![]() ![]() Here are the 2023 federal income tax brackets and rates for the four most common filing statuses. However, for head-of-household filers, last year's bracket went from $55,901 to $89,050. Last year, for single filers, the 22% tax bracket started at $41,776 and ended at $89,075. ![]() For example, for 2023, the 22% tax bracket range for single filers is $44,726 to $95,375, while the same rate applies to head-of-household filers with taxable income from $59,851 to $95,350. Tax bracket ranges also differ depending on your filing status. Graphics) Federal Tax Brackets Based on Filing Status State tax rates and amounts due, if any, will vary. ![]() Remember: we're talking about federal tax. This chart shows estimates of how much of your income would be taxed at each rate. The total estimated federal tax of $4,580 is still a bit ($220) lower than the $4,800 that you’d be taxed if a flat 12% federal rate applied to your $40,000 of income. The next $28,999 of your income (i.e., the income between $11,001 to $44,725, which will make sense when you see the tax brackets below) gets taxed at the 12% federal rate.The first $11,000 of your income is taxed at the 10% rate.Here’s how the marginal tax rate works with this example: The rest of your income gets taxed at the federal income rate below 12%, i.e.,10%. Instead, your $40,000 will get taxed at a marginal tax rate, so only some of your income is taxed at the maximum rate for your income that year (12%). You might think that since $40,000 falls into the 12% federal bracket, your tax would be a flat $4,800. Take another example of someone single with a taxable income for 2023 of $40,000. ![]()
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