By Jason Watson, CPA
Posted Wednesday, October 18, 2023
| Single 2023 | ||||
| From | To | Rate | Marginal Tax | Total Tax |
| 0 | 11,000 | 10% | 1,100 | 1,100 |
| 11,001 | 44,725 | 12% | 4,047 | 5,147 |
| 44,726 | 95,375 | 22% | 11,143 | 16,290 |
| 95,376 | 182,100 | 24% | 20,814 | 37,104 |
| 182,101* | 231,250 | 32% | 15,728 | 52,832 |
| 231,251 | 578,125 | 35% | 121,406 | 174,238 |
| 578,125 | forever | 37% | ||
| Married Filing Jointly 2023 | ||||
| From | To | Rate | Marginal Tax | Total Tax |
| 0 | 22,000 | 10% | 2,200 | 2,200 |
| 22,001 | 89,450 | 12% | 8,094 | 10,294 |
| 89,451 | 190,750 | 22% | 22,286 | 32,580 |
| 190,751 | 364,200 | 24% | 41,628 | 74,208 |
| 364,201* | 462,500 | 32% | 31,456 | 105,664 |
| 462,501 | 693,750 | 35% | 80,938 | 186,602 |
| 693,751 | forever | 37% | ||
* Start of Section 199A qualified business income phaseout for small business owners.
| Standard Deduction Single | 13,850 |
| Standard Deduction Married Filing Joint | 27,700 |
| Social Security Wage Limit | 160,200 |
| IRA Contribution Limit | 6,500 + 1,000 catch-up |
| Roth Income Phaseout Single | 138,000 |
| Roth Income Phaseout Married Filing Joint | 218,000 |
| 401k Employee | 22,500 + 7,500 catch-up |
| 401k Employer | 38,500 |
| Max 401k Total | 66,000 + 7,500 catch-up |
Jason Watson, CPA, is a Senior Partner of WCG CPAs & Advisors, a boutique yet progressive tax,
accounting and business consultation firm located in Colorado serving clients worldwide.
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