2022-23 Federal Income Tax Rates and Tax Brackets

There are seven federal income tax brackets for 2022-23. In US tax rate is decide by your tax filling status and income.

There are seven federal income tax rates 37%, 35%, 32% , 24%,22%, 12% and 10%. Your filling status and taxable income status decides which tax brackets and rates apply to you.

The U.S. federal tax rates will not change until 2025 as a result of Job Acts 2017 and Tax Cuts.Income threshold that inform tax brackets are generally adjusted each year to show the rate of inflation.

These adjustment can protect taxpayers from ending up in a higher tax bracket as their cost of living rises. The tax bracket adjustment can also lower taxes for those whose can not compete with inflation.

Table of Contents

2022-23 U.S. Federal Income Tax and Tax Brackets Key Point

In 2022-23 the U.S. federal tax rate range from 10% to 37%
Tax brackets are adjusted each year to account for inflation.This can help prevent a taxpayer from paying higher taxes as the cost of living rises.
A marginal tax rate is the highest tax rate a person income is subject to
The US has a progressive tax system where portion of a person taxable income can fall into different brackets to be taxed at different rates

2023 Tax detail: filing jointly and married

Taxable income bracket is $0 to $22000, Tax rate is 10% and Taxes owed 10% of taxable income
Taxable income bracket is $22001 to $89450, Tax rate is 12% and Taxes owed $2200 plus 12% of amount over $22000
Taxable income bracket is $89450 to $190750, Tax rate is 22% and Taxes owed $10294 plus 22% of amount over $89450
Taxable income bracket is $190751 to $364200, Tax rate is 24% and Taxes owed $32580 plus 24% of amount over $190750
Taxable income bracket is $364201 to $462500, Tax rate is 32% and Taxes owed $74208 plus 32% of the amount over $364200
Taxable income bracket is $462501 to $693750, Tax rate is 35% and Taxes owed $105664 plus 35% of the amount over $462500
Taxable income bracket is $693751 or more, Tax rate is 37% and Taxes owed $186601.50 + 37% of the amount over $693750

2023 Tax detail:Single Filers

Taxable income bracket is $0 to $11000, Tax rate is 10% and Taxes owed 10% of taxable income
Taxable income bracket is $11001 to $44725, Tax rate is 12% and Taxes owed $1100 plus 12% of amount over $11000
Taxable income bracket is $44726 to $95375, Tax rate is 22% and Taxes owed $5147 plus 22% of amount over $44725
Taxable income bracket is $95376 to $182100, Tax rate is 24% and Taxes owed $16290 plus 24% of amount over $95375
Taxable income bracket is $182101 to $231250, Tax rate is 32% and Taxes owed $37104 plus 32% of amount over $182100
Taxable income bracket is $231251 to $578125, Tax rate is 35% and Taxes owed $52832 plus 35% of amount over $231250
Taxable income bracket is $578126 or more, Tax rate is 37% and Taxes owed $174238.25 plus 37% of amount over $578125