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2023 Tax Rates Schedule - Single | |
If Taxable Income Is Between | The Tax Due Is |
$0 - $11,000 | 10% of the taxable amount |
$11,001 - $44,725 | $1,100 + 12% of the amount over $11,000 |
$44,726- $95,375 | $5,147 + 22% of the amount over $44,725 |
$95,376 - $182,100 | $16,290 + 24% of the amount over $95,375 |
$182,101- $231,250 | $37,104 + 32% of the amount over $182,100 |
$231,251 - $578,125 | $52,832 + 35% of the amount over $231,250 |
$578,126 + | $174,238.25 + 37% of the amount over $578,125 |
2023 Tax Rates Schedule - Married Filing Jointly or Qualifying Widow(er) | |
If Taxable Income Is Between | The Tax Due Is |
$0 - $22,000 | 10% of the taxable amount |
$22,001 - $89,450 | $2,200 + 12% of the amount over $22,000 |
$89,451 - $190,750 | $10,294 + 22% of the amount over $89,450 |
$190,751 - $364,200 | $32,580 + 24% of the amount over $190,750 |
$364,201- $462,500 | $74,208+ 32% of the amount over $364,200 |
$462,501- $693,750 | $105,664 + 35% of the amount over $462,500 |
$693,751 + | $186,601.5 + 37% of the amount over $693,750 |
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2023 Tax Rates Schedule - Married Filing Separately | |
If Taxable Income Is Between | The Tax Due Is |
$0 - $11,000 | 10% of the taxable amount |
$11,001- $44,725 | $1,100 + 12% of the amount over $11,000 |
$44,726- $95,375 | $5,147 + 22% of the amount over $44,725 |
$95,376 - $182,100 | $16,290 + 24% of the amount over $95,375 |
$182,101 - $231,250 | $37,104 + 32% of the amount over $182,100 |
$231,251- $346,875 | $52,832 + 35% of the amount over $231,250 |
$346,876 + | $93,300.75 + 37% of the amount over $346,875 |
2023 Tax Rates Schedule - Head of Household | |
If Taxable Income Is Between | The Tax Due Is |
$0 - $15,700 | 10% of the taxable amount |
$15,701 - $59,850 | $1,570 + 12% of the amount over $15,700 |
$59,851- $95,350 | $6,868+ 22% of the amount over $59,850 |
$95,351- $182,100 | $14,678 + 24% of the amount over $95,350 |
$182,101 - $231,250 | $35,498 + 32% of the amount over $182,100 |
$231,251 - $578,100 | $51,226 + 35% of the amount over $231,250 |
$578,101+ | $172,623.5 + 37% of the amount over $578,100 |
2023 Tax Rates- Estates & Trusts | |
If Taxable Income Is Between | The Tax Due Is |
$0 - $2,900 | 10% of the taxable income |
$2,901- $10,550 | $290 + 24% of the amount over $2,900 |
$10,551- $14,450 | $2,126 + 35% of the amount over $10,550 |
$14,451 + | $3,491 + 37% of the amount over $14,450 |
2023 Short Term Capital Gains Tax Brackets | |||
Tax Rate | Single | Married Filing Jointly/ Surviving Spouse | Head of Household |
10% | $0 - $11,000 | $0 - $22,000 | $0 - $15,700 |
12% | $11,001- $44,725 | $22,001- $89,450 | $15,701 - $59,850 |
22% | $44,726- $95,375 | $89,451 - $190,750 | $59,851 - $95,350 |
24% | $95,376 - $182,100 | $190,751 - $364,200 | $95,351 - $182,100 |
32% | $182,101- $231,250 | $364,201 - $462,500 | $182,101 - $231,250 |
35% | $231,251 - $578,125 | $462,501 - $693,750 | $231,251 - $578,100 |
37% | $578,126+ | $693,751+ | $578,101+ |
2023 Long Term Capital Gains Tax Brackets | |||
Tax Rate | Single | Married Filing Jointly/ Surviving Spouse | Head of Household |
0% | $0 - $44,625 | $0 - $89,250 | $0 - $59,750 |
15% | $44,626 - $492,300 | $89,251- $553,850 | $59,751- $523,050 |
20% | $492,301+ | $553,851+ | $523,051+ |
2023 Social Security Tax Rates | |
Base Salary | $160,200 |
Social Security Tax Rate | 6.2% |
Maximum Social Security Tax | $9,932 |
Medicare Base Salary | unlimited |
Medicare Tax Rate | 1.45% |
2023 Additional Medicare Tax Rates | |
Additional Medicare Tax | 0.9% |
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 |
2023 Education Credit and Deduction Limits | |
American Opportunity Tax Credit (Hope) | $2,500 |
Lifetime Learning Credit | $2,000 |
Student Loan Interest Deduction | $2,500 |
Educator Expense Deduction | $250 |
Coverdell Education Savings Contribution | $2,000 |
2023 Miscellaneous Tax Rates | |
Standard Deduction: | |
· Married filing jointly or Qualifying Widow(er) | $27,700 |
· Head of household | $20,800 |
· Single or Married filing separately | $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 for age under 17; $500 per qualifying dependent other than child |
Capital gains tax rate for unrecaptured Sec. 1250 gains | 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 | $15,50000 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 |
Health savings accounts contribution limits | Individual $3,850; Family $7,750 (extra $1,000 for age 55 or older) |
Foreign Earned Income Exclusion | $120,000 |
Mortgage interest deduction (after 12/15/2017) | interest on mortgage up to $750,000 if married and $375,000 if single or separately |
Deduction for state and local tax | up to $10,000 |
AMT Tax Exemptions | unmarried $81,300; married filing jointly $126,500 |
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