Below is a quick reference table for California and Federal Income Taxes for 2024.
Note, the list of things not included, such as deductions, credits, deferred income, and specialty dividends, capital gains, or other income.
For personal or specific information, call your CPA or head to https://www.ftb.ca.gov/ or IRS.Gov.
(Keep in Mind, California hasn’t issued guidance for the 2024 tax brackets yet. The California numbers below represent 2023 brackets. We’ll update if and when new guidance is issued)
See the Federal and California Tax Brackets table below:
Federal Income Tax
Tax Rate | Single / Filing Separately | Tax Owed |
10% | Up to $11,600 | 10% of Taxable Income |
12% | $11,601 to $47,150 | $1,160 + 12% of the total > $11,600 |
22% | $47,151 to $100,525 | $5,426+ 22% of the total > $47,150 |
24% | $100,526 to $191,950 | $17,169 + 24% of the total > $100,525 |
32% | $191,951 to $243,725 | $39,111 + 32% of the total > $191,150 |
35% | $243,726 to $609,350 | $55,679 + 35% of the total > $243,725 |
37% | $609,351 or more | $183,648 + 37% of the total > $609,350 |
Federal Income Tax
Tax Rate | Married Filing Jointly | Tax Owed |
10% | Up to $23,200 | 10% of taxable income |
12% | $23,201 to $94,300 | $2,320 + 12% of the total > $23,200 |
22% | $94,301 to $201,050 | $10,852 + 22% of the total > $94,300 |
24% | $201,051 to $383,900 | $34,337 + 24% of the total > $201,050 |
32% | $383,901 to $487,450 | $78,221 + 32% of the total > $383,900 |
35% | $487,451 to $731,200 | $111,357 + 35% of the total > $487,450 |
37% | Over $731,201 | $196,670 + 37% of the total > $731,200 |
California Income Tax
Tax rate | Single / Filing Separately | Tax owed |
1% | $0 to $10,412. | $0 plus 1% of taxable income. |
2% | $10,413 to $24,684. | $105 plus 2% of $ > $10,413. |
4% | $24,685 to $38,959 | $390 plus 4% of $ > $24,684 |
6% | $38,960 to $54,081 | $961 plus 6% of $ > $38,959 |
8% | $54,082 to $68,350 | $1,868 plus 8% of $ > $54,081 |
9.3% | $68,351 to $349,137 | $3,010 plus 9.3% of $ > $68,350 |
10.3% | $349,138 to $418,961 | $29,123 plus 10.3% of $ > $349,137 |
11.3% | $418,962 to $698,271 | $36,315 plus 11.3% of $ > $418,961 |
12.3% | $698,272 and up | $67,877 plus 12.3% of $ > $698,271 |
California Income Tax
Tax rate | Married Filing Jointly | Tax owed |
1% | $0 to $20,824 | $0 plus 1% of taxable income over $0 |
2% | $20,825 to $49,368 | $209 plus 2% of $ > $20,824 |
4% | $49,369 to $77,918 | $780 plus 4% of $ > $49,368 |
6% | $77,919 to $108,162 | $1,922 plus 6% of $ > $77,918 |
8% | $108,163 to $136,162 | $3,736 plus 8% of $ > $108,162 |
9.3% | $136,163 to $689,274 | $6,019 plus 9.3% of $ > $136,162 |
10.3% | $689,275 to $837,922 | $58,246 plus 10.3% of $ > $698,274 |
11.3% | $837,923 to $1,396,542 | $72,629 plus 11.3% of $ > $837,922 |
13.3% | $1,396,543 and up | $135,753 plus 12.3% of $ > $1,396,542 |
CaliforniaTax Changes Effective January 1, 2024
California funds the state’s disability insurance program through a payroll tax of 1.1 percent on wages up to $153,164 in 2023. In 2024, thiswage ceilingwill be lifted, subjecting all wage income to the payroll tax.
The payroll tax expansion increases the state's top income tax bracket from 13.3% to 14.4%.
California also levies a 1% mental health services tax on income exceeding $1 million.
The new total 14.4% tax rate applies to wage income over $1 million.
All decimals have been rounded up to the next dollar.
If you have questions on income tax deferral, tax minimization or the impact of taxes on your investment strategy, give our office a call today at 530-487-1777,
or Book an Appointment Online Today.
Further Reading on some of California’s Tax Disadvantages:
