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

California Tax 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, this wage ceiling will 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,

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