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Equus Tax Engine v.24.6 released 27 November 2024

Updates Authorities Resources Click for full PDF release notes Updates Updates include calculation and rate changes to reflect current tax law resulting from inflation adjustments, legislative cha

Updated over 2 weeks ago

Updates Authorities Resources

Updates

Updates include calculation and rate changes to reflect current tax law resulting from inflation adjustments, legislative changes, and review of supported authorities. Effective dates indicate when the changes enter into force. Amounts are annual unless stated otherwise.

Bahrain

Social Security

Increased the employer social security contribution rate by 1% to 17%, effective January 1, 2025.

British Virgin Islands

Social Security

Increased the following wage ceilings, effective January 1, 2025:

  • Social security by USD 2,000 to USD 51,000.

  • Health by 4,000 to USD 102,000.

Canada

Increased the following, effective January 1, 2025:

Income Tax

Based on CPI changes:

  • Tax bracket thresholds. The threshold for the 33% top bracket increased by CAD 6,663 to CAD 253,415.

  • Minimum and maximum personal and spouse credits by CAD 382 to CAD 14,538 and by CAD 424 to CAD 16,129, respectively.

  • Employment credit by CAD 39 to CAD 1,472.

  • Maximum voluntary pension deduction by CAD 1,300 to CAD 33,790.

Social Security

  • Pension (CPP) wage ceiling by CAD 2,800 to CAD 71,300.

  • Additional pension (CPP2) wage ceiling by CAD 8,000 to CAD 81,200.

  • Made the following changes for employment insurance:

  • Increased the wage ceiling by CAD 2,500 to CAD 65,700.

  • Decreased the employee rate by 0.02% to 1.64%.

Alberta

Income Tax

Increased the following based on CPI changes, effective January 1, 2025:

  • Tax bracket thresholds. The threshold for 15% top bracket increased by CAD 10,320 to CAD 366,165.

  • Personal, spouse, and dependent credits by CAD 635 to CAD 22,520.

British Columbia

Income Tax

Increased the following based on CPI changes, effective January 1, 2025:

  • Tax bracket thresholds. The threshold for the 20.5% top bracket increased by CAD 6,895 to CAD 259,564.

  • Personal credit by CAD 343 to CAD 12,919.

  • Spouse and dependent credits by CAD 294 to CAD 11,062.

Manitoba

Income Tax

  • Made the following changes based on CPI changes, effective January 1, 2025:

  • Increased tax bracket thresholds. The threshold for the 17.4% top bracket increased by CAD 1,200 to CAD 101,200.

  • Increased personal amount by CAD 180 to CAD 15,180.

  • Added a phaseout to the personal amount, starting at taxable income of CAD 200,000 and phasing out fully at CAD 400,000.

New Brunswick

Income Tax

Increased the following based on CPI changes, effective January 1, 2025:

  • Tax bracket thresholds. The threshold for the 19.5% top bracket increased by CAD 4,988 to CAD 190,058.

  • Personal credit by CAD 352 to CAD 13,396.

  • Spouse and dependent credits by CAD 276 to CAD 10,500.

Newfoundland & Labrador

Income Tax

Increased the following based on CPI changes, effective January 1, 2025:

  • Tax bracket thresholds. The threshold for the 21.8% top bracket increased by CAD 26,000 to CAD 1.17 million.

  • Personal credit by CAD 247 to CAD 11,065.

  • Spouse and dependent credits by CAD 202 to CAD 9,042.

Nova Scotia

Income Tax

Increased the following, effective January 1, 2025:

  • Tax bracket thresholds. The threshold for the 21% top bracket increased by CAD 4,650 to CAD 154,650.

  • Personal, spouse, and dependent amounts by CAD 263 to CAD 8,744.

Ontario

Income Tax

Increased the following based on CPI changes, effective January 1, 2025:

  • Two lowest tax bracket thresholds. The threshold for the 13.16% top bracket remains CAD 220,000.

