Phone Number

(586) 463-6636

Email

service@aataxteam.com

Office Hours

Mon-Thur 9 to 5, Fri 9 to 3 & by apt

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Tax Rates

2024 Tax Rate Information (for filing in 2025)

Income RangeTax Rate
$0$11,60010%
$11,600$47,15012%
$47,150$100,52522%
$100,525$191,95024%
$191,950$243,72532%
$243,725$609,35035%
$609,350no limit37%
Income RangeTax Rate
$0$22,00010%
$22,000$89,45012%
$89,450$190,75022%
$190,750$364,20024%
$364,200$462,50032%
$462,500$693,75035%
$693,750no limit37%
Income RangeTax Rate
$0$22,00010%
$22,000$89,45012%
$89,450$190,75022%
$190,750$364,20024%
$364,200$462,50032%
$462,500$693,75035%
$693,750no limit37%
Income RangeTax Rate
$0$11,60010%
$11,600$47,15012%
$47,150$100,52522%
$100,525$191,95024%
$191,950$243,72532%
$243,725$365,60035%
$365,600no limit37%
Income RangeTax Rate
$0$16,55010%
$16,550$63,10012%
$63,100$100,50022%
$100,500$191,95024%
$191,950$243,70032%
$243,700$609,35035%
$609,350no limit37%
Income RangeTax Rate
$0$3,10010%
$3,100$11,15024%
$11,150$15,20035%
$15,200no limit37%
Base Salary $168,600
Social Security Tax Rate6.20%
Maximum Social Security Tax$10,453
Medicare Base Salaryunlimited
Medicare Tax Rate1.45%
Additional Medicare Tax0.90%
Filing statusCompensation over
Married filing jointly$250,000
Married filing separate$125,000
Single $200,000
Head of household (with qualifying person)$200,000
Qualifying widow(er) with dependent child$200,000

 

American Opportunity Tax Credit (Hope)$2,500
Lifetime Learning Credit$2,000
Student Loan Interest Deduction$2,500
Coverdell Education Savings Contribution$2,000
Standard Deduction: 
Married filing jointly or Qualifying Widow(er)$29,200
Head of household$21,900
Single or Married filing separately$14,600
   
Business Equipment Expense Deduction$1,220,000
Prior-year safe harbor for estimated taxes of higher-income110% of your previous year’s taxes
Standard mileage rate for business driving67 cents
Standard mileage rate for medical/moving driving21 cents
Standard mileage rate for charitable driving14 cents
Child Tax Credit$2,000 per qualifying child
Maximum capital gains tax rate for taxpayers with adjusted net capital gain 0%
Up to$94,050joint filers and surviving spouses
Up to$63,000heads of household
Up to$47,025single filers
Up to$47,025married taxpayers filing separately
  estates and trusts
Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and…15%
$94,051.00$583,750joint filers and surviving spouses
$63,001.00$551,350heads of household
$47,026.00$518,900single filers
$47,026.00$591,850married taxpayers filing separately
  estates and trusts
Maximum capital gains tax rate for taxpayers with adjusted net capital gain 20%
Over$583,750joint filers and surviving spouses
Over$551,350heads of household
Over$518,900single filers
Over$591,850married taxpayers filing separately
  estates and trusts
Long-term gain attributable to certain depreciation recapture25%
Capital gains tax rate on collectibles and qualified small business stock28%
Maximum contribution for Traditional/Roth IRA$7,000 if under age 50
  $8,00 if 50 or older
Maximum employee contribution to SIMPLE IRA$16,000 if under age 50
  $19,500 if over age 50
Maximum Contribution to SEP IRA25% of compensation up to $69,000
401(k) maximum employee contribution limit$23,000 if under age 50
  $30,500 if 50 or older
Self-employed health insurance deduction100%
Estate tax exemption$13,610,000
Annual Exclusion for Gifts$18,000
Foreign Earned Income Exclusion$126,500

