Tax Rates

2023 Tax Rates – Single Taxpayers – Standard Deduction $13,850

10%0 to $11,000
12%$11,000 to $44,725
22%$44,725 to $95,375
24%$95,375 to $182,100
32%$182,100 to $231,250
35%$231,250 to $578,125
37%Over $578,125

2023 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $27,700

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%Over $693,750

2023 Tax Rates – Married Filing Separately – Standard Deduction $13,850

10%0 to $11,000
12%$11,000 to $44,725
22%$44,725 to $95,375
24%$95,375 to $182,100
32%$182,100 to $231,250
35%$231,250 to $346,875
37%Over $346,875

2023 Tax Rates – Head of Household – Standard Deduction $20,800

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%Over $578,100

2023 Tax Rates – Estates & Trusts

10%0 to $2,900
24%$2,900 to $10,550
35%$10,550 to $14,450
37%Over $14,450
Social Security2023 Tax Rates
Social Security Tax Rate: Employers6.2%
Social Security Tax Rate: Employees6.2%
Social Security Tax Rate: Self-Employed15.3%
Maximum Taxable Earnings$160,200
Medicare Base SalaryUnlimited
Medicare Tax Rate: Employers1.45%
Medicare Tax Rate: Employees1.45%
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%
Miscellaneous2023 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-income110% of your 2022 tax liability
Standard mileage rate for business driving65.5
Standard mileage rate for medical driving22
Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station22
Standard mileage rate for charitable driving14
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 jointly0%
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 jointly15%
Maximum capital gains tax rate for taxpayers with income above $492,300 for single filers, $553,850 for married filing jointly20%
Capital gains tax rate for unrecaptured Sec. 1250 gains25%
Capital gains tax rate on collectibles28%
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 IRA25% of eligible compensation up to $66,000
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
Education2023 Tax Rates
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

Standard Meal Rates for Family Child Care Providers for income tax returns

Continental U.S.2022-23 Tax Rates (July 1, 2022-June 30, 2023)
For each breakfast$1.66
For each lunch or supper$3.04
For each snack (up to 3 per day for each child)$0.97
Alaska2022-23 Tax Rates (July 1, 2022-June 30, 2023)
For each breakfast$2.59
For each lunch or supper$4.87
For each snack (up to 3 per day for each child)$1.52
Hawaii2022-23 Tax Rates (July 1, 2022-June 30, 2023)
For each breakfast$1.91
For each lunch or supper$3.55
For each snack (up to 3 per day for each child)$1.12