  • Surtax bracket thresholds. The threshold for the 36% top rate increased by CAD 193 to CAD 7,297.

  • Personal credit by CAD 338 to CAD 12,730.

  • Spouse and dependent credits by CAD 286 to CAD 10,808.

Prince Edward Island

Income Tax

Increased the following, unless stated otherwise, effective January 1, 2025:

  • Top bracket rate of the five-tiered table by 0.25% to 19%. The other four bracket rates decreased.

  • Bracket thresholds for the first two brackets. The 19% top bracket remains applicable to income over CAD 140,000.

  • Personal credit by CAD 750 to CAD 14,250.

  • Spouse and dependent credits by CAD 637 to CAD 12,103.

Quebec

Increased the following, effective January 1, 2025:

Income Tax

Based on CPI changes:

  • Tax bracket thresholds. The threshold for the 25.75% top bracket increased by CAD 3,590 to CAD 129,590.

  • Personal and spouse credits by CAD 514 to CAD 18,570.

  • Maximum employment credit by CAD 40 to CAD 1,425.

Social Security

  • Pension (QPP) wage ceiling by CAD 2,800 to CAD 71,300.

  • Additional pension (QPP2) wage ceiling by CAD 8,000 to CAD 81,200.

  • Parental Insurance Plan (QPIP) wage ceiling by CAD 4,000 to CAD 97,500.

  • Made the following changes for employment insurance:

  • Decreased the employee rate by 0.01% to 1.31%.

  • Increased the wage ceiling by CAD 2,500 to CAD 65,700.

Saskatchewan

Income Tax

Increased the following based on CPI changes, effective January 1, 2025:

  • Tax bracket thresholds. The threshold for the 14.5% top bracket increased by CAD 4,046 to CAD 152,823.

  • Personal, spouse, and dependent credits by CAD 502 to CAD 18,999.

China

Income Tax

Added the dependent deduction at CNY 24,000 per dependent, effective January 1, 2023.

Social Security

Added support for the social security regime for the urban center of Foshan. The total contribution rates for employees and employers, including the housing fund, are 22.2% and 34%, respectively. The rates for each contribution are displayed in the Social Details of the Calculation Detail report when Location is set to Foshan.

Czech Republic

Increased the following, effective January 1, 2025:

Income Tax

Threshold for the 23% top bracket by CZK 93,240 to CZK 1.68 million.

Social Security

Wage ceiling by CZK 124,320 to CZK 2.23 million.

Denmark

Income Tax

Corrected the calculation to assess whether the employee’s remuneration meets the monetary threshold to qualify for the 27% expatriate concession. Previously, base compensation was used in the assessment. The remuneration is adjusted to include the following components after deducting the employee social security contribution:

  • Base compensation other than bonus

  • Employer social security contribution

  • Allowances that are cash equivalent and other specified benefits, as detailed in Appendix A.

Estonia

Income Tax

Increased the flat tax rate by 2% to 22%, effective January 1, 2025.

Germany

Income Tax

Changed the deduction for foreign social contribution to prorate for the months spent in Germany when the employee remains a tax resident in the home country. The deduction was also added for non-equalized calculations for inbound employees.

Italy

Income Tax

Corrected the concession for inbound employees to calculate for estimates with permanent assignment type and for up to five years with temporary assignment types. Previously, the inbound concession calculated for the first five years of the estimate if assignment duration exceeded 24 months, regardless of assignment type.

Jersey

Social Security

Increased the following wage ceilings, effective January 1, 2025:

  • Social security and health by GBP 4,200 to GBP 69,600.

  • Long term care and additional social security by GBP 19,104 to GBP 317,304.

Kosovo

Income Tax

Removed the 4% bracket, effective August 23, 2024. As a result, the nontaxable threshold increased from EUR 900 to EUR 3,000.