2023 Tax Rate Information (for filing in 2024)

Income RangeThe Tax Is
$0$11,00010% of the amount over $0
$11,000$44,725$1,100 plus 12% of the amount over $11,000
$44,725$95,375$5,147 plus 22% of the amount over $44,725
$95,375$182,100$16,290 plus 24% of the amount over $95,375
$182,100$231,250$37,104 plus 32% of the amount over $182,100
$231,250$578,125$52,832 plus 35% of the amount over $231,250
$578,125no limit$174,238 plus 37% of the amount over $578,125
Income RangeThe Tax Is
$0$22,00010% of the amount over $0
$22,000$89,450$2,200 plus 12% of the amount over $22,000
$89,450$190,750$10,294 plus 22% of the amount over $89,450
$190,750$364,200$32,580 plus 24% of the amount over $190,750
$364,200$462,500$74,208 plus 32% of the amount over $364,200
$462,500$693,750$105,664 plus 35% of the amount over $462,500
$693,750no limit$186,601.50 plus 37 % of the amount over $693,750
Income RangeThe Tax Is
$0$22,00010% of the amount over $0
$22,000$89,450$2,200 plus 12% of the amount over $22,000
$89,450$190,750$10,294 plus 22% of the amount over $89,450
$190,750$364,200$32,580 plus 24% of the amount over $190,750
$364,200$462,500$74,208 plus 32% of the amount over $364,200
$462,500$693,750$105,664 plus 35% of the amount over $462,500
$693,750no limit$186,601.50 plus 37 % of the amount over $693,750
Income RangeThe Tax Is
$0$11,00010% of the amount over $0
$11,000$44,725$1,100 plus 12% of the amount over $11,000
$44,725$95,375$5,147 plus 22% of the amount over $44,725
$95,375$182,100$16,290 plus 24% of the amount over $95,375
$182,100$231,250$37,104 plus 32% of the amount over $182,100
$231,250$346,875$52,832 plus 35% of the amount over $231,250
$346,875no limit$93,300.75 plus 37% of the amount over $346,875
Income RangeThe Tax Is
$0$15,70010% of the amount over $0
$15,700$59,850$1,570 plus 12% of the amount over $15,700
$59,850$95,350$6,868 plus 22% of the amount over $59,850
$95,350$182,100$14,678 plus 24% of the amount over $95,350
$182,100$231,250$35,498 plus 32% of the amount over $182,100
$231,250$578,100$51,226 plus 35% of the amount over $231,250
$578,100no limit$172,623.50 plus 37% of the amount over $578,100
Income RangeThe Tax Is
$0$2,95010% of the taxable income
$2,950$10,550$290 plus 24% of the excess over $2,900
$10,550$14,450$2,126 plus 35% of the excess over $10,550
$14,450no limit$3,491 plus 37% of the excess over $14,450
Base Salary$160,200
Social Security Tax Rate6.20%
Maximum Social Security Tax$9,932
Medicare Base Salaryunlimited
Medicare Tax Rate1.45%
Additional Medicare Tax0.90%
Filing statusCompensation over
Married filing jointly$250,000
Married filing separate$125,000
Single$200,000
Head of household (with qualifying person)$200,000
Qualifying widow(er) with dependent child$200,000

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Standard Deduction: 
Married filing jointly or Qualifying Widow(er)$27,700
Head of household$20,800
Single or Married filing separately$13,850
Business Equipment Expense Deduction$1,160,000
Prior-year safe harbor for estimated taxes of higher-income110%
  
Standard Mileage Rate: 
For Business Driving65.5 ¢
For Medical/Moving Driving22 ¢
Charitable Driving14 ¢
Child Tax Credit$2,000 / Qualifying Child
  
Maximum capital gains tax rate for taxpayers with adjusted net capital gain 0%
Joint Filers and Surviving Spouses$89,250
Heads of Household$59,750
Single Filers$44,625
Married and Filing Separately$44,625
Estates and Trustsup to $3,000
Maximum capital gains tax rate for taxpayers with adjusted net capital gain
over the amount subject to the 0% rate, and…		15%
Joint Filers and Surviving Spouses$553,850+
Heads of Household$523,050+
Single Filers$492,300+
Married and Filing Separately$276,900+
Estates and Trusts$3,000-14,649
Maximum capital gains tax rate for taxpayers with adjusted net capital gain 20%
Joint Filers and Surviving Spouses$553,850+
Heads of Household$523,050+
Single Filers$492,300+
Married and Filing Separately$276,900+
Estates and Trusts$14,650+
Long-term gain attributable to certain depreciation recapture25%
Capital gains tax rate on collectibles and qualified small business stock28%
  
Maximum contribution for Traditional/Roth IRA 
Under age 50$6,500
50 or Older$7,500
Maximum employee contribution to SIMPLE IRA
Under age 50$15,500
50 or Older$19,000
Maximum Contribution to SEP IRA
Percent of Compensation25%
Amount of Compensation$66,000
401(k) maximum employee contribution limit
Under age 50$22,500
50 or Older$30,000
  
Self-employed health insurance deduction100%
Estate tax exemption$12,920,000
Annual Exclusion for Gifts$17,000
Foreign Earned Income Exclusion$120,000

