Incentives & tips to help save for retirement

The deadline to file taxes is right around the corner. We at USI Consulting Group (USICG) have a library of tax resources to help you and your employees save and reach post-work life goals:

Ways to use your tax refund to help improve long-term financial well-being
Insights and implications from your federal income tax return
Savings incentive: Retirement Saver’s Credit | 2023 Credit and 2024 Credit
Uncle Sam's education tax break
Tax breaks for elder care

Tax tables

Please find the 2024 and 2023 tax tables below.

2024

	Single	Married, Filing Jointly	Married, Filing Separately	Estates and Trusts
Exemption	$85,700	$133,300	$66,650	$29,900
28% on Excess	$232,600	$232,600	$116,300	$232,600
Phase-out Begins	$609,350	$1,218,700	$609,350	$99,700

2024

	Individuals	Head of Household	Married, Filing Jointly	Married, Filing Separately	Estates and Trusts
0%	$0-$47,025	$0-$63,000	$0-$94,050	$0-$47,025	$0-$3,000
15%	$42,026-$518,900	$63,001-$551,350	$94,051-$583,750	$47,026-$291,850	$3,001-$14,650
20%	Over $518,900	Over $551,350	Over $583,750	Over $291,850	Over $14,650

2024

The top tax rate applicable to estates and living gifts will be subject to a maximum tax rate of 40%.

Estate Tax	Exclusion Amount	Federal Credit	Gift Tax Exclusion
2024	$13,610,000	$4,769,800	$13,610,000

States with Estate or Inheritance Taxes
CT, DC, HI, IL, IA, KY, ME, MD, MA, MN, NE, NJ, NY, OR, PA, RI, VT, WA.

Other Estate and Gift Planning Ideas	2024
Annual gift tax exclusion	$18,000
Annual gift tax exclusion for non-U.S. citizen spouses	$185,000
Generation-skipping tax (GST) exemption	$13,610,000
IRC §6166 2% limit for deferred estate tax payments	$1,640,000
Special use valuation for qualified real property	$1,230,000

2024

Single	Rate
$0-$11,600	10%
$11,601-$47,150	12%
$47,151-$100,525	22%
$100,526-$191,950	24%
$191,951-$243,275	32%
$243,276-$609,350	35%
Over $609,350	37%

Married, Filing Jointly	Rate
$0-$23,200	10%
$23,201-$94,300	12%
$94,301-$201,050	22%
$201,051-$383,900	24%
$383,901-$487,450	32%
$487,451-$731,200	35%
Over $731,200	37%

Head of Household	Rate
$0-$16,550	10%
$16,551-$63,100	12%
$63,101-$100,500	22%
$100,501-$191,950	24%
$191,951-$243,700	32%
$243,701-$609,350	35%
Over $609,350	37%

Married, Filing Separately	Rate
$0-$11,600	10%
$11,601-$47,150	12%
$47,151-$100,525	22%
$100,526-$191,950	24%
$191,951-$243,725	32%
$243,726-$365,600	35%
Over $365,600	37%

Estates and Trusts	Rate
$0-$3,100	10%
$3,101-$11,150	24%
$11,151-$15,200	35%
Over $15,200	37%

Standard Deduction	Rate
Single	$14,600
Married, Filing Jointly	$29,200
Head of Household	$21,900
Married, Filing Separately	$14,600

Corporations

Corporations are taxed at a flat 21%.
No special personal service corporation rate.
Higher capital gain tax obsolete.
Section 179 depreciation up to $1,220,000. Phaseout $3,050,000. SUV: $30,500.
Temporary expensing for large companies available.
Like-kind exchanges limited to real property not held primarily for sale.
Pass-through entity tax treatment—deductible amount is the lesser of:
(a) 20% of the taxpayer’s qualified business income, or
(b) the greater of: (1) 50% of the W-2 wages, or (2) the sum of 25% of the
W-2 wages and 2.5% of the unadjusted basis of all qualified property.
Qualified Business Income deduction (section 199A) phaseout for high earners in professional fields. $383,900 – $483,900 (MFJ);
$191,950 – $241,950 (Others)
Hedge fund carried interest holding period increased to 3 years.

2024

Single	Married	Part B Premium	Part D IRMAA
$91,000 or less	$182,000 or less	$170.10	$0
$91,000-$114,000	$182,001-$228,000	$238.10	$12.40
$114,001-$142,000	$228,001-$284,000	$340.20	$32.10
$142,001-$170,000	$284,001-$340,000	$442.30	$51.70
$170,001-$500,000	$340,001-$750,000	$544.30	$71.30
Over $500,000	Over $750,000	$578.30	$77.90

*Part D premium determined by vendor. IRMAA surcharge added to vendor premium.

