 |
|
|
|
|
 |
|
|
|
|
|
| |
2023 |
2022 |
2021 |
2020 |
| Standard Deduction |
|
|
|
|
| Joint or Qualifying Widow(er) |
27,700 |
25,900 |
25,100 |
24,800 |
| Single |
13,850 |
12,950 |
12,550 |
12,400 |
| Head of Household |
20,800 |
19,400 |
18,800 |
18,650 |
| Married Filing Separately |
13,850 |
12,950 |
12,550 |
12,400 |
| Additional for Elderly/Blind |
|
|
|
|
| Married or
Qualifying Widow(er) |
1,500 |
1,400 |
1,350 |
1,300 |
| Unmarried |
1,850 |
1,750 |
1,700 |
1,650 |
| Taxpayer Claimed as Dependent
|
1,250 |
1,150 |
1,100 |
1,100 |
| Personal/Dependent Exemption |
n/a |
n/a |
n/a |
n/a |
| Unearned Income w/o Kiddie
Tax |
2,500 |
2,300 |
2,200 |
2,200 |
| Max.Tax Rate on Net LT Capital
Gain 2023 |
20% |
20% |
20% |
20% |
| Single < 44,625, Joint < 89,250 |
0% |
0% |
0% |
0% |
| Single < 492,300, Joint < 553,850 |
15% |
15% |
15% |
15% |
| Single > 492,300, Joint > 553,850 |
20% |
20% |
20% |
20% |
| Unrecaptured Section 1250 Gain |
25% |
25% |
25% |
25% |
| Collectibles, Gold, Silver, etc. |
28% |
28% |
28% |
28% |
| Net Investment Income Tax 3.8% |
|
|
|
|
| Single |
200,000 |
200,000 |
200,000 |
200,000 |
| Joint |
250,000 |
250,000 |
250,000 |
250,000 |
| MFS |
125,000 |
125,000 |
125,000 |
125,000 |
| Alternative Minimum Tax Rate |
|
|
|
|
| First $220,700 of AMTI (2023) |
26% |
26% |
26% |
26% |
| AMTI over $220,700 (2023) |
28% |
28% |
28% |
28% |
| Alternative Minimum Tax Exemption |
|
|
|
|
| Joint |
126,500 |
118,100 |
114,600 |
113,400 |
| Single & HOH |
81,300 |
75,900 |
73,600 |
72,900 |
| Married Filing Separately |
63,250 |
59,050 |
57,300 |
56,700 |
| 401(k) Elective Deferral
Limit |
22,500 |
20,500 |
19,500 |
19,500 |
| Catch Up Contribution > age 50 |
7,500 |
6,500 |
6,500 |
6,500 |
| SIMPLE IRA Limit |
15,500 |
14,000 |
13,500 |
13,500 |
| Catch Up Contribution > age 50 |
3,500 |
3,000 |
3,000 |
3,000 |
| Deductible IRA Contribution |
|
|
|
|
| IRA & Roth Contributions |
6,500 |
6,000 |
6,000 |
6,000 |
| Catch Up Contribution > age 50 |
1,000 |
1,000 |
1,000 |
1,000 |
| Phase-out Begins (MAGI) |
|
|
|
|
| Joint |
116,000 |
109,000 |
105,000 |
104,000 |
| Joint (non-participating spouse) |
218,000 |
204,000 |
198,000 |
196,000 |
| Single, HOH |
73,000 |
68,000 |
66,000 |
65,000 |
| Married Filing
Separately |
0 |
0 |
0 |
0 |
| Eligible for ROTH IRA |
|
|
|
|
| Joint |
218,000 |
204,000 |
198,000 |
196,000 |
| Single and Head of Household |
138,000 |
129,000 |
125,000 |
124,000 |
| Married Filing Separately |
0 |
0 |
0 |
0 |
| FICA/SE Tax Information |
|
|
|
|
| Social Security Component |
|
|
|
|
| Maximum Earnings |
160,200 |
147,000 |
142,800 |
137,700 |
| FICA Tax Rate
(Employee) |
6.2% |
6.2% |
6.2% |
6.2% |
| SE Tax Rate |
12.4% |
12.4% |
12.4% |
12.4% |
| Medicare Component |
|
|
|
|
| Maximum Earnings |
Unlimited |
Unlimited |
Unlimited |
Unlimited |
| FICA Tax Rate
(Employee) |
1.45% |
1.45% |
1.45% |
1.45% |
| SE Tax Rate |
2.9% |
2.9% |
2.9% |
2.9% |
| Medicare Payroll Tax - Joint >= 250,000 |
.9% |
.9% |
.9% |
.9% |
| Medicare Payroll Tax - Single >= 200,000 |
.9% |
.9% |
.9% |
.9% |
| Auto Standard Mileage
Allowances |
|
|
|
|
| Business |
.655 |
.585 & .625 |
.56 |
.575 |
| Charity Work |
.14 |
.14 |
.14 |
.14 |
| Medical/Moving |
.22 |
.18 |
.16 |
.17 |
| Luxury Auto Depreciation
Limits |
|
|
|
|
| First Year |
12,200 |
11,200 |
10,200 |
10,100 |
| Second Year |
20,200 |
18,000 |
16,400 |
16,100 |
| Third Year |
11,700 |
10,800 |
9,800 |
9,700 |
| Fourth Year and Thereafter |
6,960 |
6,460 |
5,860 |
5,760 |
| Self-Employed Health |
|
|
|
|
| Insurance Deduction |
100% |
100% |
100% |
100% |
| Section 179 Deduction |
1,160,000 |
1,080,000 |
1,050,000 |
1,040,000 |
| Section 179 Deduction SUV Limit |
28,900 |
27,000 |
26,200 |
25,900 |
| Earnings Ceiling for Social
Security |
|
|
|
|
| Below Full Retirement Age (FRA) |
21,240 |
19,560 |
18,960 |
18,240 |
| Year FRA Reached, Reduce Benefits |
56,520 |
51,960 |
50,520 |
48,600 |
| Full Retirement Age to 69 |
Unlimited |
Unlimited |
Unlimited |
Unlimited |
| Age 70 and
Above |
Unlimited |
Unlimited |
Unlimited |
Unlimited |
| Maximum SS Retirement Benefit per Month (FRA) |
3,822 |
3,345 |
3,148 |
3,011 |
| Estate Tax Unified |
|
|
|
|
| Credit Equivalent |
12,920,000 |
12,060,000 |
11,700,000 |
11,580,000 |
| Gift Tax Applicable Exclusion Amount |
12,920,000 |
12,060,000 |
11,700,000 |
11,580,000 |
| Gift Tax Annual Exclusion |
17,000 |
16,000 |
15,000 |
15,000 |
|
|
|
|
|
|
|
|
|
|
Based on Taxable Income |
Single |
Joint |
HOH |
MFS |
|
12% begins |
11,000 |
22,000 |
15,700 |
11,000 |
|
22% begins |
44,725 |
89,450 |
59,850 |
44,725 |
|
24% begins |
95,375 |
190,750 |
95,350 |
95,375 |
|
32% begins |
182,100 |
364,200 |
182,100 |
182,100 |
|
35% begins |
231,250 |
462,500 |
231,250 |
231,250 |
37% begins |
578,125 |
693,750 |
578,100 |
346,875 |
|
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