2024 Tax Brackets
2024 Tax Brackets
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Under the new 2025 tax law (the OBBBA), you can now deduct the “premium” portion of your overtime from your federal income tax. Since this is retroactive for ALL of 2025, you could be looking at a much bigger refund this year! ​How to calculate your deduction: 🧮 Paid 1.5x? Take your total OT pay and divide by 3. 🧮 Paid 2.0x? Take your total OT pay and divide by 4. ​🚩 Quick Rules for 2025: ​The Cap: You can deduct up to $12,500 (Single) or $25,000 (Married Filing Jointly). ​Income Limit: The b
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