| Upcoming | 2025 IRS Rates & Deductions |
| Standard Deductions | 2024 Standard Deduction (you do not itemize) Get Deduction Info (scroll to middle of page, estimate my 2024 deduction) — $29,200 – Married Filing Jointly or Qualifying Surviving Spouse (increase of $1,500) — $21,900 – Head of Household (increase of $1,100) — $14,600 – Single or Married Filing Separately (increase of $750) 2024 Taxpayers who are 65 and Older or are Blind, ADD — 1,950 – Single or Head of Household (increase of $100) — $1,550 – married or Qualifying Surviving Spouse (increase of $50) 2024 Dependents For 2024, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of (1) $1,300, or (2) the sum of $450 and the individual’s earned income. 2023 Standard Deduction Rates 2022 Standard Deduction Rates |
| Standard Deductions – CA | California standard deduction amounts are less than federal amounts. Because of this, it may be better to itemize on California return even if you do not itemize on federal return. 2024 Info (scroll down to Indexing section) 2024 – Standard Deductions 1. Single or Married Filing Separate — $5,540 2. Married Filing Joint, Surviving Spouse, or Head of Household — $11,080 2024 – Personal Exemption Credit 1. Single, Married Filing Separate, Head of Household — $149 2. Married Filing Joint, Surviving Spouse, Senior — $298 3. Dependent — $461 2024 – Renter’s Credit Available for 1. Single with adjusted gross income of $52,421 or Less 2. Married Filing Joint with adjusted gross income of $104,842 or less 2023 Info (scroll down to Indexing section) 2023 – Standard Deductions 1. Single or Married Filing Separate — $5,363 2. Married Filing Joint, Surviving Spouse, or Head of Household — $10,726 2023 – Personal Exemption Credit 1. Single, Married Filing Separate, Head of Household — $144 2. Married Filing Joint, Surviving Spouse, Senior — $288 3. Dependent — $446 2023 – Renter’s Credit Available for 1. Single with adjusted gross income of $50,746 or Less 2. Married Filing Joint with adjusted gross income of $101,492 or less 2022 Info (scroll down to Deductions, click on Standard Deductions) |
| Federal Tax Rates | 1. Tax Rate based on taxable income (not gross income) and filing status. 2. Marginal tax rate is the percentage of tax applied to your last dollar of income. 3. Effective tax rate is the average rate of tax applied to your total income. 2024 Federal Income Tax Rates | IRS Tax Rate Tables 2023 Federal Income Tax Rates |
| California Tax Rates | FTB Tax Tables & Rates (all years) 2024 Tax Rates (scroll down to California Tax Rate Schedules) 1. State taxes based on taxable income and filing status 2. CA is progressive tax structure; i.e., more you earn, the higher your tax rate 3. There are Nine tax brackets: 1%, 2%, 4%, 6%, 8%, 9.3%, 10.3%, 11.3% and 12.3% 4. Tenth level – has a 1% mental health services tax applies to income exceeding $1 million; therefore income over $1 million is at 13.3% (12.3% + 1% = 13.3%) 2023 Tax Rates | and Info here 1. State taxes based on taxable income and filing status 2. CA has a graduated income tax, with rates ranging from 1% to 13.30% 3. There are Nine tax brackets: 1%, 2%, 4%, 6%, 8%, 9.3%, 10.3%, 11.3% and 12.3% 4. Tenth level – has a 1% mental health services tax applies to income exceeding $1 million; therefore income over $1 million is at 13.3% (12.3% + 1% = 13.3%) 2022 Tax Rates 1. Nine tax brackets: 1%, 2%, 4%, 6%, 8%, 9.3%, 10.3%, 11.3% and 12.3% 2. Tenth level – 13.3% (12.3 + 1%) applies to income exceeding $1 million; mental health services tax Mental Health Services Tax – Taxed on California taxable income over $1,000,000 – If person has income $1,250,000 in California taxable income, they owe $2,500 (250,000 x .01) in mental health services tax. Filing Status 1. Married Filing Separate – Each spouse shall report 1/2 of the community income, and all of his or her separate income 2. Head of Household – unmarried individuals, not in a registered domestic partnership, and married individuals or RDP’s who lived apart for entire last 6 month of the tax year; had a qualified relative living with them. qualified relative is child, parent, … as defined by law. |
