2023 Tax Rates
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Social Security Tax Rates
Social Security 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 Tax Rates
Medicare Tax Rates
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% |
2023 Tax Rates (Single Taxpayers)
2023 Tax Rates (Single Taxpayers)
10 % | $0 to $11,000 |
12 % | $11,000 to $44,275 |
22 % | $44,275 to $95,375 |
24 % | $95,375 to $182,100 |
32 % | $182,100 to $231,250 |
35 % | $231,250 to $578,125 |
37 % | More than $578,125 |
2023 Tax Rates (Married Jointly & Surviving Spouses)
2023 Tax Rates (Married Jointly & Surviving Spouses)
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 % | More than $693,750 |
2023 Tax Rates (Married Filing Separately)
2023 Tax Rates (Married Filing Separately)
10 % | $0 to $11,000 |
12 % | $11,000 to $44,275 |
22 % | $44,275 to $95,375 |
24 % | $95,375 to $182,100 |
32 % | $182,100 to $231,250 |
35 % | $231,250 to $346,875 |
37 % | More than $346,875 |
2023 Tax Rates (Head of Household)
2023 Tax Rates (Head of Household)
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 % | More than $578,100 |
2023 Tax Rates (Estates & Trusts)
2023 Tax Rates (Estates & Trusts)
10 % | $0 to $2,900 |
24 % | $2,900 to $10,550 |
35 % | $10,550 to $14,450 |
37 % | More than $14,450 |
2023 Tax Rates (Education)
2023 Tax Rates (Education)
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 |
2023 Tax Rates (Miscellaneous)
2023 Tax Rates (Miscellaneous)
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 | 0.22 |
standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station | 0.22 |
standard mileage rate for charitable driving | 0.14 |
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 more than $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 the age of 50 $7,500 if above the age of 50 |
Maximum employee for SIMPLE IRA | $15,500 if under the age of 50 $19,000 if above the age of 50 |
Maximum Contribution to SEP IRA | 25% of eligible compensation up to $66,000 |
401(k) maximum employee contribution limit | $22,500 if under the age of 50 $30,000 if above the age of 50 |
Estate Tax Exemption | $12,920,000 |
Annual Exclusion for Gifts | $17,000 |