2023 Tax Rates

2023 Tax Rates Schedule X — Single
If taxable income is overBut not overThe tax is
$0$11,00010% of the taxable amount
$11,000$44,725$1,100 plus 12% of the excess over $11,000
$44,725$95,375$5,147 plus 22% of the excess over $44,725
$95,375$182,100$16,290 plus 24% of the excess over $95,375
$182,100$231,250$37,104 plus 32% of the excess over $182,100
$231,250$578,125$52,832 plus 35% of the excess over $231,250
$578,125no limit$174,238 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 overBut not overThe tax is
$0$22,00010% of the taxable amount
$22,000$89,450$2,200 plus 12% of the excess over $22,000
$89,450$190,750$10,294 plus 22% of the excess over $89,450
$190,750$364,200$32,580 plus 24% of the excess over $190,750
$364,200$462,500$74,208 plus 32% of the excess over $364,200
$462,500$693,750$105,664 plus 35% of the excess over $462,500
$693,750no 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 overBut not overThe tax is
$0$11,00010% of the taxable amount
$11,000$44,725$1,100 plus 12% of the excess over $11,000
$44,725$95,375$5,147 plus 22% of the excess over $44,725
$95,375$182,100$16,290 plus 24% of the excess over $95,375
$182,100$231,250$37,104 plus 32% of the excess over $182,100
$231,250$346,875$52,832 plus 35% of the excess over $231,250
$346,875no limit$93,300.75 plus 37% of the excess over $346,875

2023 Tax Rates Schedule Z - Head of Household
If taxable income is overBut not overThe tax is
$0$15,70010% of the taxable amount
$15,700$59,850$1,570 plus 12% of the excess over $15,700
$59,850$95,350$6,868 plus 22% of the excess over $59,850
$95,350$182,100$14,678 plus 24% of the excess over $95,350
$182,100$231,250$35,498 plus 32% of the excess over $182,100
$231,250$578,100$51,226 plus 35% of the excess over $231,250
$578,100no limit$172,623.50 plus 37% of the excess over $578,100

2023 Tax Rates Estates & Trusts
If taxable income is overBut not overThe tax is
$0$2,90010% 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
$14,450no limit$3,491 plus 37% of the excess over $14,450

Social Security 2023 Tax Rates
Base Salary$160,200
Social Security Tax Rate6.20%
Maximum Social Security Tax$9,932.40
Medicare Base Salaryunlimited
Medicare Tax Rate1.45%

Additional Medicare 2023 Tax Rates
Additional Medicare Tax0.90%
Filing statusCompensation 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 filling separately$13,850
Business Equipment Expense Deduction$1,160,000
Prior-year safe harbor for estimated taxes of higher-income110% of your 2022 tax liability
Standard mileage rate for business driving65.5 cents per mile
Standard mileage rate for medical/moving driving22 cents
Standard mileage rate for charitable driving14 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 trusts0%
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 trusts15%
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 trusts20%
Long-term gain attributable to certain depreciation recapture25%
Capital gains tax rate on collectibles and qualified small business stock28%
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 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 deduction100%
Estate tax exemption$12,920,000
Annual Exclusion for Gifts$17,000
Foreign Earned Income Exclusion$120,000