Tax Rates

IRS Tax Rates

We have mentioned below 2021 tax rates for Single, Married Filing Joint, Married Filing Seperate, Head of Household, and Estate and Trusts.

2023 Tax Rates - Single Taxpayers - Standard Deduction $13,850          |          2022 Rates

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%

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 $44,275

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%

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 Security

2023 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 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 $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 above $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 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 IRA

25% 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
 

Education

2023 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

Source: IRS Revenue Procedure 2022-38

 

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

Alaska

2022-23 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

Hawaii

2022-23 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

Source: Federal Register



Have Questions?
Call Akram

844-386-3829

Latest Insights The Akram Brief

Blog
  • Ghias Khan
  • 01/13/2025

Cash Flow Reporting: Key Criteria for Investment Companies

Blog
  • Alex Cummings
  • 12/24/2024

FinCEN Extends BOI Reporting Deadline to January 13, 2025

Blog
  • Duncan Bullins
  • 12/19/2024

Tax Policy in Review: Implications of a Donald Trump Presidency

Contact Us for Investment Fund Accounting Solutions

We understand that clients in the Alternative Investments arena are extremely prudent. At Akram, we provide high-end, tailored fund accounting services with careful planning and an unmatched responsiveness that only a boutique accounting firm like ours can deliver. Contact us today to learn more about our specialized assurance, advisory, and tax services for hedge funds, commodity trading advisors, private equity and venture capital funds, digital asset funds, insurance dedicated funds, real estate funds, day traders, investors, family offices, and high net worth individuals.