Income Tax Calculator Deloitte
Here’s an all-encompassing table with the main topics that Deloitte and other tax consulting firms typically address:
Category | Details |
---|---|
Filing Status | Single, Married Filing Jointly, Married Filing Separately, Head of Household, Qualifying Widow(er) |
Tax Brackets (2023) | Progressive rates, typically ranging from 10% to 37% for individuals depending on income brackets |
Standard Deduction | Amounts vary by filing status: e.g., $13,850 for Single, $27,700 for Married Filing Jointly in 2023 |
Personal Exemptions | Repealed under the Tax Cuts and Jobs Act; not currently available |
Itemized Deductions | Includes mortgage interest, medical expenses, charitable contributions, etc. |
Earned Income Tax Credit (EITC) | Available to low-to-moderate-income taxpayers; credit varies by income, filing status, and number of dependents |
Child Tax Credit | Up to $2,000 per qualifying child under age 17, with income-based phase-outs |
Retirement Contribution Limits | Traditional and Roth IRAs: $6,500 per year (additional $1,000 if over 50); 401(k): $22,500 per year |
Capital Gains Tax Rates | Varies by income level: 0%, 15%, or 20% |
Alternative Minimum Tax (AMT) | Applies to high-income earners; calculated using an alternative income method |
Net Investment Income Tax (NIIT) | Additional 3.8% tax on net investment income for high earners |
Social Security Tax | 6.2% on wages up to $160,200 for 2023; employers match contributions |
Medicare Tax | 1.45% on all wages, with an additional 0.9% for high-income earners |
Self-Employment Tax | 12.4% Social Security and 2.9% Medicare on net earnings |
Foreign Income Exclusion | Up to $120,000 (2023) for U.S. citizens working abroad, subject to qualification |
Health Savings Account (HSA) Contributions | Limits: $3,850 for individuals, $7,750 for families, with an additional $1,000 for those 55+ |
Education Credits | American Opportunity Credit, Lifetime Learning Credit |
Filing Deadlines | Generally April 15 (with extension options to October 15) |
Penalty for Late Payment | Typically 0.5% of unpaid taxes per month up to 25% |
This table provides an overview of the fundamental tax aspects. Deloitte or other professional advisors would typically provide additional specifics based on legislation, updates, or particular financial circumstances.