The IRS adjusts tax brackets annually to offset the effects of inflation. With inflation, a person is pushed into a higher tax bracket without necessarily making more income. That means paying more taxes. This doesn’t sound fair, right? So to level the playing field, there are inflation-adjusted amounts that increase annually to help combat this. Inflation-adjusted amounts will increase over 7% from the previous year due to the inflation we see today. This reflects in tax brackets and show how increments of your income will be taxed. Don’t be confused, these tax brackets are not for tax returns due April 2023. Click here for 2022 tax bracket information. The 2023 federal income tax brackets are for the tax returns that you will file in 2024. While tax brackets can help you plan, ezTaxReturn will manage all calculations when you use them to file.
| Tax rate | Taxable income bracket | Taxes owed |
|---|---|---|
| 10% | $0 to $11,000 | 10% of taxable income |
| 12% | $11,001 to $44,725 | $1,100 + 12% of the amount over $11,000 |
| 22% | $44,726 to $95,375 | $5,147 + 22% of the amount over $44,725 |
| 24% | $95,376 to $182,100 | $16,290 + 24% of the amount over $95,375 |
| 32% | $182,101 to $231,250 | $37,104 + 32% of the amount over $182,100 |
| 35% | $231,251 to $578,125 | $52,832 + 35% of the amount over $231,250 |
| 37% | $578,126 or more | $174,238.25 + 37% of the amount over $578,125 |
| Tax rate | Taxable income bracket | Taxes owed |
|---|---|---|
| 10% | $0 to $22,000 | 10% of taxable income |
| 12% | $22,001 to $89,450 | $2,200 + 12% of the amount over $22,000 |
| 22% | $89,451 to $190,750 | $10,294 + 22% of the amount over $89,450 |
| 24% | $190,751 to $364,200 | $32,580 + 24% of the amount over $190,750 |
| 32% | $362,201 to $462,500 | $74,208 + 32% of the amount over $364,200 |
| 35% | $462,501 to $693,750 | $105,664 + 35% of the amount over $462,500 |
| 37% | $693,751 or more | $186,601.50 + 37% of the amount over $693,750 |
| Tax rate | Taxable income bracket | Taxes owed |
|---|---|---|
| 10% | $0 to $11,000 | 10% of taxable income |
| 12% | $11,001 to $44,725 | $1,100 + 12% of the amount over $1,100 |
| 22% | $44,726 to $95,375 | $5,147 + 22% of the amount over $44,725 |
| 24% | $95,376 to $182,100 | $16,290 + 24% of the amount over $95,375 |
| 32% | $182,101 to $231,250 | $37,104 + 32% of the amount over $182,100 |
| 35% | $231,251 to $346,875 | $52,832 + 35% of the amount over $231,250 |
| 37% | $346,876 or more | $93,300.75 + 37% of the amount over $346,875 |
| Tax rate | Taxable income bracket | Taxes owed |
|---|---|---|
| 10% | $0 to $15,700 | 10% of taxable income |
| 12% | $15,701 to $59,850 | $1,570 + 12% of the amount over $15,700 |
| 22% | $59,851 to $95,350 | $6,868 + 22% of the amount over $59,850 |
| 24% | $95,351 to $182,100 | $14,678 + 24% of the amount over $95,350 |
| 32% | $182,101 to $231,250 | $35,498 + 32% of the amount over $182,100 |
| 35% | $231,251 to $578,100 | $51,226 + 35% of the amount over $231,250 |
| 37% | $578,101 or more | $172,623.50 + 37% of the amount over $578,100 |
The standard deduction is a fixed amount that lowers your taxable income. You can only claim it if you don’t itemize your deductions. The standard deduction amount varies based on your filing status, age and whether you can be claimed as a dependent by someone else. When you prepare your return with ezTaxReturn, we’ll compare your standard deduction against your itemized deductions so you choose the one that gives you the biggest savings.
| Filing Status | Standard deduction amount |
|---|---|
| Single | $13,850 |
| Head of household | $20,800 |
| Married filing jointly | $27,700 |
| Married filing separately | $13,850 |
Everyone has to pay their fair share of taxes. If you earn more than the alternative minimum tax exemption amount, you have to calculate your taxes twice. Once using the standard rules and another time using the Alternative Minimum Tax. Then you have to pay whichever tax bill is higher.
| Filing status | Exemption amount | Begins to phaseout at |
|---|---|---|
| Single | $81,300 | $578,150 |
| Married filing jointly | $126,500 | $1,156,300 |
When you venture into the stock market and make money on your investments, Uncle Sam wants some of your profits. If you had the asset for over a year, you may owe 0%, 15% or 20% depending on your income.
| Filing Status | 0% Tax Rate | 15% Tax Rate | 20% Tax Rate |
|---|---|---|---|
| Single | Up to $44,625 | $44,626 – $492,300 | Over $492,300 |
| Head of household | Up to $59,750 | $59,751 – $523,050 | Over $523,050 |
| Married filing jointly | Up to $89,250 | $89,251 – $553,850 | Over $553,850 |
| Married filing separately | Up to $44,625 | $44,626 – $492,300 | Over $492,300 |
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…