Updates
Updates include calculation and rate changes to reflect current tax law resulting from inflation adjustments and legislative changes. Updates are effective January 1 unless stated otherwise. Amounts are given in CAD or USD.
2023 - Canada
Quebec
Corrected the tax amounts for the statute tax calculation method. Prior calculations may result in a potential overstatement of tax costs.
2023 - United States
California
Increased the following for all filing status based on CPI changes. Amounts apply to single employees:
Bracket thresholds. The threshold for the 12.3% top bracket increased by $20,995 to $698,270. An additional 1% tax is imposed on income exceeding $1 million.
Standard deductions and exemption credits.
Phaseout threshold for itemized deductions and exemption credits.
Illinois
Decreased the standard exemption by $200 to $2,425.
Kentucky
For Carroll County, corrected the tax amounts for the statute and supplemental tax calculation methods. Prior calculations may result in a potential overstatement of tax costs.
North Dakota
Corrected the tax amounts for the statute tax calculation method. Prior calculations may result in a potential understatement of tax costs.
Ohio
Corrected the tax table as follows:
Decreased the threshold for the 2.75% bracket by $20,500 to $26,050.
Increased the threshold for the 3.688% bracket by $7,850 to $100,000.
Vermont
Corrected the tax amounts for the supplemental tax calculation method. Prior calculations may result in a potential understatement of tax costs.
2024 - Canada
Increased the following:
Income Tax: Based on CPI changes:
Tax bracket thresholds. The threshold for the 37% top bracket increased by $11,076 to $246,752.
Minimum personal and spouse credits by $95 to $2,123.
Employment credit by $10 to $215.
Social Security:
Pension plan (CPP) wage ceiling by $1,950 to $68,500.
Added a 4% additional CPP contribution for income between $68,500 up to $73,200.
Employment insurance:
Employee rate by 0.03% to 1.66%.
Wage ceiling by $1,700 to $63,200.
Alberta
Increased the following based on CPI changes:
Tax bracket thresholds. The threshold for 15% top bracket increased by $14,343 to $355,845.
Personal, spouse, and dependent amounts by $89 to $2,189.
British Columbia
Income Tax: Increased the following based on CPI changes:
Tax bracket thresholds. The threshold for the 20.5% top bracket increased by $12,011 to $252,669.
Personal credit by $30 to $636.
Spouse and dependent credits by $26 to $545.
Low Income Tax Reduction (LITR) threshold by $1,141 to $24,320.
LITR amount by $25 to $546.
Manitoba
Increased the tax bracket thresholds. The threshold for the 17.4% top bracket increased by $20,410 to $100,000.
New Brunswick
Increased the following based on CPI changes:
Tax bracket thresholds. The threshold for the 19.5% top rate increased by $8,314 to $185,070.
Personal credit by $55 to $1,226.
Spouse and dependent credits by $43 to $961.
Low income tax reduction amounts.
Newfoundland and Labrador
Increased the following based on CPI changes:
Tax bracket thresholds. The threshold for the 21.8% top bracket increased by $46,000 to $1.14 million.
Personal credit by $38 to $941.
Spouse and dependent credits by $31 to $769.
Low income tax reduction amounts.
Northwest Territories
Increased the following based on CPI changes:
Tax bracket thresholds. The threshold for the 14.05% top bracket increased by $7,386 to $164,525.
Personal and dependent credits by $50 to $1,112.
Nunavut
Increased the following based on CPI changes:
Tax bracket thresholds. The threshold for the 11.5% top bracket increased by $7,775 to $173,204.
Personal and dependent amounts by $34 to $751.
Ontario
Increased the following based on CPI changes:
Two lowest tax bracket thresholds. The threshold for the 13.16% top bracket remains $220,000.
Surtax bracket thresholds.
Personal credit by $27 to $626.
Spouse and dependent credits by $23 to $531.
Qualified Child amount by $22 to $528.
Tax reduction amount by $12 to $286.
Prince Edward Island
Made the following changes:
Added two new upper tax brackets. The top bracket rate increased by 2.05% to 18.75% on income exceeding $140,000.
