Leake CPA, PC

    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

    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

    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

    If taxable income is over

    But not over

    The tax is

    $0

    $15,700

    10% of the taxable amount

    $15,700

    $59,850

    $1,570.00 plus 12% of the excess over $15,700

    $59,850

    $95,350

    $6,868.00 plus 22% of the excess over $59,850

    $95,350

    $182,100

    $14,678.00 plus 24% of the excess over $95,350

    $182,100

    $231,250

    $35,498.00 plus 32% of the excess over $182,100

    $231,250

    $578,125

    $51,226.00 plus 35% of the excess over $231,250

    $578,125

    no limit

    $172,623.50 plus 37% of the excess over $578,125

    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

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