Tax Rates
Please note: Tax rates are for the 2025 tax year and will be updated to the 2026 rates after the 2025 tax filing deadline.
Married Filing Jointly
| Rate | Minimum | Maximum |
|---|---|---|
| 10% | $0 | $23,850 |
| 12% | $23,8501 | $96,950 |
| 22% | $96,951 | $206,700 |
| 24% | $206,701 | $394,600 |
| 32% | $394,601 | $501,050 |
| 35% | $501,051 | $751,600 |
| 37% | $751,601 | N/A |
Married Filing Separately
| Rate | Minimum | Maximum |
|---|---|---|
| 10% | $0 | $11,925 |
| 12% | $11,926 | $48,475 |
| 22% | $48,476 | $103,350 |
| 24% | $103,351 | $197,300 |
| 32% | $197,301 | $250,525 |
| 35% | $250,526 | $375,800 |
| 37% | $375,801 | N/A |
Single
| Rate | Minimum | Maximum |
|---|---|---|
| 10% | $0 | $11,925 |
| 12% | $11,926 | $48,475 |
| 22% | $48,476 | $103,350 |
| 24% | $103,351 | $197,300 |
| 32% | $197,301 | $250,525 |
| 35% | $250,526 | $626,350 |
| 37% | $626,351 | N/A |
Head of Household
| Rate | Minimum | Maximum |
|---|---|---|
| 10% | $0 | $17,000 |
| 12% | $17,001 | $64,850 |
| 22% | $64,851 | $103,350 |
| 24% | $103,351 | $197,300 |
| 32% | $197,301 | $250,500 |
| 35% | $250,501 | $626,350 |
| 37% | $626,351 | N/A |
Standard Deduction
Single: $15,000
Married Filing Separately: $15,000
Married Filing Jointly: $30,000
Head of Household: $22,500
Note: Review the following IRS Resources for additional information on 2025 tax rates:
Tax Inflation Adjustments for Tax Year 2025
Retirement Plan Contribution Limits
Clients are encouraged to consult with a qualified tax advisor before making a retirement plan contribution.
| Contribution limit | 2025 tax year | 2024 tax year | 2023 tax year |
|---|---|---|---|
| IRA contribution limit - 219(b)(5)(a) - under age 50 | $7,000 | $7,000 | $6,500 |
| IRA contribution limit - 219(b)(5)(a) - age 50 or over | $8,000 | $8,000 | $7,500 |
| SIMPLE IRA maximum contributions - 403(p)(2)(E) - under age 50 | $16,500 | $16,000 | $15,500 |
| SIMPLE IRA maximum with catch-up limit - 414(v)(2)(B)(ii) - age 50 or over | $20,000 | $19,500 | $19,000 |
| Coverdell ESA contribution limit | $2,000 | $2,000 | $2,000 |
| Employer defined contribution limit - 415(c)(1)(A) | $70,000 | $69,000 | $66,000 |
| Elective deferral limit - 402(g)(1) | $23,500 | $23,000 | $22,500 |
| Elective deferral with catch-up limit - 414(v)(2)(B)(i) | $31,000 | $30,500 | $30,000 |
| Annual compensation cap - 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) | $350,000 | $345,000 | $330,000 |
| SEP contribution limit* | Lesser of; 25% compensations on or $70,000 | Lesser of; 25% compensation or $69,000 | Lesser of; 25% compensation or $66,000 |
| SEP minimum compensation - 408(k)(2)(C) | $750 | $750 | $750 |
| SEP maximum compensation - 408(k)(3)(C) | $350,000 | $345,000 | $330,000 |
| 457 elective deferrals - 457(e)(15) | $23,500 | $20,300 | $22,500 |
| Employer Sponsored 401(k) | $23,500 | $20,300 | $22,500 |
| Defined benefit limit - 415(b)(1)(A) | $280,000 | $275,000 | $265,000 |
| Highly compensated employee (HCE) - 414(q)(1)(B) | $160,000 | $155,000 | $150,000 |
| Key employee - 416(i)(1)(A)(i) | $230,000 | $220,000 | $215,000 |
| Social Security taxable wage base | $176,100 | $168,200 | $160,200 |
* - The contributions you make to each employee's SEP-IRA each year cannot exceed the lesser of 25% compensation or the amount for the respective tax year.
Note: Review the following IRS Resources for additional information on 2025 Retirement Plan Contribution Limits:
401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
2025 Amounts Relating to Retirement Plans and IRAs, as Adjusted for Changes in Cost-of-Living
Source: IRS.gov, October 2024.
This content is developed from sources believed to be providing accurate information.
This table is for informational purposes only and is not a replacement for real-life advice. Make sure to consult your tax, legal, and accounting professionals before modifying your tax strategy.