Decreased rates on lower three tax brackets.
Increased personal credit by $145 to $1,303.
Increased spouse and dependent credits by $184 to $1,106.
Quebec
Increased the following:
Income Tax: Based on CPI changes:
Tax bracket thresholds. The threshold for the top rate of 25.75% increased by $6,095 to $126,000.
Personal and spouse credits by $122 to $2,528.
Maximum deduction for workers by $70 to $1,385.
Social Security:
Pension plan (QPP) wage ceiling by $1,950 to $68,500.
Added a 4% additional QPP contribution for income between $68,500 and $73,200.
Employment insurance:
Employee rate by 0.05% to 1.32%.
Wage ceiling by $1,700 to $63,200.
Saskatchewan
Increased the following:
Tax bracket thresholds. The threshold for the 14.5% top bracket increased by $6,656 to $148,777.
Personal, spouse, and dependent credits by $87 to $1,942.
Child credit by $48 to $737.
Yukon
Increased the tax bracket thresholds for the first three brackets based on CPI changes. The threshold for the 15% top bracket remains $500,000.
2024 - United States
Income Tax: Increased the following for all filing status based on CPI changes. Amounts apply to single employees:
Tax bracket thresholds. The threshold for the 37% top bracket increased by $31,225 to $609,350.
Standard deduction. The deduction increased by $750 to $14,600.
Alternative minimum tax thresholds, exemptions, and exemption phaseout thresholds.
Social Tax: Increased the OASDI wage ceiling by $8,400 to $168,600.
This amount is also used as a wage ceiling for local taxes in eight Kentucky municipalities and Paid Family and Medical Leave contributions in Colorado, Connecticut, Massachusetts, and Washington.
Arkansas
Decreased the following:
Statute top bracket rate by 0.3% to 4.4%.
Supplemental rate by 0.5% to 4.4%.
Maximum bracket adjustment amount by $50 to $380 for employees with income over $90,800.
California
Changed the following for State Disability Insurance:
Increased the rate by 0.2% to 1.1%.
Removed the wage ceiling.
Connecticut
Made the following changes:
Decreased the supplemental and statute rates for the first and second tax brackets by 1% to 2% and 0.5% to 4.5%, respectively.
Adjusted tax recapture amounts, thresholds, and maximums.
Georgia
Made the following changes:
Replaced the previous six-tier progressive table with a flat rate of 5.49%.
Increased standard deductions for all filing status. The deduction increased by $6,600 to $12,000 for single employees.
Removed personal exemption.
Iowa
Made the following changes to the tax table for all filings status:
Removed the 6% bracket.
Increased bracket thresholds. The threshold for the new 5.7% top bracket is applicable to income over $31,050 for single employees.
Kentucky
Made the following changes:
Decreased the tax rate by 0.5% to 4%.
Increased the standard deduction by $180 to $3,160.
Maine
Increased the following for all filing status based on CPI changes. Amounts apply to single employees:
Bracket thresholds. The threshold for the 7.15% top bracket increased by $3,800 to $61,850.
Personal exemption by $350 to $5,050.
Personal exemption phaseout thresholds by $19,900 to $325,000.
Deduction phaseout threshold by $5,950 to $97,450.
Massachusetts
Increased the threshold for the 9% top bracket by $53,750 to $1,053,750, based on CPI changes.
Increased the following for Family and Medical Leave:
Wage ceiling by $8,400 to $168,600
For companies with more than 25 employees:
Rate by 0.12% to 0.44%
Maximum tax amount by $233 to $742
For companies with fewer than 25 employees:
Rate by 0.14% to 0.46%
Maximum tax amount by $267 to $776.
Minnesota
Increased the following based on CPI changes:
Tax bracket thresholds for all filing status. The threshold for the 9.85% top bracket for single employees increased by $9,900 to $193,240.
Dependent exemption by $250 to $5,050.
Deduction and dependent exemption phaseout thresholds. The thresholds increased by $11,900 to $232,550 for single employees.
