Tax Rates

2023 Tax Rates - Single Taxpayers - Standard Deduction $13,850 2022 Rates
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
023 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 Over $578,100
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

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