Mexico

Income Tax

Increased the tax bracket thresholds, effective January 1, 2024. The threshold for the 35% top bracket increased by MXN 613,567 to MXN 4.5 million.

Moldova

Income Tax

Increased the dependent deduction by MDL 900 to MDL 9,900, effective January 1, 2025.

Namibia

Income Tax

Increased the tax bracket thresholds, retroactively effective March 1, 2024. The threshold for the 37% top bracket increased by NAD 50,000 to NAD 1.55 million.

Philippines

Social Security

Increased the employee and employer social security contributions by PHP 4,800 to PHP 21,000 and PHP 7,800 to PHP 42,000, respectively, effective January 1, 2025.

Puerto Rico

Increased the following, effective January 1, 2025:

Income Tax

  • Maximum deduction for employee voluntary pension contributions by USD 500 to USD 23,500 for employees under age 50.

  • Maximum tax relief for employee and employer voluntary pension contributions by USD 1,000 to USD 70,000.

Social Security

OASDI wage ceiling by USD 7,500 to USD 176,100.

Russia

Income Tax

Updated the tax table from a two-tiered to a five-tiered table with a 22% top rate on income exceeding RUB 50 million, effective January 1, 2025.

Senegal

Income Tax

Corrected the following:

  • Added the employment deduction at 30% of assignment income up to XOF 900,000.

  • Removed the social security deduction.

  • Voluntary pension contribution:

  • Reduced the deductible rate to 10% from 30%.

  • Removed the maximum deduction of XOF 900,000.

Singapore

Social Security

Increased the following for the Central Provident Fund contribution:

  • Rates for the 56-60 and 61-65 age groups, effective January 1, 2025. For employees up to 55 years old, the employee and employer rates remain 20% and 17%, respectively.

  • Ordinary wage ceiling for calculations with a Year Column Label of 2024 or earlier by SGD 7,200 to SGD 88,800.

United States

Increased the following, unless stated otherwise, effective January 1, 2025.

Income Tax

  • Based on CPI changes for all filing status. Amounts apply to single employees:

  • Tax bracket thresholds. The threshold for the 37% top bracket increased by USD 17,000 to USD 626,350.

  • Standard deduction. The deduction increased by USD 400 to USD 15,000.

  • Alternative minimum tax thresholds, exemptions, and exemption phaseout thresholds.

  • Foreign earned income exclusion by USD 3,500 to USD 130,000.

  • Maximum deduction for employee voluntary pension contributions by USD 500 to USD 23,500 for employees under age 50.

  • Maximum tax relief for employee and employer voluntary pension contributions by USD 1,000 to USD 70,000.

  • Enhanced the supplemental state tax calculation to exclude qualified moving expenses in the following states: Arkansas, California, Hawaii, New Jersey, New York, and Pennsylvania.

Social Security

OASDI wage ceiling by USD 7,500 to USD 176,100.

Arkansas

Income Tax

Increased the following based on CPI changes, effective January 1, 2025:

  • Bracket thresholds. The 3.9% top bracket threshold increased by USD 2,700 to USD 92,300.

  • Bracket adjustment threshold by USD 2,780 to USD 95,480.

Hawaii

Income Tax

Increased the following for all filing status. Amounts apply to single employees:

  • Tax bracket thresholds, effective January 1, 2025. The threshold for the 11% top bracket increased by USD 125,000 to USD 325,000.

  • Standard deductions, retroactively effective January 1, 2024. The deduction increased by USD 2,200 to USD 4,400.

Illinois

Income Tax

Increased the standard exemption by USD 450 to USD 2,875 based on CPI changes, effective January 1, 2025.

Iowa

Income Tax

Made the following changes, effective January 1, 2025:

  • Updated the tax calculation from a three-tiered progressive table with a 5.7% top bracket rate to a 3.8% flat rate.

  • Decreased the supplemental rate by 2.2% to 3.8%.

Kentucky

Increased the standard deduction by USD 110 to USD 3,270 based on CPI changes.

