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Tax Rates
2023 Tax Rates - Single Taxpayers - Standard Deduction $13,850
10% | 0 to $11,000 |
12% | $11,000 to $44,725 |
22% | $44,725 to $95,375 |
24% | $95,375 to $182,100 |
32% | $182,100 to $231,250 |
35% | $231,250 to $578,125 |
37% | Over $578,125 |
2023 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $27,700
10% | 0 to $22,000 |
12% | $22,000 to $89,450 |
22% | $89,450 to $190,750 |
24% | $190,750 to $364,200 |
32% | $364,200 to $462,500 |
35% | $462,500 to $693,750 |
37% | Over $693,750 |
2023 Tax Rates - Married Filing Separately - Standard Deduction $13,850
10% | 0 to $11,000 |
12% | $11,000 to $44,725 |
22% | $44,725 to $95,375 |
24% | $95,375 to $182,100 |
32% | $182,100 to $231,250 |
35% | $231,250 to $346,875 |
37% | Over $346,875 |
2023 Tax Rates - Head of Household - Standard Deduction $20,800
10% | 0 to $15,700 |
12% | $15,700 to $59,850 |
22% | $59,850 to $95,350 |
24% | $95,350 to $182,100 |
32% | $182,100 to $231,250 |
35% | $231,250 to $578,100 |
37% | Over $578,100 |
2023 Tax Rates - Estates & Trusts
10% | 0 to $2,900 |
24% | $2,900 to $10,550 |
35% | $10,550 to $14,450 |
37% | Over $14,450 |
Social Security | 2023 Tax Rates |
|---|---|
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: Employers | 1.45% |
Medicare Tax Rate: Employees | 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% |
Miscellaneous | 2023 Tax Rates |
|---|---|
Business expensing limit: Cap on equipment purchases | $2,890,000 |
Business expensing 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); $11,800 (family coverage) |
Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2022 tax liability |
Standard mileage rate for business driving | 65.5 |
Standard mileage rate for medical driving | 22 |
Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station | 22 |
Standard mileage rate for charitable driving | 14 |
Child Tax Credit | $2,000 |
Unearned income maximum for children under 19 before kiddie tax applies | $1,250 |
Maximum capital gains tax rate for taxpayers with income up to $44,625 for single filers, $89,250 for married filing jointly | 0% |
Maximum capital gains tax rate for taxpayers with income $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 on collectibles | 28% |
Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
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 |
Education | 2023 Tax Rates |
|---|---|
American Opportunity Credit (per student) | $2,500 |
Lifetime Learning Credit (per return) | $2,000 |
Student Loan Interest Deduction | $2,500 |
Coverdell Education Savings Account Contribution | $2,000 |
Source: IRS Revenue Procedure 2022-38 |
Standard Meal Rates for Family Child Care Providers for income tax returns
Continental U.S. | 2022-23 Tax Rates (July 1, 2022-June 30, 2023) |
For each breakfast | $1.66 |
For each lunch or supper | $3.04 |
For each snack (up to 3 per day for each child) | $0.97 |
Alaska | 2022-23 Tax Rates (July 1, 2022-June 30, 2023) |
For each breakfast | $2.59 |
For each lunch or supper | $4.87 |
For each snack (up to 3 per day for each child) | $1.52 |
Hawaii | 2022-23 Tax Rates (July 1, 2022-June 30, 2023) |
For each breakfast | $1.91 |
For each lunch or supper | $3.55 |
For each snack (up to 3 per day for each child) | $1.12 |
Source: Federal Register |
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