A 2024 Quick Tax Reference Guide for Key Figures

This guide provides federal tax figures for the 2025 tax year, for which returns are filed in early 2026. Set by the IRS, these figures are adjusted for inflation and are used to calculate tax obligations. This information is a general reference and not a substitute for professional tax advice.

Individual Tax Figures

The U.S. uses a progressive tax system with seven rates for 2025: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your tax bracket is based on your taxable income and filing status. Only the income within a specific bracket is taxed at that rate.

| Tax Rate | Single | Married Filing Jointly | Married Filing Separately | Head of Household |
| :— | :— | :— | :— | :— |
| 10% | Up to $12,300 | Up to $24,600 | Up to $12,300 | Up to $17,550 |
| 12% | $12,301 to $49,975 | $24,601 to $99,950 | $12,301 to $49,975 | $17,551 to $66,900 |
| 22% | $49,976 to $106,600 | $99,951 to $213,200 | $49,976 to $106,600 | $66,901 to $106,550 |
| 24% | $106,601 to $201,350 | $213,201 to $402,700 | $106,601 to $201,350 | $106,551 to $201,350 |
| 32% | $201,351 to $255,850 | $402,701 to $511,700 | $201,351 to $255,850 | $201,351 to $255,850 |
| 35% | $255,851 to $639,600 | $511,701 to $767,550 | $255,851 to $383,775 | $255,851 to $639,600 |
| 37% | Over $639,600 | Over $767,550 | Over $383,775 | Over $639,600 |

Taxpayers can reduce taxable income with a standard or itemized deduction. For 2025, the standard deduction is $14,600 for single filers and those married filing separately, $29,200 for married couples filing jointly, and $21,900 for heads of household. An additional amount is available for taxpayers who are age 65 or older or blind. For 2025, this is $1,600, or $1,950 if unmarried.

Credits and Deductions

A deduction lowers taxable income, while a credit directly reduces tax owed. For 2025, the Child Tax Credit is $2,000 per qualifying child under 17, with up to $1,800 being refundable. A nonrefundable credit of $500 is also available for other dependents.

Two credits can offset higher education expenses, both subject to income limits. The American Opportunity Tax Credit (AOTC) is worth up to $2,500 per student, while the Lifetime Learning Credit (LLC) is worth up to $2,000 per return. Both credits phase out for single filers with a MAGI between $80,000-$90,000 and joint filers between $160,000-$180,000.

Taxpayers who itemize can deduct qualified medical expenses exceeding 7.5% of their adjusted gross income (AGI) and state and local taxes (SALT), capped at $10,000 per household. The 2025 standard mileage rates are 70 cents per mile for business, 21 cents for medical travel, and 14 cents for charitable driving.

Retirement and Savings Contributions

For 2025, the maximum employee contribution to a 401(k), 403(b), most 457 plans, and the Thrift Savings Plan is $23,000. Individuals age 50 and over can make an additional $7,500 catch-up contribution, for a total of $30,500.

The 2025 contribution limit for traditional and Roth IRAs is $7,000, plus a $1,000 catch-up for those 50 and over. The ability to deduct traditional IRA contributions is limited by income if you have a workplace plan. Roth IRA contributions are not deductible, and the ability to contribute phases out for single filers with a MAGI between $154,000-$169,000 and joint filers between $240,000-$250,000.

| Filing Status | Covered by Workplace Plan | 2025 Deduction Phase-Out Range |
| :— | :— | :— |
| Single / Head of Household | Yes | $81,000 – $91,000 |
| Married Filing Jointly | Yes | $133,000 – $153,000 |
| Married Filing Jointly (Spouse Covered) | No | $240,000 – $250,000 |

Health Savings Accounts (HSAs) are available for those with high-deductible health plans. For 2025, individuals with self-only coverage can contribute up to $4,300, while those with family coverage can contribute up to $8,550. An additional $1,000 catch-up contribution is allowed for individuals age 55 and older.

Investment and Wealth Transfer Taxes

Long-term capital gains, which are profits from selling an asset held for more than one year, are taxed at preferential rates. For 2025, these rates are 0%, 15%, or 20%, depending on your taxable income and filing status.

| Tax Rate | Single | Married Filing Jointly | Married Filing Separately | Head of Household |
| :— | :— | :— | :— | :— |
| 0% | Up to $49,225 | Up to $98,450 | Up to $49,225 | Up to $65,900 |
| 15% | $49,226 to $541,900 | $98,451 to $609,600 | $49,226 to $304,800 | $65,901 to $575,750 |
| 20% | Over $541,900 | Over $609,600 | Over $304,800 | Over $575,750 |

Higher-income individuals may also be subject to the Net Investment Income Tax (NIIT). This is a 3.8% tax on the lesser of either net investment income or the amount by which MAGI exceeds certain thresholds. These thresholds are $200,000 for single and head of household filers, and $250,000 for married couples filing jointly.

The 2025 annual gift tax exclusion allows you to give up to $19,000 to any individual without filing a gift tax return. The lifetime gift and estate tax exemption is $14.29 million per individual.

Tax Deadlines

The deadline for filing 2025 individual tax returns is Tuesday, April 15, 2026. You can request an automatic six-month extension to file, making the new deadline Thursday, October 15, 2026. An extension to file is not an extension to pay; estimated tax liability must be paid by the April deadline to avoid penalties.

Individuals with income not subject to withholding, like from self-employment, must make quarterly estimated tax payments. The due dates for the 2025 tax year are:

• April 15, 2025
• June 16, 2025
• September 15, 2025
• January 15, 2026