Maine

Income Tax

Increased the following based on CPI changes for all filing status, effective January 1, 2025. Amounts apply to single employees:

  • Bracket thresholds. The threshold for the 7.15% top bracket increased by USD 1,800 to USD 63,450.

  • Personal exemption by USD 150 to USD 5,150.

  • Personal exemption phaseout thresholds by USD 9,550 to USD 333,450.

  • Deduction phaseout threshold by USD 2,850 to USD 100,000.

Massachusetts

Income Tax

Increased the threshold for the 9% top bracket by USD 29,400 to USD 1.1 million based on CPI changes, effective January 1, 2025.

Minnesota

Income Tax

Increased the following based on CPI changes for all filing status, effective January 1, 2025. Amounts shown are for single employees:

  • Tax bracket thresholds. The threshold for the 9.85% top bracket increased by USD 5,390 to USD 198,630.

  • Dependent exemption by USD 150 to USD 5,200.

  • Deduction and dependent exemption phaseout thresholds. The thresholds increased by USD 6,500 to USD 239,050.

Mississippi

Income Tax

Decreased the top bracket and supplemental rates by 0.3% to 4.4%, effective January 1, 2025.

Missouri

Income Tax

Made the following changes, effective January 1, 2025:

  • Increased the tax bracket thresholds based on CPI changes. The threshold for the 4.7% top bracket increased by USD 280 to USD 9,191.

  • Decreased the top bracket and supplemental rates by 0.1% to 4.7%.

Montana

Income Tax

Increased the tax bracket thresholds for all filing status, effective January 1, 2025. The threshold for the 5.9% top bracket increased by USD 600 to USD 21,100 for single employees.

Nebraska

Income Tax

Made the following changes, effective January 1, 2025:

  • Decreased the top bracket rate by 0.64% to 5.2%.

  • Increased the following for all filing status based on CPI changes. Amounts apply to single employees:

  • Tax bracket thresholds. The threshold for the 5.2% top bracket increased by USD 1,200 to USD 38,870.

  • Standard deduction by USD 250 to USD 8,600.

  • Exemption credit by USD 5 to USD 171.

New Mexico

Income Tax

Made the following changes to the tax table for all filing status, effective January 1, 2025:

  • Added a 4.3% bracket applicable to income between USD 25,000 and USD 50,000.

  • Decreased the bottom bracket rate by 0.2% to 1.5%.

  • Updated tax bracket thresholds. The threshold for the 5.9% top bracket remains USD 210,000 for single employees.

North Carolina

Income Tax

Decreased the ordinary and supplemental rates by 0.25% to 4.25% and 4.35%, respectively, effective January 1, 2025.

North Dakota

Income Tax

Increased the tax bracket thresholds for all filing status based on CPI changes, effective January 1, 2025. The threshold for the 2.5% top bracket increased by USD 19,800 to USD 257,925 for single employees.

Oregon

Income Tax

Increased the following for all filing status based on CPI changes, effective January 1, 2025. Amounts apply to single employees:

  • Tax bracket thresholds. The threshold for the 9.9% top bracket remains USD 125,000.

  • Standard deduction by USD 90 to USD 2,835.

  • Federal tax deduction maximum amounts by USD 250 to USD 8,500.

  • Exemption credit by USD 7 to USD 256.

Rhode Island

Income Tax

Increased the following for all filing status based on CPI changes, effective January 1, 2025. Amounts apply to single employees:

  • Tax bracket thresholds. The threshold for the 5.99% top bracket increased by USD 5,600 to USD 181,650.

  • Standard deduction by USD 350 to USD 10,900.

  • Personal exemption by USD 150 to USD 5,100.

  • Personal exemption phaseout threshold and step by USD 7,850 to USD 254,300 and USD 200 to USD 7,250, respectively.

