$0

$11,600

10% of the taxable amount

$11,600

$47,150

$1,160.00 plus 12% of the excess over $11,600

$47,150

$100,525

$5,426.00 plus 22% of the excess over $47,150

$100,525

$191,950

$17,168.50 plus 24% of the excess over $100,525

$191,950

$243,725

$39,110.50 plus 32% of the excess over $191,950

$243,725

$609,350

$55,678.50 plus 35% of the excess over $243,725

$609,350

no limit

$183,647.25 plus 37% of the excess over $609,350

$0

$23,200

10% of the taxable amount

$23,200

$94,300

$2,320.00 plus 12% of the excess over $23,200

$94,300

$201,050

$10,852.00 plus 22% of the excess over $94,300

$201,050

$383,900

$34,337.00 plus 24% of the excess over $201,050

$383,900

$487,450

$78,221.00 plus 32% of the excess over $383,900

$487,450

$731,200

$111,357.00 plus 35% of the excess over $487,450

$731,200

no limit

$196,669.50 plus 37% of the excess over $731,200

$0

$11,600

10% of the taxable amount

$11,600

$47,150

$1,160.00 plus 12% of the excess over $11,600

$47,150

$100,525

$5,426.00 plus 22% of the excess over $47,150

$100,525

$191,950

$17,168.50 plus 24% of the excess over $100,525

$191,950

$243,725

$39,110.50 plus 32% of the excess over $191,950

$243,725

$365,600

$55,678.50 plus 35% of the excess over $243,725

$365,600

no limit

$98,334.75 plus 37% of the excess over $365,600

$0

$16,550

10% of the taxable amount

$16,550

$63,100

$1,655.00 plus 12% of the excess over $16,550

$63,100

$100,500

$7,241.00 plus 22% of the excess over $63,100

$100,500

$191,950

$15,469.00 plus 24% of the excess over $100,500

$191,950

$243,700

$37,417.00 plus 32% of the excess over $191,950

$243,700

$609,350

$53,977.00 plus 35% of the excess over $243,700

$609,350

no limit

$181,954.50 plus 37% of the excess over $609,350

$0

$3,100

10% of the taxable income

$3,100

$11,150

$310.00 plus 24% of the excess over $3,100

$11,150

$15,200

$2,242.00 plus 35% of the excess over $11,150

$15,200

no limit

$3,659.50 plus 37% of the excess over $15,200

Base Salary

$168,600

Social Security Tax Rate

6.20%

Maximum Social Security Tax

$10,453.20

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

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

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Standard Deduction:

• Married filing jointly or Qualifying Widow(er)

$29,200

• Head of household

$21,900

• Single or Married filing separately

$14,600

Business Equipment Expense Deduction

$1,220,000

Prior-year safe harbor for estimated taxes of higher-income taxpayers

110% of your 2023 tax liability

Standard mileage rate for business driving

67 cents

Standard mileage rate for medical/moving driving

21 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 $94,050 for joint filers and surviving spouses, $63,000 for heads of household, $47,025 for single filers, $47,025 for married taxpayers filing separately, and $3,150 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 $583,750 for joint filers and surviving spouses, $551,350 for heads of household, $518,900 for single filers, $291,850 for married taxpayers filing separately, and $15,450 for estates and trusts

15%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $583,750 for joint filers and surviving spouses, $551,350 for heads of household, $518,900 for single filers, $291,850 for married taxpayers filing separately, and $15,450 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

$7,000 if under age 50
$8,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

$16,000 if under age 50
$19,500 if 50 or older

Maximum Contribution to SEP IRA

25% of compensation up to $69,000

401(k) maximum employee contribution limit

$23,000 if under age 50
$30,500 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$13,610,000

Annual Exclusion for Gifts

$18,000

Foreign Earned Income Exclusion

$126,500