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Social Security Tax Rates

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 Tax Rates

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%

2023 Tax Rates (Single Taxpayers)

10 %

$0 to $11,000

12 % 

$11,000  to $44,275

22 %

$44,275 to $95,375

24 %

$95,375 to $182,100

32 %

$182,100 to $231,250

35 %

$231,250 to $578,125

37 %

More than $578,125 

2023 Tax Rates (Married Jointly & Surviving Spouses)

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 %

More than $693,750

2023 Tax Rates (Married Filing Separately)

10 %

$0 to $11,000

12 % 

$11,000  to $44,275

22 %

$44,275 to $95,375

24 %

$95,375 to $182,100

32 %

$182,100 to $231,250

35 %

$231,250 to $346,875

37 %

More than $346,875

2023 Tax Rates (Head of Household)

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 %

More than $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 %

More than $14,450

2023 Tax Rates (Education)

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

2023 Tax Rates (Miscellaneous)

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

0.22

standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station

0.22

standard mileage rate for charitable driving

0.14

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 $44,625 for single filers, $89,250 for married filing jointly

0%

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 jointly

15%

Maximum capital gains tax rate for taxpayers with income more than $492,300 for single filers, $553,850 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 the age of 50

$7,500 if above the age of 50

Maximum employee for SIMPLE IRA

$15,500 if under the age of 50

$19,000 if above the age of 50

Maximum Contribution to SEP IRA

25% of eligible compensation up to $66,000

401(k) maximum employee contribution limit

$22,500 if under the age of 50

$30,000 if above the age of 50

Estate Tax Exemption

$12,920,000

Annual Exclusion for Gifts

$17,000