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In this story, let's see all facts about the new federal tax bracket and standard deduction for 2023.

The federal tax brackets for the tax year 2023 are also seven.

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Federal tax brackets for 2023 are 10%, 12%, 22%, 24%, 32%, 35% and 37%

Federal tax rates getting updated for the year 2023 by Internal Revenue System (IRS) based on inflation

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For 2023, there is no change in tax rates but tax brackets are adjusted.

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TAX BRACKETS FOR 2023

Income less than or equal to $11,000

Single Individual

Tax Rate 10%

Income from $11,001 to $44,725

Single Individual

Tax Rate 12%

Income from $44,726 to $95,375

Single Individual

Tax Rate 22%

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Income from $95,376 to $182,100

Single Individual

Tax Rate 24%

Income from $182,101 to $231,250

Single Individual

Tax Rate 32%

Income from $231,251 and below $578,125

Single Individual

Tax Rate 35%

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Income above $578,125

Single Individual

Tax Rate 37%

Income less than or equal to $22,000

Married  Filing Jointly

Tax Rate 10%

Income above $22,000 and below $89,450 

Married  Filing Jointly

Tax Rate 12%

Income above $89,450 and below $190,750 

Married  Filing Jointly

Tax Rate 22%

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Income above $190,750 and below $364,200

Married  Filing Jointly

Tax Rate 24%

Income above $364,200 and below $462,500

Married  Filing Jointly

Tax Rate 32%

Income above $462,500 and below $693,750

Married  Filing Jointly

Tax Rate 34%

Income above $693,750

Married  Filing Jointly

Tax Rate 37%

Income less than or equal to $11,000

Married  Filing Separately

Tax Rate 10%

Income above $11,000 and below $44,725

Married  Filing Separately

Tax Rate 12%

Income above $44,725 and below $95,735

Married  Filing Separately

Tax Rate 22%

Income above $95,735 and below $182,100

Married  Filing Separately

Tax Rate 24%

Income above $182,100 and below $231,250

Married  Filing Separately

Tax Rate 32%

Income above $231,250 and below $346,875

Married  Filing Separately

Tax Rate 35%

Income above $346,875

Married  Filing Separately

Tax Rate 37%

Income less than or equal to $15,700

Head of Household

Tax Rate 10%

Income above $15,700 and below $59,850

Head of Household

Tax Rate 12%

Income above $59,850 and below $95,350

Head of Household

Tax Rate 22%

Income above $95,350 and below $182,100

Head of Household

Tax Rate 24%

Income above $182,100 and below $231,250

Head of Household

Tax Rate 32%

Income above $231,250 and below $578,100

Head of Household

Tax Rate 35%

Income above $578,100

Head of Household

Tax Rate 37%

STANDARD DEDUCTIONS 2023

Standard Deduction will be $13,850

Single

Standard Deduction will be $27,700

Married Filing Jointly

Standard Deduction will be $13,850

Married Filing Separately

Standard Deduction will be $27,700

Surviving Spouse

Standard Deduction will be $20,800

Head of Household

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