Income Tax Brackets for 2023

Income Earned Between Jan 1, 2023 and Dec 31st 2022(Taxes Return due in April 15th 2024)

Do you want to Learn how 2023 Federal Income Tax Brackets Apply to your taxes? Do you know Single, Married filing jointly, Married Filing Separately, Head of Household Taxpayers have different tax tables?

We have put together different tables for each filing status that you can use for your appropriate filing status.

Please go through the detailed tables below and see what is appropriate tax table for you.

Also learn to withhold correct taxes using W4 withholding calculator below.

Learn More>>> Do you know What Filing Status Applies to you? Learn More here

How the US Tax Brackets work?

In the US income tax system, income tax rates are graduated. Graduated means you pay different percentage of you income in taxes when you reach a certain income. For Example

For example, a single taxpayer will pay 10 percent on taxable income up to $10,275 earned in 2022.

The top tax rate for individuals is 37 percent for taxable income above $539,901 for tax year 2022.

The IRS changes these tax brackets from year to year to account for inflation and other changes in economy.

In tax year 2020, for example, a single person with taxable income up to $9,875 paid 10 percent, while in 2022, that income bracket rose to $10,275. Similarly, brackets for income earned in 2023 have been adjusted upward as well.

2023 Federal Tax Brackets for Single Tax Payers

Taxable Income in $$	Tax Amount Due in $$
Not over $11,000	10% of taxable income
Over $11,000 but not over $44,725	$1,100 plus 12% of the excess over $11,000
Over $44,725 but not over $95,375	$5,147 plus 22% of the excess over $44,725
Over $95,375 but not over $182,100	$16,290 plus 24% of the excess over $95,375
Over $182,100 but not over $231,250	$37,104 plus 32% of the excess over $182,100
Over $231,250 but not over $578,125	$52,832 plus 35% of the excess over $231,250
Over $578,125	$174,238.25 plus 37% of the excess over $578,125

2023 Federal Tax Brackets for Married Filing Jointly Tax Payers

Taxable Income in $$	Tax Amount Due in $$
Not over $11,000	10% of taxable income
Over $11,000 but not over $44,725	$1,100 plus 12% of the excess over $11,000
Over $44,725 but not over $95,375	$5,147 plus 22% of the excess over $44,725
Over $95,375 but not over $182,100	$16,290 plus 24% of the excess over $95,375
Over $182,100 but not over $231,250	$37,104 plus 32% of the excess over $182,100
Over $231,250 but not over $346,875	$52,832 plus 35% of the excess over $231,250
Over $346,875	$93,300.75 plus 37% of the excess over $346,875

2023 Federal Tax Brackets for Married Filing Separately Tax Payers

Taxable income in $$	Tax Due in $$
Not over $22,000	10% of taxable income
Over $22,000 but not over $89,450	$2,200 plus 12% of the excess over $22,000
Over $89,450 but not over $190,750	$10,294 plus 22% of the excess over $89,450
Over $190,750 but not over $364,200	$32,580 plus 24% of the excess over $190,750
Over $364,200 but not over $462,500	$74,208 plus 32% of the excess over $364,200
Over $462,500 but not over $693,750	$105,664 plus 35% of the excess over $462,500
Over $693,750	$186,601.50 plus 37% of the excess over $693,750

2023 Federal Tax Brackets for Head of Household Tax Payers

Taxable Income in $$	The tax due in $$
Not over $15,700	10% of taxable income
Over $15,700 but not over $59,850	$1,570 plus 12% of the excess over $15,700
Over $59,850 but not over $95,350	$6,868 plus 22% of the excess over $59,850
Over $95,350 but not over $182,100	$14,678 plus 24% of the excess over $95,350
Over $182,100 but not over $231,250	$35,498 plus 32% of the excess over $182,100
Over $231,250 but not over $578,100	$51,226 plus 35% of the excess over $231,250
Over $578,100	$172,623.50 plus 37% of the excess over $578,100

W4 Tax Withholding Calculator

If you end up paying a large amount in taxes for the year 2021 tax return, you should talk with a tax adviser about how to reduce taxes in 2022.

It’s probably much easier to have extra federal and state income tax taken out of each paycheck than face a big tax bill next year.

IRS requires you to pay 90% of your taxes during the year, If you don’t withhold enough taxes then you may be subject to penalty and interest by the IRS.

A good first step is to look at how much tax you get taken from your paycheck. The Internal Revenue Service has a free withholding estimator that can tell you how much you should have taken out of each paycheck.

If you feel you are a high income earner and still paying a lot in taxes, then look at these tips for lowering your taxes. You should also meet with your accountant/CPA more regularly and do Year Around Tax Planning.

Some of us wonder, why are taxes so high in the US, Lets Learn More

Learn More

IRS Standard Mileage Rates (2021-2022)

Income Tax Brackets for 2022