Knowing your tax bracket can help you estimate the amount of tax you’ll owe the IRS. If you’re one of the 64 million taxpayers who self-prepared their returns this year, you may have no clue what tax bracket you’re in. That’s because tax software programs like ezTaxReturn do all the math for you.
There are seven tax brackets the IRS adjusts each year for inflation. The current tax rates for the seven brackets are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your tax bracket is determined by your filing status and taxable income. Depending on how much you earn, each portion of your income may be taxed at a different rate. The idea is the more you earn, the more you’ll pay in taxes. Here are the 2022 tax brackets for returns due in April 2023.
Tax rate | Taxable income | Tax owed |
10% | $0 to $10,275 | 10% of taxable income |
12% | $10,276 to $41,775 | $1,027.50 + 12% of the amount over $10,275 |
22% | $41,776 to $89,075 | $4,807.50 + 22% of the amount over $41,775 |
24% | $89,076 to $170,050 | $15,213.50 + 24% of the amount over $89,075 |
32% | $170,051 to $215,950 | $34,647.50 + 32% of the amount over $170,050 |
35% | $215,951 to $539,900 | $49,335.50 + 35% of the amount over $215,950 |
37% | $539,901 or more | $162,718 + 37% of the amount over $539,900 |
Tax rate | Taxable income | Tax owed |
10% | $0 to $20,550 | 10% of taxable income |
12% | $20,551 to $83,550 | $2,055 + 12% of the amount over $20,550 |
22% | $83,551 to $178,150 | $9,615 + 22% of the amount over $83,550 |
24% | $178,151 to $340,100 | $30,427 + 24% of the amount over $178,150 |
32% | $340,101 to $431,900 | $69,295 + 32% of the amount over $340,100 |
35% | $431,901 to $647,850 | $98,671 + 35% of the amount over $431,900 |
37% | $647,851 or more | $174,253.50 + 37% of the amount over $647,850 |
Tax rate | Taxable income | Tax owed |
10% | $0 to $10,275 | 10% of taxable income |
12% | $10,276 to $41,775 | $1,027.50 + 12% of the amount over $10,275 |
22% | $41,776 to $89,075 | $4,807.50 + 22% of the amount over $41,775 |
24% | $89,076 to $170,050 | $15,213.50 + 24% of the amount over $89,075 |
32% | $170,051 to $215,950 | $34,647.50 + 32% of the amount over $170,050 |
35% | $215,951 to $323,925 | $49,335.50 + 35% of the amount over $215,950 |
37% | $323,926 or more | $87,126.75 + 37% of the amount over $323,925 |
Tax rate | Taxable income | Tax owed |
10% | $0 to $14,650 | 10% of taxable income |
12% | $14,651 to $55,900 | $1,465 + 12% of the amount over $14,650 |
22% | $55,901 to $89,050 | $6,415 + 22% of the amount over $55,900 |
24% | $89,051 to $170,050 | $13,708 + 24% of the amount over $89,050 |
32% | $170,051 to $215,950 | $33,148 + 32% of the amount over $170,050 |
35% | $215,951 to $539,900 | $47,836 + 35% of the amount over $215,950 |
37% | $539,901 or more | $161,218.50 + 37% of the amount over $539,900 |
If any of this seems confusing, don’t worry, ezTaxReturn has got you covered. When you do your taxes with ezTaxReturn, we do all the calculations, so you file a 100% accurate return. It’s fast, ez and stress-free.
The information in this article is up to date for tax year 2024 (returns filed…
The information in this article is up to date for tax year 2024 (returns filed…
The information in this article is up to date for tax year 2024 (returns filed…
The information in this article is up to date for tax year 2024 (returns filed…
The information in this article is up to date for tax year 2024 (returns filed…
The information in this article is up to date for tax year 2024 (returns filed…