Understanding US Tax Basics
Your comprehensive guide to the US tax system and recent updates for 2024
2024 Tax Brackets
The US uses a progressive tax system where different portions of your income are taxed at increasing rates. Here are the tax brackets for 2024:
| Tax Rate | Single Filers | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | $0 - $11,600 | $0 - $23,200 | $0 - $16,550 |
| 12% | $11,601 - $47,150 | $23,201 - $94,300 | $16,551 - $63,100 |
| 22% | $47,151 - $100,525 | $94,301 - $201,050 | $63,101 - $95,350 |
| 24% | $100,526 - $191,950 | $201,051 - $383,900 | $95,351 - $182,100 |
| 32% | $191,951 - $243,725 | $383,901 - $487,450 | $182,101 - $231,250 |
| 35% | $243,726 - $609,350 | $487,451 - $731,200 | $231,251 - $578,100 |
| 37% | $609,351 or more | $731,201 or more | $578,101 or more |
2024 Tax Deductions & Credits
Standard Deduction
- Single $14,600
- Married Filing Jointly $29,200
- Head of Household $21,900
Popular Tax Credits
- Child Tax Credit
Up to $2,000 per qualifying child
- Earned Income Credit
Up to $7,430 for qualifying taxpayers
- American Opportunity Credit
Up to $2,500 per eligible student
Common Itemized Deductions
- Mortgage Interest
Interest paid on first $750,000 of mortgage debt
- State and Local Taxes (SALT)
Up to $10,000 combined
- Charitable Contributions
Cash donations up to 60% of AGI
- Medical Expenses
Expenses exceeding 7.5% of AGI
- Student Loan Interest
Up to $2,500 per year
- Retirement Contributions
Various limits based on plan type
Important Tax Deadlines
Annual Deadlines
- Individual Tax Returns April 15, 2024
- Extended Filing Deadline October 15, 2024
- Estimated Tax Payments Quarterly
Quarterly Estimated Taxes
- Q1 Payment April 15, 2024
- Q2 Payment June 15, 2024
- Q3 Payment September 15, 2024
- Q4 Payment January 15, 2025