2022 Tax Rate Information (for filing in 2023)

Income Range

The Tax Is

$0

$10,275

10% of the taxable amount

$10,275

$41,775

$1,027.50 plus 12% of the excess over $10,275

$41,775

$89,075

$4,807.50 plus 22% of the excess over $41,775

$89,075

$170,050

$15,213.50 plus 24% of the excess over $89,075

$170,050

$215,950

$34,647.50 plus 32% of the excess over $170,050

$215,950

$539,900

$49,335.50 plus 35% of the excess over $215,950

$539,900

No Limit

$162,718.00 plus 37% of the excess over $539,900

Income Range

The Tax Is

$0

$20,550

10% of the taxable amount

$20,550

$83,550

$2,055.00 plus 12% of the excess over $20,550

$83,550

$178,150

$9,615.00 plus 22% of the excess over $83,550

$178,150

$340,100

$30,427.00 plus 24% of the excess over $178,150

$340,100

$431,900

$69,295.00 plus 32% of the excess over $340,100

$431,900

$647,850

$98,671.00 plus 35% of the excess over $431,900

$647,850

No Limit

$174,253.50 plus 37% of the excess over $647,850

Income Range

The Tax Is

$0

$20,550

10% of the taxable amount

$20,550

$83,550

$2,055.00 plus 12% of the excess over $20,550

$83,550

$178,150

$9,615.00 plus 22% of the excess over $83,550

$178,150

$340,100

$30,427.00 plus 24% of the excess over $178,150

$340,100

$431,900

$69,295.00 plus 32% of the excess over $340,100

$431,900

$647,850

$98,671.00 plus 35% of the excess over $431,900

$647,850

No Limit

$174,253.50 plus 37% of the excess over $647,850

Income Range

The Tax Is

$0

$10,275

10% of the taxable amount

$10,275

$41,775

$1,027.50 plus 12% of the excess over $10,275

$41,775

$89,075

$4,807.50 plus 22% of the excess over $41,775

$89,075

$170,050

$15,213.50 plus 24% of the excess over $89,075

$170,050

$215,950

$34,647.50 plus 32% of the excess over $170,050

$215,950

$323,925

$49,335.50 plus 35% of the excess over $215,950

$323,925

no limit

$87,126.75 plus 37% of the excess over $323,925

Income Range

The Tax Is

$0

$14,650

10% of the taxable amount

$14,650

$55,900

$1,465.00 plus 12% of the excess over $14,650

$55,900

$89,050

$6,415.00 plus 22% of the excess over $55,900

$89,050

$170,050

$13,708.00 plus 24% of the excess over $89,050

$170,050

$215,950

$33,148.00 plus 32% of the excess over $170,050

$215,950

$539,900

$47,836.00 plus 35% of the excess over $215,950

$539,900

No Limit

$161,218.50 plus 37% of the excess over $539,900

Income Range

The Tax Is

$0

$2,750

10% of the taxable income

$2,750

$9,850

$275 plus 24% of the excess over $2,750

$9,850

$13,450

$1,979 plus 35% of the excess over $9,850

$13,450

No Limit

$3,239 plus 37% of the excess over $13,450

Base Salary

$147,000

Social Security Tax Rate

6.20%

Maximum Social Security Tax

$9,114

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare Tax

0.90%

Filing status

Compensation over

Married filing jointly

$250,000

Married filing separate

$125,000

Single

$200,000

Head of household (with qualifying person)

$200,000

Qualifying widow(er) with dependent child

$200,000

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Standard Deduction:

 
  • Married filing jointly or Qualifying Widow(er)

$25,900

  • Head of household

$19,400

  • Single or Married filing separately

$12,950

Business Equipment Expense Deduction

$1,080,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2021 tax liability

Standard mileage rate for business driving

58.5 cents Jan. 1 – June 30, 2022; 62.5 cents July 1 – Dec. 31, 2022

Standard mileage rate for medical/moving driving

18 cents Jan. 1 – June 30, 2022; 22 cents July 1 – Dec. 31, 2022

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000 per qualifying child

Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $83,350 for joint filers and surviving spouses, $55,800 for heads of household, $41,675 for single filers, $41,675 for married taxpayers filing separately, and $2,800 for estates and trusts

0%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts

15%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts

20%

Long-term gain attributable to certain depreciation recapture

25%

Capital gains tax rate on collectibles and qualified small business stock

28%

Maximum contribution for Traditional/Roth IRA

$6,000 if under age 50
$7,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

$14,000 if under age 50
$17,000 if 50 or older

Maximum Contribution to SEP IRA

25% of compensation up to $61,000

401(k) maximum employee contribution limit

$20,500 if under age 50
$27,000 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$12,060,000

Annual Exclusion for Gifts

$16,000

Foreign Earned Income Exclusion

$112,000