|
|||
|
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 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 |
|
Maximum employee contribution to SIMPLE IRA |
$15,500 if under age 50 |
|
Maximum Contribution to SEP IRA |
25% of eligible compensation |
|
401(k) maximum employee contribution limit |
$22,500 if under age 50 |
|
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 |
|