Tax Rates
Federal Income Taxes
| Taxable Income Over | Taxable Income Not over | Tax + | % on excess | of the amount over |
| Single Filers | ||||
| $0 | $11,000 | $0 | 10% | $0 |
| $11,000 | $44,725 | $1,100 | 12% | $11,000 |
| $44,725 | $95,375 | $5,147 | 22% | $44,725 |
| $95,375 | $182,100 | $16,290 | 24% | $95,375 |
| $182,100 | $231,250 | $37,104 | 32% | $182,100 |
| $231,250 | $578,125 | $52,832 | 35% | $231,250 |
| $578,125 | $ | $174,238 | 37% | $578,125 |
| Married Filing Jointly and Surviving Spouses | ||||
| $0 | $22,000 | $0 | 10% | $0 |
| $22,000 | $89,450 | $2,200 | 12% | $22,000 |
| $89,450 | $190,750 | $10,204 | 22% | $89,450 |
| $190,750 | $364,200 | $32,580 | 24% | $190,750 |
| $364,200 | $462,500 | $74,208 | 32% | $364,200 |
| $462,500 | $693,750 | $105,664 | 35% | $462,500 |
| $693,750 | $ | $186,601.50 | 37% | $693,750 |
| Married Filing Separately | ||||
| $0 | $11,000 | $0 | 10% | $0 |
| $11,000 | $44,725 | $1,100 | 12% | $11,000 |
| $44,725 | $95,375 | $5,147 | 22% | $44,725 |
| $95,375 | $182,100 | $16,290 | 24% | $95,375 |
| $182,100 | $231,250 | $37,104 | 32% | $182,100 |
| $231,250 | $346,875 | $52,832 | 35% | $231,250 |
| $346,875 | $ | $93,300.75 | 37% | $346,875 |
| Head of Household | ||||
| $0 | $15,700 | $0 | 10% | $0 |
| $15,700 | $59,850 | $1,570 | 12% | $15,700 |
| $59,850 | $95,350 | $6,868 | 22% | $59,850 |
| $95,350 | $182,100 | $14,678 | 24% | $95,350 |
| $182,100 | $231,250 | $35,498 | 32% | $182,100 |
| $231,250 | $578,100 | $51,226 | 35% | $231,250 |
| $578,100 | $ | $172,623.50 | 37% | $578,100 |
| Trusts & Estates | ||||
| $0 | $2,900 | $0 | 10% | $0 |
| $2,900 | $10,550 | $290 | 24% | $2,900 |
| $10,550 | $14,450 | $2,126 | 35% | $10,550 |
| $14,450 | $ | $2,491 | 37% | $14,450 |
Health Savings Accounts
| 2022 | 2023 | |
| Contribution Limits | ||
| Single/Family | $3,650/$7,300 | $3,850/$7,750 |
| Age 55+ Catch-up | $1,000 | $1,000 |
| High Deductible Health Plans | ||
| Minimum HDHP Deductible Single/Family | $1,400/$2,800 | $1,500/$3,000 |
| Maximum out of Pocket Single/Family | $7,050/$14,100 | $7,500/15,000 |
Sources: IRS Rev. Proc. 2021-25
| Standard Deductions | 2022 | 2023 |
| Married Filing Jointly & Surviving Spouses | $25,900 | $27,700 |
| Head of Household | $19,400 | $20,800 |
| Single or Married Filing Separately | $12,950 | $13,850 |
| Additional Deduction for Blind or aged (over age 65) | ||
| Single or Head or Household | $1,700 | $1,750 |
| Married Filing Jointly or Separately | $1,350 | $1,400 |
Sources: IRS Rev. Proc. 2021-45
Social Security
| 2022 | 2023 | |
| Taxable wage base | ||
| Social Security (OASDI) | $147,000 | $160,200 |
| Medicare (HI only) | No limit | No limit |
| Quarter of Coverage | $1,510 | $1,510 |
| Retirement earning test | ||
| Under full retirement age | $19,560/yr. ($1,630/mo.) | $21,240/yr. ($1,770/mo.) |
| Note: One dollar in benefits will be withheld for every $2 in earnings above the limit | ||
| Year reaching full retirement age | $51,960/yr. ($4,330/mo.) | $56,520/yr. ($4,710/mo.) |
| Note: Applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit. | ||
| Taxability of benefits (Based on Provisional Income) | ||
| Individual | Married filing jointly | |
| Not taxable | Less then $25,000 | Less then $32,000 |
| Up to 50% | $25,000-$34,000 | $32,000-$44,000 |
| Up to 85% | Greater than $34,000 | Greater than $44,000 |
| Married Filing Separately | ||
| Up to 85% of benefits are taxable. | ||
| Provisional Income = Adjusted Gross Income + Nontaxable Income + 1/2 Social Security Benefits | ||
| Age to receive full benefits | ||
| Year of birth | Full retirement age | % reduced at age 62 |
| 1943-1954 | 66 | 25.00% |
| 1955 | 66 and 2 months | 25.83% |
| 1956 | 66 and 4 months | 26.67% |
| 1957 | 66 and 6 months | 27.50% |
| 1958 | 66 and 8 months | 28.33% |
| 1959 | 66 and 10 months | 29.17% |
| 1960 and later | 67 | 30.00% |
| Delayed retirement credits | |
| Year of birth | Yearly rate of increase |
| 1943 or later | 8.0% |
| Accrues when you reach full retirement age until you start receiving benefits or reach age 70. |
Source: Social Security Administration website, SSA.gov.