| Capital Gains – Federal | 2024 Capital Gains Rates Long-Term (0%, 15%, 20%, based on taxable income) Short-Term (taxed at same rate as ordinary income, 10% to 37%) 2023 Capital Gains Rates 2022 Capital Gains Rates |
| Capital Gains – CA | 1. California does not have a separate capital gains tax rate. California taxes your gain as Ordinary Income. 2. California does not distinguish between short-term and long-term. All capital gains are taxed at your marginal income tax rate no matter how long you held the assets. Gain can be from sale of house, stocks, bonds, … most assets. |
| Trust Ordinary Income – California | 2025 Trust Income Rates: $0 – $3,150: 10% $3,150 – $11,450: 24% $11,450 – $15,650: 35% $15,650+: 37% 2024 Trust Income Rates: $0 – $3,100: 10% $3,100 – $11,150: 24% $11,150 – $15,200: 35% $15,200+: 37% 2023 Trust Income Rates: 2022 Trust Income Rates: a. $0 to $10,099: 1% b. $10,100 to $23,942: 2% c. $23,943 to $37,788: 4% d. $37,789 to $52,455: 6% e. $52.456 to $66,295: 8% f. $66,296 to $338,639: 9.3% g. $338,640 to $406,364: 10.3% h. $406,365 to $677,275: 11.3% i. above $677,276: 12.3% |
| Trust Ordinary Income – Federal Include short-term capital gain and non-qualified dividends | 2025 | Info a. $0 to $3,150: 10% b. $3,150 to $11,450: 24% c. $11,450 to $15,650: 35% d. above $15,650: 37% 2024 | Info, Info 2 a. $0 to $3,100: 10% b. $3,100 to $11,150: 24% c. $11,150 to $15,200: 35% d. above $15,200: 37% 2023 a. $0 to $2,900: 10% of income over $0 b. $2,901 to $10,550: $290 + 24% of the amount over $2,901 c. $10,551 to $14,450: $2,126 + 35% of the amount over $10,551 d. above $14,451: $3,491 + 37% of the amount over $14,451 2022 a. $0 to $2,750: 10% of income over $0 b. $2,751 to $9,850: $275 + 24% of the amount over $2,751 c. $9,851 to $13,450: $1,979 + 35% of the amount over $9,851 d. above $13,451: $3,239 + 37% of the amount over $13,451 |
| Trust Long Term Capital Gain – Federal include qualified dividends | 2025 a. 0 – $3,250: 0% b. $3,250 – $15,900: 15% c. $15,900+: 20% 2024 a. 0 – $3,150: 0% b. $3,150 – $15,450 15% c. $15,450+: 20% 2023 a. 0 – $3,000: 0% b. $3,001 – $14,649: 15% c. $14,650+: 20% 2022 a. 0%: $0 – $2,800 b. 15%: $2,801 – $13,700 c. 20%: $13,701 and higher |
| Mileage Rate | IRS Info – All Years 2024 – Business 67 cents per mile – Medical 21 cents per mile – Charity 14 cents per mile 2023 – Business 65.5 cents per mile – Medical 22 cents per mile – Charity 14 cents per mile 2022 Business: January to June 58.5 cents per mile July to December 62.5 cents per mile Medical: January to June 18 cents per mile July to December 22 cents per mile Charity: January to June 14 cents per mile July to December 14 cents per mile |
| Self Employment Tax | 2025: 15.3% of Net Earnings (social security 12.4, Medicare 2.9) a. income up to $176,100 subject to 12.4% social security tax 2024: 15.3% of Net Earnings (social security 12.4, Medicare 2.9) a. income up to $168,600 subject to 12.4% social security tax 2023: 15.3% of Net Earnings (social security 12.4, Medicare 2.9) a. income up to $160,200 subject to 12.4% social security tax |
| California Interest and Penalty | Interest and Penalty Rates – Personal and Corporation |