2023 Tax Rates Schedule X – Single |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $11,000 | 10% of the taxable amount |
| $11,000 | $44,725 | $1,100.00 plus 12% of the excess over $11,000 |
| $44,725 | $95,375 | $5,147.00 plus 22% of the excess over $44,725 |
| $95,375 | $182,100 | $16,290.00 plus 24% of the excess over $95,375 |
| $182,100 | $231,250 | $37,104.00 plus 32% of the excess over $182,100 |
| $231,250 | $578,125 | $52,832.00 plus 35% of the excess over $231,250 |
| $578,125 | no limit | $174,238.25 plus 37% of the excess over $578,125 |
2023 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er) |
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If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $22,000 | 10% of the taxable amount |
| $22,000 | $89,450 | $2,200.00 plus 12% of the excess over $22,000 |
| $89,450 | $190,750 | $10,294.00 plus 22% of the excess over $89,450 |
| $190,750 | $364,200 | $32,580.00 plus 24% of the excess over $190,750 |
| $364,200 | $462,500 | $74,208.00 plus 32% of the excess over $364,200 |
| $462,500 | $693,750 | $105,664.00 plus 35% of the excess over $462,500 |
| $693,750 | no limit | $186,601.50 plus 37% of the excess over $693,750 |
2023 Tax Rates Schedule Y-2 – Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $11,000 | 10% of the taxable amount |
| $11,000 | $44,725 | $1,100.00 plus 12% of the excess over $11,000 |
| $44,725 | $95,375 | $5,147.00 plus 22% of the excess over $44,725 |
| $95,375 | $182,100 | $16,290.00 plus 24% of the excess over $95,375 |
| $182,100 | $231,250 | $37,104.00 plus 32% of the excess over $182,100 |
| $231,250 | $346,875 | $52,832.00 plus 35% of the excess over $231,250 |
| $346,875 | no limit | $93,300.75 plus 37% of the excess over $346,875 |
2023 Tax Rates Schedule Z – Head of Household |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $15,700 | 10% of the taxable amount |
| $15,700 | $59,850 | $1,570.00 plus 12% of the excess over $15,700 |
| $59,850 | $95,350 | $6,868.00 plus 22% of the excess over $59,850 |
| $95,350 | $182,100 | $14,678.00 plus 24% of the excess over $95,350 |
| $182,100 | $231,250 | $35,498.00 plus 32% of the excess over $182,100 |
| $231,250 | $578,125 | $51,226.00 plus 35% of the excess over $231,250 |
| $578,125 | no limit | $172,623.50 plus 37% of the excess over $578,125 |
2023 Tax Rates Estates & Trusts |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $2,900 | 10% of the taxable income |
| $2,900 | $10,550 | $290 plus 24% of the excess over $2,900 |
| $10,550 | $14,450 | $2,126 plus 35% of the excess over $10,550 |
| $14,450 | no limit | $3,491 plus 37% of the excess over $14,450 |
Social Security 2023 Tax Rates |
|
| Base Salary | $160,200 |
| Social Security Tax Rate | 6.20% |
| Maximum Social Security Tax | $9,932.40 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2023 Tax Rates |
|
| Additional Medicare Tax | 0.90% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2023 Credit and Deduction Limits |
|
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2023 Tax Rates |
|
| Standard Deduction: | |
|
$27,700 |
|
$20,800 |
|
$13,850 |
| Business Equipment Expense Deduction | $1,160,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2022 tax liability |
| Standard mileage rate for business driving | 65.5 cents |
| Standard mileage rate for medical/moving driving | 22 cents |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $89,250 for joint filers and surviving spouses, $59,750 for heads of household, $44,625 for single filers, $44,625 for married taxpayers filing separately, and $3,000 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $553,850 for joint filers and surviving spouses, $523,050 for heads of household, $492,300 for single filers, $276,900 for married taxpayers filing separately, and $14,650 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $553,850 for joint filers and surviving spouses, $523,050 for heads of household, $492,300 for single filers, $276,900 for married taxpayers filing separately, and $14,650 for estates and trusts | 20% |
| Long-term gain attributable to certain depreciation recapture | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 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 compensation up to $66,000 |
| 401(k) maximum employee contribution limit | $22,500 if under age 50 $30,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $12,920,000 |
| Annual Exclusion for Gifts | $17,000 |
| Foreign Earned Income Exclusion | $120,000 |