Tax Rates

20232022
Income tax rates Taxable Income (Single)Taxable Income (Single)
10%to $11,000to $10,275
12%to $44,725to $41,775
22%to $95,375to $89,075
24%to $182,100to $170,050
32%to $231,250to $215,950
35%to $578,125to $539,900
37%overover
  
Income tax ratesTaxable Income (Married Filing Jointly)Taxable Income (Married Filing Jointly)
10%to $22,000to $20,550
12%to $89,450to $83,550
22%to $190,750to $178,150
24%to $364,200to $340,100
32%to $462,500to $431,900
35%to $693,750to $647,850
37%overover
  
Long term Capital Gain  & Qualified dividends:Individual (Single)Individual (Single)
0%to $44,625to $41,675
15%to $492,300to $459,750
20%overover
Long term Capital Gain  & Qualified dividends:Individual (Married Filing Jointly)Individual (Married Filing Jointly)
0%to $89,250to $83,350
15%to $553,850to $517,200
20%overover
  
Corporation Tax21%21%
  
Workers  
Social Security @6.20%First $160,200 of wagesFirst $147,000 of wages 
Medicare @1.45%All wagesAll wages
Medicare surtax @ 0.9%Wages > $200K (S) / $250K (MFJ)Wages > $200K (S) / $250K (MFJ)
Medicare surtax @ 3.8%Investment income > $200K (S) / $250K (MFJ)Investment income > $200K (S) / $250K (MFJ)
Self-Employment tax15.3%15.3%
  
Estate & Trust  
10%to $2,900to $2,750
24%to $10,550to $9,850
35%to $14,450to $13,450
37%overover
  
Gift  
Annual exclusion$17,000$16,000
Lifetime exclusion$12,920,000$12,060,000
  
Standard Deduction  
Single$13,850$12,950
Married Filing Jointly$27,700$25,900
  
Education  
Lifetime learning credit$2,000$2,000
American Opportunity credit$2,500$2,500
  
Children  
Earned Income credit (EIC)Max= $7,430Max=  $6,935
Child tax credit$2,000$2,000
Child & Dep. care credit$3,000 (1 child) / $6,000 (2 children)$3,000 (1 child) / $6,000 (2 children)
Other dependent credit$500$500
   
Business  
Mileage rate65.5 cent per mile58.5 cent / mile & 62.5cent/ mile
Home Office Deduction$5/business square foot (max 300 sqf)$5/business square foot (max 300 sqf)
179 Expense (property)Max = $1,160,000Max= $1,080,000
179 Expense (SUV)Max = $28,900Max = $27,000
QBI deduction (20%)Income <$182K (S)/ $364K(MFJ)Income <$170K (S)/ $340K(MFJ)
   
Retirement  
Saver’s tax credit$1,000$1,000
401K contribution$22,500$20,500
IRA  / Roth contribution$6,500$6,000
SEP contributionMax (25% of compensation & $66K)Max (25% of compensation & $61K)
SSN benefits at full retirement age$3627$3345
Tax free SSN benefitsIncome <$25K (S) / $32K (MFJ)Income <$25K (S) / $32K (MFJ)
  
Foreign  
Earned Income Exclusion$120,000$112,000
Housing deduction$36,000$33,600
Gift to foreign spouse exclusion$175,000$164,000