South Carolina

Income Tax

Increased the following based on CPI changes, effective January 1, 2025:

  • Tax bracket thresholds. The threshold for the 6.2% top bracket increased by USD 500 to USD 18,600.

  • Dependent exemption by USD 140 to USD 5,140.

Utah

Income Tax

Increased the following based on CPI changes, effective January 1, 2025:

  • Dependent exemption by USD 65 to USD 2,111.

  • Credit phaseout thresholds for all filing status. The threshold increased by USD 561 to USD 18,213 for single employees.

Vermont

Income Tax

Increased the following based on CPI changes for all filing status, effective January 1, 2025. Amounts apply to single employees:

  • Tax bracket thresholds. The threshold for the 8.75% top bracket increased by USD 7,700 to USD 249,700.

  • Personal exemption and standard deduction by USD 150 to USD 5,300 and USD 200 to USD 7,650, respectively.

West Virginia

Income Tax

Decreased rates for all tax brackets, effective January 1, 2025. The top bracket rate decreased by 0.3% to 4.82%.

Wisconsin

Income Tax

Increased the following for all filing status based on CPI changes, effective January 1, 2025. Amounts apply to single taxpayers:

  • Tax bracket thresholds. The threshold for the 7.65% top bracket increased by USD 7,980 to USD 323,290.

  • Standard deduction by USD 330 to USD 13,560.

  • Deduction phaseout threshold by USD 480 to USD 19,550.

Vietnam

Social Security

Increased the social and health insurance wage ceilings by VND 130 million to VND 562 million, retroactively effective July 1, 2024.

Income Tax Treaties & Social Security Agreements

Added the following:

Countries

Effective Date

Duration (Months)

Income Tax

Albania - Slovak Republic

January 1, 2025

6

Income Tax

Algeria - Japan

January 1, 2025

6

Income Tax

Argentina - Turkey

January 1, 2025

6

Income Tax

Azerbaijan - Slovak Republic

January 1, 2025

6

Income Tax

Brunei - Philippines

January 1, 2025

6

Income Tax

Curacao - Malta

January 1, 2025

6

Income Tax

Liechtenstein - Romania

January 1, 2025

6

Income Tax

Luxembourg - Rwanda

January 1, 2025

6

Income Tax

New Zealand - Slovakia

January 1, 2025

6

Income Tax

Paraguay - Spain

January 1, 2025

6

Income Tax

Qatar - Uzbekistan

January 1, 2025

6

Income Tax

Saudi Arabia - Slovak Republic

January 1, 2025

6

Social Security

Brazil - Czech Republic

November 1, 2024

36

Enhanced Automatic Social Security

Corrected for the following social security agreements:

  • Germany – India: Added the German unemployment insurance as a covered contribution.

  • Germany – United States: Removed the American Additional Medicare as a covered contribution.

* The selection of this feature is available from the Germany Tax Estimator through the Enhance Automatic Social Tax? tax position.

Appendix A

Allowances Component for the Denmark 27% Concession Qualification

The following cash equivalent and other specified allowances are components of the employee’s remuneration which is used to assess whether the monetary threshold is met, in order to qualify for the 27% expatriate concession.

Acceptance Bonus

Family Medical Emergencies Host Country

International Mobility (Settling-In) Allowance

Auto Lease Host Country

Goods and Services Allowance

Relocation Allowance

Cash in Lieu of Home Leave

Hardship Allowance

Spouse and Partner Assistance

Education Allowance

Hazardous Duty Allowance

Telephone Host Country

Employee Medical Emergencies Host Country

Health Benefits Host Country

Transportation Allowance Host Country

Employer Provided Driver Host Country

Housing Allowance Host Country

Utilities Host Country

Expat Premium

Authorities

Search “supported authorities” and "supported subauthorities" in the help center for a full list of our 225 supported authorities including:

  • 155 Countries

  • 50 American States and the District of Columbia

  • 10 Canadian Provinces

  • 9 Swiss Cantons

Resources

Help Center articles updated this release:

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