What Is the C-corp Tax Rate for 2024?

Explanation of Tax Brackets for 2024

Tax brackets indicate the percentage you’ll pay in taxes on each portion of your income. For instance, a single taxpayer who earns $100,000 in 2024 will have a top marginal tax rate of 24%, whereas in 2023, their top marginal tax rate is 32%. But it will take more income to reach each higher band of taxation.

Tax Brackets for Tax Year 2024

  • Single Individuals:
    • 10%: Taxable income up to $11,600
    • 12%: Taxable income over $11,600

Standard Deductions and Other Limits

  • The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year.
  • The maximum HSA contribution for 2024:
    • Self-only coverage: $4,150
    • Family coverage: $8,300

AMT Thresholds Adjustment for 2024

The alternative minimum tax, or AMT, establishes a base tax rate for all earners. For 2024, the exemption amounts and the income level at which the exemption begins to phase out, will be adjusted.

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