10/28/2024
IRS RELEASE TAX BRACKETS FOR TAX YEAR 2025!!!!!!
STANDARD DEDUCTIONS:
Single taxpayers and married individuals filing separately, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024.
Married couples filing jointly, the standard deduction rises to $30,000, an increase of $800 from tax year 2024.
Heads of households, the standard deduction will be $22,500 for tax year 2025, an increase of $600 from the amount for tax year
2024.
TAX RATES: Top tax rate remains 37% for individual
single taxpayers with incomes greater than $626,350 ($751,600 for married couples filing jointly).
35% for incomes over $250,525 ($501,050 for married couples filing jointly).
32% for incomes over $197,300 ($394,600 for married couples filing
jointly).
24% for incomes over $103,350 ($206,700 for married couples filing
jointly).
22% for incomes over $48,475 ($96,950 for married couples filing jointly).
12% for incomes over $11,925 ($23,850 for married couples filing jointly).
10% for incomes $11,925 or less ($23,850 or less for married couples filing jointly).
EARNED INCOME TAX CREDITS:
For qualifying taxpayers who have three or more qualifying children, the tax year 2025 maximum Earned Income Tax Credit
amount is $8,046.
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