Social Security: Individuals are taxed at 6.20% for Social Security up to an earned income of $160,200. Medicare: Individuals are taxed at 1.45% for Medicare with no limit to earned income. Once an individual earns more than $200,000 ($250,000 for married couples filing joint) an additional Medicare tax of 0.9% is added (2.35% total).   […]

The standard deductions for 2023 are: Married Filing Joint $27,700 Married Filing Single $13,850 Head of House $20,800 Single $13,850  

Earned Income (and AGI) must be less than (MFJ): 2022 2021 2020 No Qualifying Children $22,610 $27,380 $21,710 One Qualifying Child $49,622 $48,108 $47,646 Two Qualifying Children $55,529 $53,865 $53,330 Three or more Qualifying Children $59,187 $56,414 $56,844 Maximum amount of credit (all filers except MFS): 2022 2021 2020 No Qualifying Children $560 $1,502 $538 […]

If you and/or your spouse have taxable compensation (earnings subject to FICA and Medicare tax), you may be able to contribute to an Individual Retirement Account. The maximum Traditional IRA or ROTH IRA contribution for 2023 is $6,500 if under the age of 50 and $7,500 if age 50 or older as of the end […]

 FEDERAL 10% 12% 22% 24%   32%   35%   Single < $11,000 $11,000 – $44,725 $44,725 – $95,375 $95,375 – 182,100 182,100-231,250 >231,250 Married Joint <$22,000 $22,000 – $89,450 $89,450 – $190,750 $190,750 – 364,200 364,200-462,500 >462,500   MINNESOTA 5.35% Up To 6.80% 7.85% 9.85% Over Married Joint $43,950 $43,951 – $174,610 $174,611 – […]

Health Savings Account (HSA) contribution limitations for 2023 are listed below. Contributions to an HSA are tax deductible or pre-tax as a payroll deduction. Funds from an H.S.A. account can be used to offset deductibles, copays, and other qualified medical expenses. Excess contributions are not deductible and are subject to penalty unless the excess contributions […]

Beginning on July 1, 2022, the standard mileage rates for the use of a vehicle for business purposes is 62.5 cents per mile, which is up 4 cents from the beginning of the year.

If you and/or your spouse have taxable compensation (earnings subject to FICA and Medicare tax), you may be able to contribute to an Individual Retirement Account. The maximum Traditional IRA or ROTH IRA contribution for 2022 is $6,000 if under the age of 50 and $7,000 if age 50 or older as of the end […]

 FEDERAL 10% 12% 22% 24%   32%   35%   Single < $10,275 $10,275 – $41,775 $41,775 – $89,075 $89,075 – 170,050 170,050-215,950 >215,950 Married Joint < $20,550 $20,550 – $83,550 $89,075 – $178,150 $178,150 – 340,100 340,100-431,900 >431,900   MINNESOTA 5.35% Up To 6.80% 7.85% 9.85% Over Married Joint $41,050 $41,051 – $163,060 $163,061 […]

New for 2021 tax year, everyone will be receiving notice 6475 from the IRS, which will be used to complete your 2021 income tax return. The IRS will begin processing these notices in late January. Notice 6475 will list the amount received for the 3rd round of Economic Impact Payments. This information will be required […]