The quarterly update for 3/31/2024 is a targeted update in regards to content. It is focused on updating the tax calculators to 2024 as we near the close of the 2023 tax season.
All maintenance releases are cumulative, so if you apply this update, you will have all previous calculator updates as well. For your reference you can view the previous update notes here: 12/31/2023 Update.
For more detailed information please see our deployment documentation: V3 Deployment Information
When you test the new version of the calculators, make sure that the browser you are using uses the new files instead of any it may have in its cache. You may need to clear the browser's cache manually to ensure the new versions are loaded.
If your update fails, or provides unexpected coloring and formatting, Please try the following to update your sites calculators.
We also another option that you might want to consider. Our hosting package allows you to have calculators that you "set and forget" - all updates are applied automatically as part of the service. No more downloads or installation of updates.
Features
Here are two fully integrated examples using our hosting service:
Please contact us with questions!The V3 (HTML5/JavaScript) calculators do not require any edits or modifications to HTML pages, all changes are encapsulated within the JS files provided. If you see anything that needs attention in on your website, please contact us for assistance. This update has some changes that may affect your deployment, we are ready and willing to make our newest calculators look great on your site!
| Tax Rate | Married Filing Jointly or Qualified Surviving Spouse | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 10% | $0 - $23,200 | $0 - $11,600 | $0 - $16,550 | $0 - $11,600 |
| 12% | $23,200 - $94,300 | $11,600 - $47,150 | $16,550 - $63,100 | $11,600 - $47,150 |
| 22% | $94,300 - $201,050 | $47,150 - $100,525 | $63,100 - $100,500 | $47,150 - $100,525 |
| 24% | $201,050 - $383,900 | $100,525 - $191,950 | $100,500 - $191,950 | $100,525 - $191,950 |
| 32% | $383,900 - $487,450 | $191,950 - $243,725 | $191,950 - $243,700 | $191,950 - $243,725 |
| 35% | $487,450 - $731,200 | $243,725 - $609,350 | $243,700 - $609,350 | $243,725 - $365,600 |
| 37% | Over $731,200 | Over $609,350 | Over $609,350 | Over $365,600 |
| *Caution: Do not use these tax rate schedules to figure 2023 taxes. Use only to figure 2024 estimates. Source: Rev. Proc. 2023-48 | ||||
| Filing Status | Standard Deduction |
|---|---|
| Married Filing Joint | $29,200 |
| Qualified Surviving Spouse | $29,200 |
| Single | $14,600 |
| Heads of Household | $21,900 |
| Married Filing Separately | $14,600 |
| Filing Status | Exemption Amount | Exemption Phaseout Threshold |
|---|---|---|
| Married Filing Jointly | $133,300 | $1,218,700 |
| Qualified Surviving Spouse | $133,300 | $1,218,700 |
| Single | $85,700 | $609,350 |
| Heads of Household | $85,700 | $609,350 |
| Married Filing Separately | $66,650 | $609,350 |
| Single, Married Filing Separately and Heads of Household | Married Filing Jointly | |
|---|---|---|
| Taxable income at or below | $191,950 20% of business income from qualified trades or businesses including Specified Service Trade or Business (SSTB). | $383,900 20% of business income from qualified trade or business including specified services or businesses. |
| Taxable income in range has prorated deduction | $191,950-$241,950 Phase-out of QBID deduction for Specified Service Trade or Business (SSTB). Phase-in of employee wage requirements for all other businesses. | $383,900-$483,900 Phase-out of QBID deduction for Specified Service Trade or Business (SSTB). Phase-in of employee wage requirements for all other businesses. |
| Taxable income above | $241,951 No QBID deduction for Specified Service Trade or Business (SSTB). QBID limited to 50% of employee wages paid or 25% of employee wages paid plus 2.5% of invested capital. | $483,901 No QBID deduction for Specified Service Trade or Business (SSTB). QBID limited to 50% of employee wages paid or 25% of employee wages paid plus 2.5% of invested capital. |
| Tax Rate | Married Filing Jointly or Qualified Surviving Spouse | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 0% | $0 - $94,050 | $0 - $47,025 | $0 - $63,000 | $0 - $47,025 |
| 15% | $94,050 - $583,750 | $47,025 - $518,900 | $63,000 - $551,350 | $47,025 - $291,850 |
| 20% | Over $583,750 | Over $518,900 | Over $551,350 | Over $291,850 |
| *Caution: Do not use these tax rate schedules to figure 2023 taxes. Use only to figure 2024 estimates. Source: Rev. Proc. 2023-48 | ||||
This is your total taxable income for the year after deductions for retirement contributions such as 401(k)s, IRAs, etc. This calculator is designed to work primarily with earned income taxed at ordinary income tax rates. It is not designed to calculate taxes from capital gains, business income or passive income sources.
| Average tax rate | This is your total income divided by your total Federal tax. The average tax rate is almost always lower, sometimes by a wide margin, than your income tax bracket or marginal tax rate. |
|---|---|
| Income tax bracket | This is the highest Federal income tax bracket used in calculating your total Federal tax. This is calculated by looking up the highest Federal income tax bracket that includes your taxable income. |
| Marginal tax rate | This is the percentage paid in Federal taxes on additional income. To determine your marginal tax rate, the tool recalculates your total Federal income tax using your current income plus an additional income amount. The additional income amount is $1,000 for incomes under $100,000 and $10,000 for incomes over $100,000. We then divide the difference between your original Federal tax and the recalculated Federal tax by the amount of additional income. Your marginal tax rate captures the effect of additional income taxed in higher income brackets and the phase-out of deductions and credits. It will never be lower than your current tax bracket. |
Enter the number of dependent children that qualify for the child tax credit. To qualify, a child must be under age 17 at the end of the year. They must be either your child, one of your siblings or your foster child or a child of any of them (for example your grandchild). In addition, they must have lived with you for more than half of the year, not provide more than half of their own support and must be claimed as a dependent on your tax return. In 2024, for each qualifying child you can receive up to a $2,000 tax credit. While the same as the prior year, this amount is significantly lower than 2021. In 2021, the tax credit was up to a $3,600 per child under age six and up to $3,000 per child age six to 17.
| Filing Status | Maximum AGI for Full Credit | AGI No Credit |
|---|---|---|
| Married Filing Jointly | $400,000 | $50 reduction for every $1,000 over threshold |
| Qualified Widow(er) | $400,000 | $50 reduction for every $1,000 over threshold |
| Single | $200,000 | $50 reduction for every $1,000 over threshold |
| Heads of Household | $200,000 | $50 reduction for every $1,000 over threshold |
| Married Filing Separately | $200,000 | $50 reduction for every $1,000 over threshold |