2024

IRA	Amount
IRA Contribution (under 50)	$7,000
IRA Contribution (50 and older)	$8,000
Single or HOH phase-out	$77,000-$87,000
Married, Filing Jointly	$123,000-$143,000
Married, Filing Separately	$0-$10,000
Spousal IRA Income Limit	$230,000-$240,000

Phase-Out of Roth IRA Contribution Eligibility	Amount
Single phase-out	$146,000-$161,000
Married, Filing Jointly	$230,000-$240,000
Married, Filing Separately	$0-$10,000

SEP	Rate
SEP Contribution	Up to 25% of compensation ($69,000 limit)
Minimum Compensation Participant	$750

SIMPLE	Amount
SIMPLE elective deferral (under 50)	$16,000
SIMPLE elective deferral (50 and older)	$19,500

Other Qualified Plans	Amount
401(k), 403(b), Governmental 457(b), SARSEP elective deferral (under age 50)	$23,000
401(k), 403(b), Governmental 457(b), SARSEP elective deferral (age 50 and older)	$30,500
Limit on additions to defined contribution plans	$69,000
Annual benefit limit on defined benefit plans	$275,000
Highly compensated employee makes	$155,000
Maximum compensation token into account for qualified plans	$345,000
HSA contribution individual coverage	$4,150
HSA contribution family coverage	$8,300

Individual 401(K)	Amount
Employer Contribution	Up to 25% of compensation
Employee Salary Deferral (under 50)	$23,000
Employee Salary Deferral (50 and older)	$30,500
Total Employer and Employee	$69,000 ($67,500 age 50 and older)

Required Minimum Distributions

Current Age	Distribution Period	Current Age	Distribution Period
72	27.4	97	7.8
73	26.5	98	7.3
74	25.5	99	6.8
75	24.6	100	6.4
76	23.7	101	6.0
77	22.9	102	5.6
78	22.0	103	5.2
79	21.1	104	4.9
80	20.2	105	4.6
81	19.4	106	4.3
82	18.5	107	4.1
83	17.7	108	3.9
84	16.8	109	3.7
85	16.0	110	3.5
86	15.2	111	3.4
87	14.4	112	3.3
88	13.7	113	3.1
89	12.9	114	3.0
90	12.2	115	2.9
91	11.5	116	2.8
92	10.8	117	2.7
93	10.1	118	2.5
94	9.5	119	2.3
95	8.9	120+	2.0
96	8.4

As of January 1, 2024, the new life expectancy tables updated to reflect current mortality experience are in effect.

Traditional IRA Deductibility Rules

Filing Status	Covered by Employer's Retirement Plan?	Modified AGI 2024	2024 Deductibility
Single	No	Any Amount	Full deduction
	Yes	$77,000 or less	Full deduction
		$77,001-$82,999	Partial deduction
		$83,000 or more	No deduction
Married Filing Jointly	Neither Spouse Covered	Any Amount	Full deduction
	Both Spouses Covered	$123,000 or less	Full deduction
		$123,001-$142,999	Partial deduction
		$143,000 or more	No deduction
	One Spouse Covered for Covered Spouse	$123,000 or less	Full deduction
		$123,001-$142,999	Partial deduction
		$143,000 or more	No deduction
	One Spouse Covered for Non-Covered Spouse	$230,000 or less	Full deduction
		$230,001-$239,999	Partial deduction
		$240,000 or more	No deduction

2024

Social Security	Amount
Maximum earnings (during working years) subject to payroll tax	$147,000
Social Security Payroll Tax	Employees pay 7.65%*
Social Security Payroll Tax	Self-employed pay 15.30%*
Additional 0.9% high-income paytoll tax for wages in excess of:
Single or HOH	$200,000
Married, Filing Jointly	$250,000
Married, Filing Separately	$125,000

*For Medicare's Hospital Insurance (HI) program, tax rates under the HI program are 1.45% for employees and employers, each, and 2.90% for self-employed persons.

Employees/Employers: 6.2% Social Security Tax + 1.45% Medicare Tax = 7.65% total
Self-employed: 12.40% Social Security Tax + 2.90% Medicare Tax = 15.30% total

2023

	Single	Married, Filing Jointly	Married, Filing Separately	Estates and Trusts
Exemption	$81,300	$126,500	$63,250	$28,400
28% on Excess	$220,700	$220,700	$110,350	$220,700
Phase-out Begins	$578,150	$1,156,300	$578,150	$94,600

2023

	Individuals	Head of Household	Married, Filing Jointly	Married, Filing Separately	Estates and Trusts
0%	$0-$44,625	$0-$59,750	$0-$89,250	$0-$44,625	$0-$3,000
15%	$44,626-492,300	$59,751-523,050	$89,251-553,850	$44,626-276,900	$3,001-$14,650
20%	Over $492,300	Over $523,050	Over $553,850	Over $276,900	Over $14,650

2023

The top tax rate applicable to estates and living gifts will be subject to a maximum tax rate of 40%.

