Tax Rates
The Tax Rates page brings the current federal figures you reference most into a single, easy-to-read summary. It lays out the income tax brackets for all four filing statuses — single, married filing jointly, married filing separately, and head of household — alongside the current standard deduction amounts. You'll also find a detailed table of retirement-plan contribution limits, covering IRAs, SIMPLE and SEP IRAs, 401(k) and 457 elective deferrals, catch-up contributions for those age 50 and older, defined-benefit and defined-contribution caps, and the Social Security taxable wage base, with prior years shown for comparison. Rates reflect the current tax year and are updated once the IRS confirms the following year's figures after the filing deadline. Use it as a quick reference when estimating your bracket, planning contributions, or weighing a tax strategy. This information is for general informational purposes only and isn't a replacement for real-life advice — please consult your tax, legal, and accounting professionals before adjusting your strategy, and reach out to Summit Wealth if you'd like help fitting these numbers into your plan.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.