Mississippi
Decreased the top bracket statute rate and supplemental flat rate by 0.3% to 4.7%. The statute rate remains applicable to income over $10,000.
Missouri
Made the following changes:
Decreased the statute top bracket rate and the supplemental rate by 0.15% to 4.8%.
Increased the tax bracket thresholds based on CPI changes. The threshold for the 4.8% top bracket increased by $462 to $8,911.
Nebraska
Made the following changes:
Decreased the top bracket rate by 0.8% to 5.84%, applicable to income above $37,670 for single employees.
Increased the following for all filing status based on CPI changes. Amounts apply to single employees:
Tax bracket thresholds. The threshold for the 5.84% top bracket increased by $1,940 to $37,670.
Standard deduction by $450 to $8,350.
Exemption credit by $9 to $166.
New Jersey
Increased the following:
Family Leave Insurance tax rate by 0.03% to 0.09%, increased the wage ceiling by $4,600 to $156,800.
Unemployment insurance wage ceiling by $1,200 to $42,300.
New York
Made the following changes to Paid Family Medical Leave:
Increased the wage ceiling by $1,557 to $89,343.
Decreased the rate by 0.082% to 0.373%.
North Carolina
Decreased the following tax rates:
Statute by 0.25% to 4.5%.
Supplemental by 0.25% to 4.6%.
North Dakota
Increased the tax bracket thresholds based on CPI changes for all filing status. The threshold for the 2.5% top bracket increased by $12,150 to $238,125 for single employees.
Ohio
Removed the 3.75% top bracket. The new 3.5% top bracket rate applies to income above $100,000.
Oklahoma
Increased the threshold for the 4.75% top bracket by $2,200 to $14,400 for employees filing jointly, as head of household, or as a qualifying widower.
Oregon
Increased the following for all filing status. Amounts apply to single employees:
Tax bracket thresholds. The threshold for the 9.9% top bracket remains $125,000.
Standard deduction. The deduction increased by $140 to $2,745.
Exemption credit by $13 to $249.
Federal tax deduction maximum amounts by $450 to $8,250.
Paid Leave wage ceiling by $35,700 to $168,600, to conform to the federal OASDI ceiling.
Rhode Island
Increased the following for all filing status based on CPI changes. Amounts apply to single employees:
Tax bracket thresholds. The threshold for the 5.99% top bracket increased by $9,100 to $176,050.
Standard deduction. The deduction increased by $550 to $10,550.
Personal exemption by $250 to $4,950.
Personal exemption phaseout threshold and step by $12,700 to $246,450 and $350 to $7,050, respectively.
South Carolina
Increased the following based on CPI changes:
Tax bracket thresholds. The threshold for the 6.5% top bracket increased by $930 to $18,100.
Dependent exemption by $260 to $5,000.
Utah
Increased the following based on CPI changes:
Dependent exemption by $105 to $2,046.
Credit phaseout thresholds for all filing status. The threshold increased by $910 to $17,652 for single employees.
Vermont
Made the following changes:
Increased the following based on CPI changes for all filing status. Amounts apply to single employees:
Tax bracket thresholds. The threshold for the 8.75% top bracket increased by $12,450 to $242,000.
Personal exemption and standard deductions. The exemption and deduction increased by $650 to $5,150 and by $950 to $7,450, respectively.
Added Child Care Contribution for employees at 0.11%, effective July 1, 2024. To calculate the contribution, select "US-VT Child Care Contrib EQVT0001" from the Local Authorities list in the Tax Authority input tab.
Virginia
Increased the standard deduction for all filing status. The amount increased by $500 to $8,500 for single employees.
Washington
Decreased the Paid Family and Medical Leave rate by 0.05% to 0.53%.
Wisconsin
Increased the following based on CPI changes for all filing status. Amounts apply to single employees:
Tax bracket thresholds. The threshold for the 7.65% top bracket increased by $11,140 to $315,310.
Standard deductions and phaseout thresholds. The deduction and phaseout threshold increased by $470 to $13,230 and by $670 to $19,070, respectively.