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2023 Tax Planning Guide
Alternative Minimum Tax
The exemption for taxpayers subject to the Alternative Minimum Tax (AMT), which limits allowable deductions for some higher-income taxpayers, increased significantly in 2023. If you believe your taxable income could trigger the AMT, increasing tax-deferred contributions to qualified retirement plans could help lower your AMT or even help you avoid the alternative tax altogether.
KIDDIE TAX
In 2022, the first $1,150 of a minor child's unearned income qualified for the standard deduction. The next $1,150 was taxed at the child's income tax rate. A child (or young adult's) unearned income beyond $2,300 was taxed at the parent's normal tax bracket. In 2023, the limits rise to $1,250 and $2,500.SOCIAL SECURITY TAX WAGE BASE INCREASED
Beginning in 2023, the maximum earnings subject to Social Security tax will rise to $160,200 from $147,000 in 2022. Currently, the employer and employee each pay half of the 12.4% Social Security tax due. Workers also pay a Medicare tax of 1.45% each year, plus an extra 0.9% on wages earned over $200,000. Self-employed workers must pay the full 12.4% Social Security tax.CONTACT US
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