INCOME TAX |
||||
|---|---|---|---|---|
Marginal Rate |
2023 Tax Year |
2024 Tax Year |
||
Filing Status |
Single |
Married Filed Jointly |
Single |
Married Filed Jointly |
| 10% | $0 to $11,000 | $0 to $22,000 | $0 to $11,600 | $0 to $23,200 |
| 12% | $11,001 to $44,725 | $22,001 to $89,450 | $11,601 to $47,150 | $23,201 to $94,300 |
| 22% | $44,726 to $95,375 | $89,451 to $190,750 | $47,151 to $100,525 | $94,301 to $201,050 |
| 24% | $95,376 to $182,100 | $190,751 to $364,200 | $100,526 to $191,950 | $201,051 to $383,900 |
| 32% | $182,101 to $231,250 | $364,201 to $462,500 | $191,151 to $243,725 | $383,901 to $487,450 |
| 35% | $231,251 to $578,125 | $462,501 to $693,750 | $243,726 to $609,350 | $487,451 to $731,200 |
| 37% | $578,126 or more | $693,751 or more | $609,351 or more | $731,201 or more |
Standard Deduction |
2023 Tax Year |
2024 Tax Year |
||
|---|---|---|---|---|
Filing Status |
Single |
Married Filed Jointly |
Single |
Married Filed Jointly |
| Deduction Amount | $13,850 | $27,700 | $14,600 | $29,200 |
TRUST, GIFT, and ESTATE TAX |
||
|---|---|---|
Exemption |
2023 Tax Year |
2024 Tax Year |
| Gift/estate and generation-skipping exemption | $12,920,000 | $13,610,000 |
| Annual Gift Exclusion per donee | $17,000 | $18,000 |
| Top estate tax rate | 40% | 40% |
Retirement Plans |
||
|---|---|---|
Type of Plan |
2023 Tax Year |
2024 Tax Year |
| 401(k) – Max Contribution | $22,500 | $23,000 |
| IRA – Max Contribution | $6,500 | $7,000 |
| 401(k) Catch up Contribution | $7,500 | $7,500 |
| IRA Catch up Contribution | $1,000 | $1,000 |
Social Security Benefits |
||
|---|---|---|
2023 Tax Year |
2024 Tax Year |
|
| 6.2% Social Security Tax on wages up to | $160,200 | $168,600 |
| Maximum monthly social security benefit at full retirement age | $3,627 | $3,822 |
This material is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting professionals before engaging in any plan or transaction.
The recommendations developed by GMAG in connection with its services are based upon the professional judgment of GMAG and GMAG cannot and does not guarantee the results of any recommendations. The information contained herein is not, and should not be construed as personalized advice, or advice of any kind.
No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained herein, by GMAG, its members, partners or employees, and no liability is accepted by such persons for the accuracy or completeness of any such information.
These opinions are subject to change at any time based on market or other conditions. Information included herein is based upon information reasonably available to GMAG as of the date noted herein.
GM Advisory Group, Inc. (“GMAG”) is a registered investment adviser that provides investment advice to clients on a discretionary and non-discretionary basis.
