Navigate Your Finances with Confidence through In-Depth Insights on Tax Rates
Unraveling the Complexity of Tax Rates for Informed Financial Decision-Making
The Tax Rates page on our website provides you with essential insights and information so that you can make informed financial decisions. At C&A Financial, we recognize the significance of understanding tax rates in shaping your financial strategy.
Why It Matters:
Tax rates play a pivotal role in your financial landscape, influencing your income, investments, and overall financial health. Our comprehensive guide ensures you grasp the nuances of tax rates, allowing you to make informed decisions that align with your financial goals.
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10% |
0 to $11,000 |
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12% |
$11,000 to $44,725 |
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22% |
$44,725 to $95,375 |
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24% |
$95,375 to $182,100 |
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32% |
$182,100 to $231,250 |
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35% |
$231,250 to $578,125 |
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37% |
Over $578,125 |
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2023 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $27,700 |
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10% |
0 to $22,000 |
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12% |
$22,000 to $89,450 |
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22% |
$89,450 to $190,750 |
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24% |
$190,750 to $364,200 |
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32% |
$364,200 to $462,500 |
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35% |
$462,500 to $693,750 |
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37% |
Over $693,750 |
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2023 Tax Rates – Married Filing Separately – Standard Deduction $13,850 |
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10% |
0 to $11,000 |
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12% |
$11,000 to $44,725 |
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22% |
$44,725 to $95,375 |
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24% |
$95,375 to $182,100 |
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32% |
$182,100 to $231,250 |
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35% |
$231,250 to $346,875 |
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37% |
Over $346,875 |
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2023 Tax Rates – Head of Household – Standard Deduction $20,800 |
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10% |
0 to $15,700 |
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12% |
$15,700 to $59,850 |
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22% |
$59,850 to $95,350 |
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24% |
$95,350 to $182,100 |
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32% |
$182,100 to $231,250 |
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35% |
$231,250 to $578,100 |
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37% |
Over $578,100 |
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2023 Tax Rates – Estates & Trusts |
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10% |
0 to $2,900 |
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24% |
$2,900 to $10,550 |
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35% |
$10,550 to $14,450 |
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37% |
Over $14,450 |
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Social Security |
2023 Tax Rates |
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Social Security Tax Rate: Employers |
6.2% |
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Social Security Tax Rate: Employees |
6.2% |
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Social Security Tax Rate: Self-Employed |
15.3% |
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Maximum Taxable Earnings |
$160,200 |
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Medicare Base Salary |
Unlimited |
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Medicare Tax Rate: Employers |
1.45% |
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Medicare Tax Rate: Employees |
1.45% |
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Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) |
0.9% |
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Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) |
3.8% |
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Miscellaneous |
2023 Tax Rates |
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Business expensing limit: Cap on equipment purchases |
$2,890,000 |
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Business expensing limit: New and Used Equipment and Software |
$1,160,000 |
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Qualified Business Income threshold amount: |
$182,100 (single and head of household); $364,200 (married filing joint return) |
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Qualified Small Employer Health Reimbursement Arrangement limit: |
$5,850 (single coverage); $11,800 (family coverage) |
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Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2022 tax liability |
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Standard mileage rate for business driving |
65.5 |
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Standard mileage rate for medical driving |
22 |
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Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station |
22 |
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Standard mileage rate for charitable driving |
14 |
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Child Tax Credit |
$2,000 |
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Unearned income maximum for children under 19 before kiddie tax applies |
$1,250 |
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Maximum capital gains tax rate for taxpayers with income up to $44,625 for single filers, $89,250 for married filing jointly |
0% |
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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% |
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Maximum capital gains tax rate for taxpayers with income above $492,300 for single filers, $553,850 for married filing jointly |
20% |
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Capital gains tax rate for unrecaptured Sec. 1250 gains |
25% |
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Capital gains tax rate on collectibles |
28% |
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Maximum contribution for Traditional/Roth IRA |
$6,500 if under age 50 |
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Maximum employee contribution to SIMPLE IRA |
$15,500 if under age 50 |
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Maximum Contribution to SEP IRA |
25% of eligible compensation |
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401(k) maximum employee contribution limit |
$22,500 if under age 50 |
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Estate tax exemption |
$12,920,000 |
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Annual Exclusion for Gifts |
$17,000 |
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Education |
2023 Tax Rates |
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American Opportunity Credit (per student) |
$2,500 |
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Lifetime Learning Credit (per return) |
$2,000 |
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Student Loan Interest Deduction |
$2,500 |
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Coverdell Education Savings Account Contribution |
$2,000 |
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Source: IRS Revenue Procedure 2022-38 |
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Standard Meal Rates for Family Child Care Providers for income tax returns |
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Continental U.S. |
2022-23 Tax Rates (July 1, 2022-June 30, 2023) |
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For each breakfast |
$1.66 |
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For each lunch or supper |
$3.04 |
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For each snack (up to 3 per day for each child) |
$0.97 |
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Alaska |
2022-23 Tax Rates (July 1, 2022-June 30, 2023) |
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For each breakfast |
$2.59 |
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For each lunch or supper |
$4.87 |
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For each snack (up to 3 per day for each child) |
$1.52 |
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Hawaii |
2022-23 Tax Rates (July 1, 2022-June 30, 2023) |
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For each breakfast |
$1.91 |
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For each lunch or supper |
$3.55 |
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For each snack (up to 3 per day for each child) |
$1.12 |
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Source: Federal Register |
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