Tax Rates
2023
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10% |
0 to $11,000 |
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12% |
$11,000 to $44,725 |
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22% |
$44,725 to $95,375 |
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24% |
$95,375 to $182,100 |
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32% |
$182,100 to $231,250 |
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35% |
$231,250 to $578,125 |
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37% |
Over $578,125 |
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2023 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $27,700 |
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10% |
0 to $22,000 |
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12% |
$22,000 to $89,450 |
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22% |
$89,450 to $190,750 |
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24% |
$190,750 to $364,200 |
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32% |
$364,200 to $462,500 |
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35% |
$462,500 to $693,750 |
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37% |
Over $693,750 |
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2023 Tax Rates – Married Filing Separately – Standard Deduction $13,850 |
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10% |
0 to $11,000 |
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12% |
$11,000 to $44,725 |
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22% |
$44,725 to $95,375 |
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24% |
$95,375 to $182,100 |
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32% |
$182,100 to $231,250 |
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35% |
$231,250 to $346,875 |
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37% |
Over $346,875 |
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2023 Tax Rates – Head of Household – Standard Deduction $20,800 |
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10% |
0 to $15,700 |
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12% |
$15,700 to $59,850 |
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22% |
$59,850 to $95,350 |
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24% |
$95,350 to $182,100 |
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32% |
$182,100 to $231,250 |
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35% |
$231,250 to $578,100 |
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37% |
Over $578,100 |
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2023 Tax Rates – Estates & Trusts |
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10% |
0 to $2,900 |
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24% |
$2,900 to $10,550 |
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35% |
$10,550 to $14,450 |
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37% |
Over $14,450 |
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Social Security |
2023 Tax Rates |
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Social Security Tax Rate: Employers |
6.2% |
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Social Security Tax Rate: Employees |
6.2% |
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Social Security Tax Rate: Self-Employed |
15.3% |
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Maximum Taxable Earnings |
$160,200 |
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Medicare Base Salary |
Unlimited |
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Medicare Tax Rate: Employers |
1.45% |
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Medicare Tax Rate: Employees |
1.45% |
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Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) |
0.9% |
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Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) |
3.8% |
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Miscellaneous |
2023 Tax Rates |
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Business expensing limit: Cap on equipment purchases |
$2,890,000 |
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Business expensing limit: New and Used Equipment and Software |
$1,160,000 |
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Qualified Business Income threshold amount: |
$182,100 (single and head of household); $364,200 (married filing joint return) |
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Qualified Small Employer Health Reimbursement Arrangement limit: |
$5,850 (single coverage); $11,800 (family coverage) |
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Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2022 tax liability |
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Standard mileage rate for business driving |
65.5 |
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Standard mileage rate for medical driving |
22 |
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Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station |
22 |
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Standard mileage rate for charitable driving |
14 |
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Child Tax Credit |
$2,000 |
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Unearned income maximum for children under 19 before kiddie tax applies |
$1,250 |
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Maximum capital gains tax rate for taxpayers with income up to $44,625 for single filers, $89,250 for married filing jointly |
0% |
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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% |
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Maximum capital gains tax rate for taxpayers with income above $492,300 for single filers, $553,850 for married filing jointly |
20% |
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Capital gains tax rate for unrecaptured Sec. 1250 gains |
25% |
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Capital gains tax rate on collectibles |
28% |
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Maximum contribution for Traditional/Roth IRA |
$6,500 if under age 50 |
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Maximum employee contribution to SIMPLE IRA |
$15,500 if under age 50 |
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Maximum Contribution to SEP IRA |
25% of eligible compensation |
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401(k) maximum employee contribution limit |
$22,500 if under age 50 |
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Estate tax exemption |
$12,920,000 |
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Annual Exclusion for Gifts |
$17,000 |
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Education |
2023 Tax Rates |
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American Opportunity Credit (per student) |
$2,500 |
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Lifetime Learning Credit (per return) |
$2,000 |
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Student Loan Interest Deduction |
$2,500 |
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Coverdell Education Savings Account Contribution |
$2,000 |
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Source: IRS Revenue Procedure 2022-38 |
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Standard Meal Rates for Family Child Care Providers for income tax returns |
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Continental U.S. |
2022-23 Tax Rates (July 1, 2022-June 30, 2023) |
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For each breakfast |
$1.66 |
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For each lunch or supper |
$3.04 |
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For each snack (up to 3 per day for each child) |
$0.97 |
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Alaska |
2022-23 Tax Rates (July 1, 2022-June 30, 2023) |
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For each breakfast |
$2.59 |
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For each lunch or supper |
$4.87 |
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For each snack (up to 3 per day for each child) |
$1.52 |
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Hawaii |
2022-23 Tax Rates (July 1, 2022-June 30, 2023) |
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For each breakfast |
$1.91 |
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For each lunch or supper |
$3.55 |
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For each snack (up to 3 per day for each child) |
$1.12 |
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Source: Federal Register |
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