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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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