2023 Federal Tax Brackets
Knowing your federal tax bracket is essential, as it determines your federal income tax rate for the year.
Federal income tax brackets change as the beginning and ending income amounts for each tax bracket are adjusted yearly for inflation. This means you could fall into a higher or lower tax bracket each year based on your income, and additionally that you may pay a different tax rate on your income one year than you did in the previous year or the following year.
Another important detail about federal tax brackets and associated income tax rates is that the rates are “marginal” tax rates. A marginal rate is the tax rate you pay on an additional dollar of income. The highest applicable federal tax rate for your tax bracket only applies to a portion of your income (the rest of your income gets taxed at a lower rate or rates).
Here are the 2023 federal tax brackets and income tax rates for the four most common filing statuses:
| Tax Rate | Taxable Income (Single) |
Taxable Income (Married Filing Jointly) |
Taxable Income (Married Filing Separately) |
Taxable Income (Head of Household) |
|---|---|---|---|---|
| 10% | Up to $11,000 | Up to $22,000 | Up to $11,000 | Up to $15,700 |
| 12% | $11,001 to $44,725 | $22,001 to $89,450 | $11,001 to $44,725 | $15,701 to $59,850 |
| 22% | $44,726 to $95,375 | $89,451 to $190,750 | $44,726 to $95,375 | $59,851 to $95,350 |
| 24% | $95,376 to $182,100 | $190,751 to $364,200 | $95,376 to $182,100 | $95,351 to $182,100 |
| 32% | $182,101 to $231,250 | $364,201 to $462,500 | $182,101 to $231,250 | $182,101 to $231,250 |
| 35% | $231,251 to $578,125 | $462,501 to $693,750 | $231,251 to $346,875 | $231,251 to $578,100 |
| 37% | Over $578,125 | Over $693,750 | Over $346,875 | Over $578,100 |
Check with your financial professional for updates. Information contained herein is current as of 2/28/2024. It is subject to legislative changes and is not intended to be legal or tax advice. Consult a qualified tax advisor regarding specific circumstances. This material is furnished “as is” without warranty of any kind. Its accuracy and completeness is not guaranteed and all warranties expressed or implied are hereby excluded.