Estate Tax	Exclusion Amount	Federal Credit	Gift Tax Exclusion
2023	$12,920,000	$5,113,800	$12,920,000

States with Estate or Inheritance Taxes
CT, DC, HI, IL, IA, KY, ME, MD, MA, MN, NE, NJ, NY, OR, PA, RI, VT, WA.

Other Estate and Gift Planning Ideas	2023
Annual gift tax exclusion	$17,000
Annual gift tax exclusion for non-U.S. citizen spouses	$175,000
Generation-skipping tax (GST) exemption	$12,920,000
IRC §6166 2% limit for deferred estate tax payments	$1,750,000
Special use valuation for qualified real property	$1,310,000

2023

Single	Rate
$0-$11,000	10%
$11,000-$44,725	12%
$44,725-$95,375	22%
$95,375-$182,100	24%
$182,100-$231,250	32%
$231,250-$578,125	35%
Over $578,125	37%

Married, Filing Jointly	Rate
$0-$22,000	10%
$22,000-$89,450	12%
$89,450-$190,750	22%
$190,750-$364,200	24%
$364,200-$462,500	32%
$462,500-$693,750	35%
Over $693,750	37%

Head of Household	Rate
$0-$15,700	10%
$15,700-$59,850	12%
$59,850-$95,350	22%
$95,350-$182,100	24%
$182,100-$231,250	32%
$231,250-$578,100	35%
Over $578,100	37%

Married, Filing Separately	Rate
$0-$11,000	10%
$11,000-$44,725	12%
$44,725-$95,375	22%
$95,375-$182,100	24%
$182,100-$231,250	32%
$231,250-$346,875	35%
Over $346,875	37%

Estates and Trusts	Rate
$0-$2,900	10%
$2,900-$10,550	24%
$10,550-$14,450	35%
Over $14,450	37%

Standard Deduction	Rate
Single	$13,850
Married, Filing Jointly	$27,700
Head of Household	$20,800
Married, Filing Separately	$13,850

Corporations

Corporations are taxed at a flat 21%.
No special personal service corporation rate.
Corporate Alternative Minimum Tax repealed.
Higher capital gain tax obsolete.
Section 179 depreciation up to $1,160,000. Phaseout $2,890,000. SUV: $28,900.
Temporary expensing for large companies available.
Like-kind exchanges limited to real property not held primarily for sale.
Pass-through entity tax treatment—deductible amount is the lesser of:
(a) 20% of the taxpayer’s qualified business income, or
(b) the greater of: (1) 50% of the W-2 wages, or (2) the sum of 25% of the
W-2 wages and 2.5% of the unadjusted basis of all qualified property.
Qualified Business Income deduction (Section 199A) phaseout for high earners in professional fields. $364,200 – $464,200 (MFJ);
$182,100– $232,100 (Others)
Hedge fund carried interest holding period increased to 3 years.

2023

Single	Married	Part B Premium	Part D IRMAA
$97,000 or less	$194,000 or less	$164.90	$0
$97,000-$123,000	$194,001-$246,000	$230.80	$12.20
$123,001-$153,000	$246,001-$306,000	$329.70	$31.50
$153,001-$183,000	$306,001-$366,000	$428.60	$50.70
$183,001-$500,000	$366,001-$750,000	$527.50	$70.00
Over $500,000	Over $750,000	$560.50	$76.40

*Part D premium determined by vendor. IRMAA surcharge added to vendor premium.

2023

IRA	Amount
IRA Contribution (under 50)	$6,500
IRA Contribution (50 and older)	$7,500
Single or HOH phase-out	$73,000-$82,999
Married, Filing Jointly	$116,000-$135,999
Married, Filing Separately	$0-$10,000
Spousal IRA	$218,000-$227,999
Catch-Up (age 50 and over only)	$1,000

Phase-Out of Roth IRA Contribution Eligibility	Amount
Single phase-out	$138,000-$153,000
Married, Filing Jointly	$218,000-$228,000
Married, Filing Separately	$0-$10,000

SEP	Rate
SEP Contribution	Up to 25% of compensation ($66,000 limit)
Minimum Compensation Participant	$750

