10%

0 – $11,000

12%

$11,000  – $44,275

22%

$44,275  – $95,375

24%

$95,375  – $182,100

32%

$182,000 – $231,250

35%

$231,250 – $578,125

37%

Over $578,125

2023 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $27,700

10%

0 – $22,000

12%

$22,000 – $89,450

22%

$89,450  – $190,750

24%

$190,750 – $364,200

32%

$364,200 – $462,500

35%

$462,500 – $693,750

37%

Over $693,750

2023 Tax Rates - Married Filing Separately - Standard Deduction $13,850

10%

0 – $11,000

12%

$11,000 – $44,275

22%

$44,275 – $95,375

24%

$95,375 – $182,100

32%

$182,100 – $231,250

35%

$231,250 – $323,925

37%

More than $346,875

2023 Tax Rates - Head of Household - Standard Deduction $20,800

10%

0 to $15,700

12%

$15,700 – $59,850

22%

$59,850 – $95,350

24%

$95,350 – $182,100

32%

$182,100 – $231,250

35%

$231,250 – $578,100

37%

Over $578,100

2023Tax Rates

Estates & Trusts

10%

0 to $2,900

24%

$2,900 – $10,550

35%

$10,550 – $14450

37%

Over $13,450

2023 Tax Rates

Social Security

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$160,200

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare Tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

2023 Tax Rates

Miscellaneous

Personal Exemption

none

Business expensing deduction limit: Cap on equipment purchases

$2,890,000

Business expensing deduction limit: New and Used Equipment and Software

$1,160,000

Qualified Business Income threshold amount:

$182,100 (single and head of household); $364,200 (married filing joint return)

Qualified Small Employer Health Reimbursement Arrangement limit:

$5,850 (single coverage); $11,050 (family coverage)

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2021 tax liability

Standard mileage rate for business driving

65.5 cents

Standard mileage rate for medical / moving

22 cents

Standard mileage rate for moving driving - Members of the Armed Forces on active duty because of a permanent change of station

22 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2000

Unearned income maximum for children under 19 before kiddie tax applies

$1,250

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket (up to $44,625 for single filers, $89,250 for married filing jointly)

0%

Maximum capital gains tax rate for taxpayers above the 15% bracket but below 37% ($44,625 to $492,300 for single filers, $89,250 to $553,850 for married filing jointly)

15%

Maximum capital gains tax rate for taxpayers with income above $492,300 for single filers, $553,850 for married filing jointly

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles

28%

Maximum contribution for Traditional/Roth IRA

$6,500 if under age 50
$7,500 if 50 or older

Maximum employee contribution to SIMPLE IRA

$15,500 if under age 50
$19,000 if 50 or older

Maximum Contribution to SEP IRA

25% of eligible compensation
up to $66,000

401(k) maximum employee contribution limit

$22,500 if under age 50
$30,000 if 50 or older

Estate tax exemption

$12,920,000

Annual Exclusion for Gifts

$17,000

2023 Tax Rates

Education

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000