The IRS has released the tax brackets for the 2023 tax year. The tax brackets are used to determine the tax rate that applies to a specific level of income. The tax rate increases as income increases and goes through different brackets. Here are the 2023 tax brackets for the different filing statuses:
Single:
- 10%: Taxable income up to $9,950
- 12%: Taxable income between $9,951 and $40,525
- 22%: Taxable income between $40,526 and $86,375
- 24%: Taxable income between $86,376 and $164,925
- 32%: Taxable income between $164,926 and $209,425
- 35%: Taxable income between $209,426 and $523,600
- 37%: Taxable income over $523,600
Married Filing Jointly:
- 10%: Taxable income up to $19,900
- 12%: Taxable income between $19,901 and $81,050
- 22%: Taxable income between $81,051 and $172,750
- 24%: Taxable income between $172,751 and $329,850
- 32%: Taxable income between $329,851 and $418,850
- 35%: Taxable income between $418,851 and $628,300
- 37%: Taxable income over $628,300
Head of Household:
- 10%: Taxable income up to $14,200
- 12%: Taxable income between $14,201 and $54,050
- 22%: Taxable income between $54,051 and $108,725
- 24%: Taxable income between $108,726 and $164,925
- 32%: Taxable income between $164,926 and $209,425
- 35%: Taxable income between $209,426 and $523,600
- 37%: Taxable income over $523,600
Married Filing Separately:
- 10%: Taxable income up to $9,950
- 12%: Taxable income between $9,951 and $40,525
- 22%: Taxable income between $40,526 and $86,375
- 24%: Taxable income between $86,376 and $164,925
- 32%: Taxable income between $164,926 and $209,425
- 35%: Taxable income between $209,426 and $314,150
- 37%: Taxable income over $314,150
It’s important to note that these tax brackets are subject to change and that these are just general guidelines, other factors such as deductions, credits, and other income may affect the final tax bill. If you have any specific questions or concerns about your taxes, it is recommended to speak with a tax professional or use IRS resources.
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