What Are the Federal Income Tax Brackets for 2022 and 2023?

Regardless of whether you’ll receive a tax refund or end up owing, the starting point is the same: You need to file your taxes.

This effort generally includes doing some calculations as well as tossing around terms like “tax brackets.” Understanding what a tax bracket is and where you fall is important.

Tax brackets – What are they?

How much money you earn in a year helps determine how much of your earnings should go toward federal taxes. There are seven tax brackets that cover different ranges of taxable income.

The tax bracket you fall into is based on your income and filing status, such as if you’re filing as an individual or filing one return as part of a married couple.

Why we have tax brackets

The federal government uses a progressive tax system, which means how much income tax you pay as an individual or a couple depends on how much taxable income you earn; it’s based on a concept the IRS cites as “ability to pay,” which means earners in lower-income brackets should be charged a lower rate of tax high-income earners.

Tax brackets for tax years 2022 and 2023

The IRS publishes the range of income for each bracket before it’s time to file. For those looking ahead, the tables below can help you compare the brackets and rates for the 2022 tax year and what you can expect to apply to your 2023 taxable income.