The Internal Revenue Service (IRS) has released the new tax rates and standard deductions for the 2024 tax year. These updates are crucial for taxpayers in planning their upcoming year's finances. Below is an overview of the new standard deductions and detailed tax brackets for each filing status.
Self-employed individuals must remember to account for both the employee and employer portions of Social Security and Medicare taxes. For 2024, the self-employment tax rate remains at 15.3%, comprised of 12.4% for Social Security and 2.9% for Medicare.
Lunafi helps self-employed people with a complete tax liability estimation, including Self Employment, Federal Income, and State taxes. If you are self-employed or a freelancer and don’t know much about what business expenses you can write off to lower your tax bill or how much you will pay based on the 2024 tax rates, give Lunafi a try today.
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