Tax Tools
2023 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 |
|---|
| Description | Values |
|---|---|
|
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 |
|---|
| Description | Values |
|---|---|
|
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 |
|---|
| Description | Values |
|---|---|
|
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: | Values |
|---|---|
|
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 taxpayers |
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 |