Traditional and Roth IRA
| 2022 | 2023 | |
| IRA annual contribution limit | ||
| Contribution limit | $6,000 | $6,500 |
| 50+ Catch-up | $1,000 | $1,000 |
| Traditional IRA deductibility phase-out (based on MAGI) | ||
| Participants in employer plans | ||
| Married filing jointly or qualifying widow(er) | $109,000-$129,000 | $116,000-$136,000 |
| Married filing separately | $0-$10,000 | $0-$10,000 |
| Single or head of household | $68,000-$78,000 | $73,000-$83,000 |
| Nonparticipant married to a participant | ||
| Married filing jointly | $204,000-$214,000 | $218,000-$228,000 |
| Married filing separately | $0-$10,000 | $0-$10,000 |
| Roth IRA phase-out (based on MAGI) | ||
| Married filing jointly or qualifying widow(er) | $204,000-$214,000 | $218,000-$228,000 |
| Married filing separately and lived with your spouse | $0-$10,000 | $0-$10,000 |
| Single or Head of Household, or Married filing separately and lived apart from your spouse | $129,000-$144,000 | $138,000-$153,000 |
Sources: IRS Notice 2021-61
Capital Gains/Qualified Dividends
| Taxable Income Over | But Not over | Tax rate |
| Single Filers | ||
| $0 | $44,625 | 0% |
| $44,625 | $492,300 | 15% |
| $492,300 | $ | 20% |
| Married Filing Jointly & Surviving Spouses | ||
| $0 | $89,250 | 0% |
| $89,250 | $553,850 | 15% |
| $553,850 | $ | 20% |
| Married Filing Separately | ||
| $0 | $44,625 | 0% |
| $44,625 | $276,900 | 15% |
| $276,900 | $ | 20% |
| Head of Household | ||
| $0 | $59,750 | 0% |
| $59,750 | $523,050 | 15% |
| $523,050 | $ | 20% |
| Trusts & Estates | ||
| $0 | $3,000 | 0% |
| $3,000 | $14,641 | 15% |
| $14,650 | $ | 20% |
Sources: IRS Rev. Proc. 2021-45
Gift and Estate Tax
| 2022 | 2023 | |
| Annual Gift exclusion | $16,000 | $17,000 |
| Unified credit amount | $12,060,000 | $12,920,000 |
| Gift to non-citizen spouse | $164,000 | $175,000 |
| Highest estate tax bracket | 37% | 40% |
Sources: IRS Rev. Proc. 2021-45
SEP IRA and SIMPLE IRA contribution limits
| 2022 | 2023 | |
| Maximum annual additions to a SEP IRA | $61,000 | $66,000 |
| Maximum compensation considered for a SEP IRA | $305,000 | $330,000 |
| SIMPLE IRA salary deferral amount | $14,000 | $15,500 |
| 50+ Catch-up | $3,000 | $3,500 |
Sources: IRS Notice 2022-55
Qualified Plans
| 2022 | 2023 | |
| 401(k), 403(b), 457(b) salary deferral1 | $20,500 | $22,500 |
| 50+ Catch-up | $6,500 | $7,500 |
| Simple Salary deferral | $14,000 | $15,500 |
| 50+ Catch-up | $3,000 | $3,500 |
| Maximum annual additions in a defined contribution plan | $61,000 | $66,000 |
| Maximum Annual benefit in defined benefit plan | $245,000 | $265,000 |
| Maximum compensation considered | $305,000 | $330,000 |
| Highly compensated employee | $135,000 | $150,000 |
| Key employee - Officer | $200,000 | $215,000 |
Special catch-up rules applies to certain 403(b) contributors with 15 or more years of service and governmental 457(b) participants in the last 3 years before retirement. Source: IRS News Release IR-2015-118