SIMPLE	Amount
SIMPLE elective deferral (under 50)	$15,500
SIMPLE elective deferral (50 and older)	$19,000

Other Qualified Plans	Amount
401(k), 403(b), Governmental 457(b), SARSEP elective deferral (under age 50)	$22,500
401(k), 403(b), Governmental 457(b), SARSEP elective deferral (age 50 and older)	$30,000
Limit on additions to defined contribution plans	$66,000
Annual benefit limit on defined benefit plans	$265,000
Highly compensated employee makes	$150,000
Maximum compensation taken into account for qualified plans	$330,000
HSA contribution individual coverage	$3,850
HSA contribution family coverage	$7,750

Individual 401(K)	Amount
Employer Contribution	Up to 25% of compensation
Employee Salary Deferral (under 50)	$22,500
Employee Salary Deferral (50 and older)	$30,000
Total Employer and Employee	$66,000 ($73,500 age 50 and older)

Required Minimum Distributions

Current Age	Distribution Period	Current Age	Distribution Period
72	27.4	97	7.8
73	26.5	98	7.3
74	25.5	99	6.8
75	24.6	100	6.4
76	23.7	101	6.0
77	22.9	102	5.6
78	22.0	103	5.2
79	21.1	104	4.9
80	20.2	105	4.6
81	19.4	106	4.3
82	18.5	107	4.1
83	17.7	108	3.9
84	16.8	109	3.7
85	16.0	110	3.5
86	15.2	111	3.4
87	14.4	112	3.3
88	13.7	113	3.1
89	12.9	114	3.0
90	12.2	115	2.9
91	11.5	116	2.8
92	10.8	117	2.7
93	10.1	118	2.5
94	9.5	119	2.3
95	8.9	120+	2.0
96	8.4

As of January 1, 2022, the new life expectancy tables updated to reflect current mortality experience are in effect.

Traditional IRA Deductibility Rules

Filing Status	Covered by Employer's Retirement Plan?	Modified AGI 2023	2023 Deductibility
Single	No	Any Amount	Full deduction
	Yes	$73,000 or less	Full deduction
		$73,001-$82,999	Partial deduction
		$83,000 or more	No deduction
Married Filing Jointly	Neither Spouse Covered	Any Amount	Full deduction
	Both Spouses Covered	$116,000 or less	Full deduction
		$116,001-$135,999	Partial deduction
		$136,000 or more	No deduction
	One Spouse Covered for Covered Spouse	$116,000 or less	Full deduction
		$116,001-$135,999	Partial deduction
		$136,000 or more	No deduction
	One Spouse Covered for Non-Covered Spouse	$218,000 or less	Full deduction
		$218,001-$227,999	Partial deduction
		$228,000 or more	No deduction

2023

Social Security	Amount
Maximum earnings (during working years) subject to payroll tax	$160,200
Social Security Payroll Tax	Employees pay 7.65%
Social Security Payroll Tax	Self-employed pay 15.30%
Additional 0.9% high-income paytoll tax for wages in excess of:
Single or HOH	$200,000
Married, Filing Jointly	$250,000
Married, Filing Separately	$125,000

*For Medicare's Hospital Insurance (HI) program, tax rates under the HI program are 1.45% for employees and employers, each, and 2.90% for self-employed persons.

Employees/Employers: 6.2% Social Security Tax + 1.45% Medicare Tax = 7.65% total
Self-employed: 12.40% Social Security Tax + 2.90% Medicare Tax = 15.30% total

How USI Consulting Group can help employers

USI Consulting Group has been helping employers enable their workforces to successfully plan and invest for retirement for over 45 years. To learn more about USICG’s solutions and how we can help you improve your employees’ financial security and retirement readiness, contact your local USICG representative, visit our Contact Us page, or reach out to us directly at information@usicg.com

Incentives & tips to help save for retirement

Tax tables

2024

Federal Alternative Minimum Tax Table

2024

Federal Capital Gains & Dividends Tax Table

2024

Federal Gift & Estate Tax Table

2024

Federal Income Tax Table

2024

Corporations

Federal Medicare Tax Table

2024

Federal Retirement Tax Table

2024

Required Minimum Distributions

Traditional IRA Deductibility Rules

Federal Social Security Tax Table

2024

2023

Federal Alternative Minimum Tax Table

2023

Federal Capital Gains & Dividends Tax Table

2023

Federal Gift & Estate Tax Table

2023

Federal Income Tax Table

2023

Corporations

Federal Medicare Tax Table

2023

Federal Retirement Tax Table

2023

Required Minimum Distributions

Traditional IRA Deductibility Rules

Federal Social Security Tax Table

2023

How USI Consulting Group can help employers