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 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 |
| 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 | |
