TAX RATES

RETIREMENT BENEFIT LIMITSBenefit LimitContributions to 401(k), 403(b), 457(b)(2), 457(c)(1) and SARSEP plans $ 23,000Contributions to dened contribution plans $ 69,000Contributions to SIMPLEs $ 16,000Contributions to IRAs $ 7,000Catch-up contributions to 401(k), 403(b), 457(b)(2), 457(c)(1) and SARSEP plans $ 7,500Catch-up contributions to SIMPLEs $ 3,500Catch-up contributions to IRAs $ 1,000Compensation for benet purposes for qualied plans and SEPs $ 345,000Highly compensated employee threshold $ 155,000Annual benet for dened benet plans $ 275,000EARNINGS THRESHOLDS FOR PHASEOUT OF SOCIAL SECURITY BENEFITSRetirement age status Earnings limitBefore Full Retirement Age (FRA) $22,320 per yearPre-FRA in year you reach FRA $4,960 per monthFRA and after NoneGIFT AND ESTATE TAX EXEMPTIONS AND RATESExemption Top rate$13,610,000 40%A surviving spouse may be able to use the deceased spouse’s unused estate tax exemption. The annual gift tax exclusion is $18,000 per recipient ($36,000 if spouses elect “split-gift” treatment).SECTION 199A DEDUCTION FOR OWNERS OF PASS-THROUGH ENTITIES120% of qualied business income. When an owner’s taxable income exceeds $191,950 ($383,900 for joint lers), the following limits are phased in over a $50,000 range ($100,000 range for joint lers):• Deduction isn’t available for income from specied service businesses.• Deduction can’t exceed the greater of the owner’s share of: 0 50% of the amount of W-2 wages paid to employees by the qualied business during the tax year, or 0 The sum of 25% of W-2 wages plus 2.5% of the cost of qualied property. 1 Including sole proprietors.This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specic facts or matters, and, accordingly, assume no liability whatsoever in connection with its use. It reects tax law as of January 1, 2024. Some material may be affected by subsequent tax law changes. Contact your tax advisor for the latest information. ©2024DEPRECIATION CLASSES AND METHODSClass Method Examples36-month Straight-line Software3-year 200% DB1 Dies, molds, small tools5-year 200% DB1 Vehicles, computers, ofce equipment7-year 200% DB1 Manufacturing equipment, ofce furniture7-year 150% DB1 Farm equipment27.5-year Straight-line Rental residential buildings39-year Straight-line Nonresidential buildings 1 Declining-balance.MACRS DEPRECIATION RATES(with half-year convention) Asset classYear 3-year 5-year 7-year1 33.33% 20.00% 14.29%2 44.45% 32.00% 24.49%3 14.81% 19.20% 17.49%4 7.41% 11.52% 12.49%5 — 11.52% 8.93%6 — 5.76% 8.92%7 — — 8.93%8 — — 4.46%SECTION 179 EXPENSING AND BONUS DEPRECIATIONSec. 179 expensing limit $ 1,220,000Sec. 179 phaseout threshold $ 3,050,000Bonus depreciation limit 60%LONG-TERM-CARE INSURANCEAge Premium deduction limit40 and under $ 47041 to 50 $ 88051 to 60 $ 1,76061 to 70 $ 4,710Over 70 $ 5,880FLEXIBLE SPENDING ACCOUNT CONTRIBUTIONSHealth care FSA $ 3,200Dependent care FSA $ 5,000CORPORATE INCOME TAX RATESC corporations and professional services corporations are taxed at a at 21% rate.HEALTH SAVINGS ACCOUNTSLimit Individual FamilyHSA contribution $ 4,150 $ 8,300HSA catch-up contribution $ 1,000 $ 1,000Minimum high-deductible health plan (HDHP) deductible $ 1,600 $ 3,200Maximum HDHP out-of-pocket costs $ 8,050 $ 16,1002024FEDERAL TAX RATES