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: 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 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

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

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