See Below for 2023 and 2024 rates and information -
For 2024 changes in brackets and amounts please visit:
The standard deduction for filing jointly is up to $29,200; for filing single, $14,600; for Head of Household, $21,900. Additional amount of $1,550 for married seniors and $1,950 for unmarried seniors.
Please contact us for additional information or to request an appointment.
Accounting Office, 1430 Church Lane, Easton, PA 18040
Social Security Wage ceiling - $168,600 in 2024. Early retirement income phase out begins at $22,320 in 2024. No ceiling for Medicare 1.45% tax; additional .9% surtax paid on wages that exceed $250,000 (MFJ) $125,000 (MFS) $200,000 (S)(HoH.
Self Employed - Health Insurance deduction
Remains 100% in 2024.
Minimum wage in Pennsylvania - employers with more than 10 full time employees.
Federal min. $7.25
Corporate Income Tax Rates - 2024 rate remains 21%
Personal Services Corporations - 21%
Annual Gift tax exclusion is $18,000 for 2024.
Other notable 2024changes: PA corporate net income tax will be reduced to 8.49%. Federal and PA impose restrictions on the use of a net operating loss carry forward.
The PA Inheritance tax rate is 4.5% for transfers from parents to children. Gifts or transfers made within one year of death are taxed in addition to transfers effected after death. A life estate which allows someone the right to remain in a home after transferring ownership has a value subject to the tax. Obtain guidance on the matter transferring your home to an adult child. Valuable tax benefits can be lost.