| Tax Rate | For Single Filers | For Married Individuals Filing Joint Returns | For Heads of Households |
|---|---|---|---|
| 10% | $0 to $11,000 | $0 to $22,000 | $0 to $15,700 |
| 12% | $11,000 to $44,725 | $22,000 to $89,450 | $15,700 to $59,850 |
| 22% | $44,725 to $95,375 | $89,450 to $190,750 | $59,850 to $95,350 |
| 24% | $95,375 to $182,100 | $190,750 to $364,200 | $95,350 to $182,100 |
| 32% | $182,100 to $231,250 | $364,200 to $462,500 | $182,100 to $231,250 |
| 35% | $231,250 to $578,125 | $462,500 to $693,750 | $231,250 to $578,100 |
| 37% | $578,125 or more | $693,750 or more | $578,100 or more |
| Filing Status | Deduction Amount |
|---|---|
| Single | $13,850 |
| Married Filing Jointly | $27,700 |
| Head of Household | $20,800 |
| Filing Status | No Children | One Child | Two Children | Three or More Children | |
|---|---|---|---|---|---|
| Single
or Head of Household |
Income at Max Credit | $7,840 | $11,750 | $16,510 | $16,510 |
| Maximum Credit | $600 | $3,995 | $6,604 | $7,430 | |
| Phaseout Begins | $9,800 | $21,560 | $21,560 | $21,560 | |
| Phaseout Ends (Credit Equals Zero) | 17,640 | 46,560 | 52,918 | 56,838 | |
| Married Filing Jointly | Income at Max Credit | $7,840 | $11,750 | $16,510 | $16,510 |
| Maximum Credit | $600 | $3,995 | $6,604 | $7,430 | |
| Phaseout Begins | $16,370 | $28,120 | $28,120 | $28,120 | |
| Phaseout Ends (Credit Equals Zero) | 24,210 | 53,120 | 59,478 | 63,398 | |
| Tax Rate | For Unmarried Individuals, Taxable Income Over | For Married Individuals Filing Joint Returns, Taxable Income Over | For Heads of Households, Taxable Income Over |
|---|---|---|---|
| 0% | $0 | $0 | $0 |
| 15% | $44,625 | $89,250 | $59,750 |
| 20% | $492,300 | $553,850 | $523,050 |
| 10% | 0 to $2,650 |
| 24% | $2,650 to $9,550 |
| 35% | $9,550 to $13,050 |
| 37% | Over $13,050 |
Social Security
| 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 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% |
Miscellaneous – 2023 Tax Rates
| 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 | 22 |
| Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station | 22 |
| Standard mileage rate for charitable driving | 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 $40,400 for single filers, $80,800 for married filing jointly | 0% |
| Maximum capital gains tax rate for taxpayers with income above $40,400 for single filers, $80,800 for married filing jointly | 15% |
| Maximum capital gains tax rate for taxpayers with income above $445,850 for single filers, $501,600 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 age 50; $7,500 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of eligible compensation up to $58,000 |
| 401(k) maximum employee contribution limit | $22,500 if under age 50; $30,000 if 50 or older |
| Estate tax exemption | $12,920,000 |
| Annual Exclusion for Gifts | $17,000 |
Education – 2023 Tax Rates
| American Opportunity Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
