Tax Rates 2023 | Hewitt Services

2023 Tax Rates Schedule X - Single
If taxable income is over	But not over	The tax is
$0	$11,000	10% of the taxable amount
$11,000	$44,725	$1,100.00 plus 12% of the excess over $11,000
$44,725	$95,375	$5,147.00 plus 22% of the excess over $44,725
$95,375	$182,100	$16,290.00 plus 24% of the excess over $95,375
$182,100	$231,250	$37,104.00 plus 32% of the excess over $182,100
$231,250	$578,125	$52,832.00 plus 35% of the excess over $231,250
$578,125	no limit	$174,238.25 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 over	But not over	The tax is
$0	$22,000	10% of the taxable amount
$22,000	$89,450	$2,200.00 plus 12% of the excess over $22,000
$89,450	$190,750	$10,294.00 plus 22% of the excess over $89,450
$190,750	$364,200	$32,580.00 plus 24% of the excess over $190,750
$364,200	$462,500	$74,208.00 plus 32% of the excess over $364,200
$462,500	$693,750	$105,664.00 plus 35% of the excess over $462,500
$693,750	no 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 over	But not over	The tax is
$0	$11,000	10% of the taxable amount
$11,000	$44,725	$1,100.00 plus 12% of the excess over $11,000
$44,725	$95,375	$5,147.00 plus 22% of the excess over $44,725
$95,375	$182,100	$16,290.00 plus 24% of the excess over $95,375
$182,100	$231,250	$37,104.00 plus 32% of the excess over $182,100
$231,250	$346,875	$52,832.00 plus 35% of the excess over $231,250
$346,875	no limit	$93,300.75 plus 37% of the excess over $346,875

2023 Tax Rates Schedule Z - Head of Household
If taxable income is over	But not over	The tax is
$0	$15,700	10% of the taxable amount
$15,700	$59,850	$1,100.00 plus 12% of the excess over $11,000
$59,850	$95,350	$5,147.00 plus 22% of the excess over $44,725
$95,350	$182,100	$16,290.00 plus 24% of the excess over $95,375
$182,100	$231,250	$37,104.00 plus 32% of the excess over $182,100
$231,250	$578,125	$52,832.00 plus 35% of the excess over $231,250
$578,125	no limit	$93,300.75 plus 37% of the excess over $346,875

2023 Tax Rates Estates & Trusts
If taxable income is over	But not over	The tax is
$0	$2,900	10% 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
$14,450	no limit	$3,491 plus 37% of the excess over $14,450

Social Security 2023 Tax Rates
Base Salary	$160,200
Social Security Tax Rate	6.20%
Maximum Social Security Tax	$9,932.40
Medicare Base Salary	unlimited
Medicare Tax Rate	1.45%

Additional Medicare 2023 Tax Rates
Additional Medicare Tax	0.90%
Filing status	Compensation 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 filing separately		$13,850
Business Equipment Expense Deduction		$1,160,000
Prior-year safe harbor for estimated taxes of higher-income		110% of your 2022 tax liability
Standard mileage rate for business driving		65.5 cents
Standard mileage rate for medical/moving driving		22 cents
Standard mileage rate for charitable driving		14 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 trusts		0%
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 trusts		15%
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 trusts		20%
Long-term gain attributable to certain depreciation recapture		25%
Capital gains tax rate on collectibles and qualified small business stock		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 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 deduction		100%
Estate tax exemption		$12,920,000
Annual Exclusion for Gifts		$17,000
Foreign Earned Income Exclusion		$120,000

Tax Rates

Tax Rates for 2023