IRS announces a 5.4% increase for 2024 in the standard deduction and bracket limits

Politics
1

10%: Taxable income up to $11,600
12%: Taxable income over $11,600
22%: Taxable income over $47,150
24%: Taxable income over $100,525
32%: Taxable income over $191,950
35%: Taxable income over $243,725
37%: Taxable income over $609,350

Standard deduction for single filers will be $14,600.

So a single person can make up to $61,750 gross, before they start seeing any portion of their income taxed above 12%.

2

Damn you Safiel, now you are going to make me pull out a paper towel (because who uses napkins anymore) and a pencil to do math. (I suck at math.)

So, if:

  • MI = My Employer Income
  • WI = Wife’s Employer Income
  • MP = Military Pension (I’m an ex-enlisted, so don’t get $$$ in your eyes)
  • X = Expected percent raise based on historical trends from our employers
  • C = COLA for MP
  • SD = Standard Deduction x 2 (Married Filing Jointly)

We get …

( (MI * 1.0X) + (WI * 1.0X) + (MP * 1.0C) ) - 2SD = Taxable income.

Plugging the numbers…

… … Do the multiplication…

… … … … Wipe the sweat from my brow

… … … … … … Carry the 1…

… … … … … … … … Substract the deduction…

… … … … … … … … … … Crap.

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Oh wait. Don’t forget to subtract 401K contributions you doofus.

OK, that is better.
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I think with a high degree of confidence I can now announce I’m no where near the tax bracket that @Safiel is in.

Wait what? Is that supposed to make me feel good?

WW

3 Likes
3

:rofl::rofl::rofl:

If it makes you feel better, YOU don’t have to write four checks in the five figure range to the IRS each year. :smile:

1 Like
4

and watch for your 1099K (what? I’m not a business?)

5

You probably are, but the brackets he posted are for single taxpayers. You want the “married filing jointly” figures.

35% for incomes over $243,725 ($487,450 for married couples filing jointly)
32% for incomes over $191,950 ($383,900 for married couples filing jointly)
24% for incomes over $100,525 ($201,050 for married couples filing jointly)
22% for incomes over $47,150 ($94,300 for married couples filing jointly)
12% for incomes over $11,600 ($23,200 for married couples filing jointly)

And the standard deduction for married couples filing jointly for tax year 2024 rises to $29,200.

6

1099’s are nothing new - I’ve been seeing them my entire career. There’s a whole array of income streams they cover - from work as an independent contractor / self employed person to retirement income. Even a lot of state tax refunds are reported on a 1099.

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7

Almost all of my income is reported on 1099s. 1099-R (retirement plan), 1099-div, and 1099-int. Technically, even my Social Security tax report is a 1099.

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8

Looking forward to my last W-2 in a year or two.

WW

1 Like