Tax Reference Guide - 2023 Calendar Year
The information presented below is subject to change. Contact your Worth Tax Advisor to discuss the potential application to your particular situation.
Ordinary Income Tax Rates
Tax Rate |
Single Filer |
Head of Household |
Married Filling Jointly |
Married Filling Separately |
10% |
$0+ |
$0+ |
$0+ |
$0+ |
12% |
$11,001+ |
$15,701+ |
$22,001+ |
$11,0001+ |
22% |
$44,726+ |
$59,851+ |
$89,451+ |
$44,726+ |
24% |
$95,376+ |
$95,351+ |
$190,751+ |
$95,376+ |
32% |
$182,101+ |
$182,101+ |
$364,201+ |
$182,101+ |
35% |
$231,251+ |
$231,251+ |
$462,501+ |
$231,251+ |
37% |
$578,126+ |
$578,100+ |
$693,750+ |
$578,125+
|
Long-Term Capital Gains and Qualified Dividends
Tax Rate |
Single Filer |
Head of Household |
Married Filling Jointly |
Married Filling Separately |
0% |
$0+ |
$0+ |
$0+ |
$0+ |
15% |
$44,626+ |
$59,751+ |
$89,251+ |
$44,626+ |
20% |
$492,301+ |
$523,051+ |
$553,851+ |
$276,901+ |
General Tax Benefits
|
Tax Benefit Thresholds |
Standard deduction |
|
Single and married filing separately |
$13,850 |
Head of household |
$20,800 |
Married filing jointly |
$27,700 |
Additional deduction for aged or blind |
$1,850 |
Additional deduction for married aged or blind |
$1,500 |
Deduction if you can be claimed by another(or $400 plus earned income if greater) |
$1,250 |
Transportation Fringe Benefit |
|
Transit |
$300 |
Parking |
$300 |
Standard Mileage Rates |
|
Business |
65.5 cents per mile |
Charity (not indexed) |
22 cents per mile |
Medical/moving |
14 cents per mile |
Kiddie Tax (Unearned Income) |
|
First $1,250 not taxed |
$0+ |
Next $1,250 taxed at child’s rate |
$1,250+ |
Over $2,500 taxed at parent’s rate |
$2,500+ |
Adoption benefits |
|
Adoption credit |
$15,950 |
Employer adoption benefit income exclusion |
- |
Expatriation |
|
Average income threshold for determining if subject to tax |
$171,000 |
Exclusion from tax |
$737,000 |
Foreign earned income exclusion |
|
Per person |
$120,000 |
Retirement accounts |
|
401(k)/403(b) deferrals |
$22,500 |
401(k)/403(b) catch-up deferral |
$7,500 |
IRA contribution |
$6,500 |
IRA catch-up contributions |
$1,000 |
Medicare and Social Security rate change thresholds
|
Rate Change Thresholds |
Social Security Wage Cap (earned income) |
|
Per Individual |
$160,200 |
Threshold for Additional 0.9% Medicare Tax (earned income) |
|
Single (not indexed) |
$200,000 |
Threshold for 3.8% Medicare tax on Investment Income (AGI) |
|
Single (not indexed) |
$200,000 |
Joint (not indexed) |
$250,000 |
Trusts and Estates |
$13,450 |
2023 Filing Deadlines for the 2022 Calendar Year
|
Original |
Extension |
Partnerships (Form 1065) |
March 15 |
September 15 |
S corporations (Form 1120-S) |
March 15 |
September 15 |
C corporations (Form 1120) |
April 18 |
October 16 |
Trusts (Form 1041) |
April 18 |
September 30 |
Individuals (Form 1040) |
April 18 |
October 16 |
Qualified Retirement Plans: 401(k), 403(b) and most 457 Plans
|
Contribution Limits |
Maximum employee contribution/deferral |
$22,500 |
Catch-up employee contribution/deferral (age 50 and older) |
$7,500 |
Maximum combined employer and employee contributions to a defined contribution plan |
$66,000 |
Maximum annual benefit in a defined benefit plan |
$245,000 |
Limit on compensation under 401(a)(17) that can be
considered in calculating contributions to qualified plans |
$330,000 |
Limit on compensation under 401(a)(17) for grandfathered
employees for governmental plans under OBRA ’93 |
$490,000 |
Threshold for designation as “highly compensated employee”
for nondiscrimination testing |
$150,000 |
Definition of key employee in a top-heavy plan |
$215,000 |
Individual Retirement Account (IRA) Contribution Limits
|
Contribution Limits |
Traditional and Roth IRA |
$6,500 |
Traditional and Roth IRA catch-up contribution (age 50 and older) |
$1,500 |
SIMPLE IRA |
$15,500 |
SIMPLE IRA catch-up contribution (age 50 and older) |
$3,500 |
SEP IRA (only employer may contribute)* |
$66,000 |
Minimum compensation required to participate in SEP |
$750 |
Maximum compensation for calculating contributions |
$330,000 |
C Corporation Income Tax Brackets (Not Indexed)
Tax Rate |
21% Flat Tax Rate |