Tax Rates

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Tax Rates

2023 Tax Rates
2022 Tax Rates
2021 Tax Rates
2020 Tax Rates
2019 Tax Rates

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)

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:
  • 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
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
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