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

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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.

Single Filing Status

2022 Annual Taxable Income

2023 Annual Taxable Income

10%

$0 - $10,275

$0 - $11,000

12%

$10,276 - $41,775

$11,001 - $44,725

22%

$41,776 - $89,075

$44,726 - $95,375

24%

$89,076 - $170,050

$95,376 - $182,100

32%

$170,051 - $215,950

$182,101 - $231,250

35%

$215,951 - $539,900

$231,251 - $578,125

37%

$539,901 or more

$578,126 or more

Married Filing Jointly

2022 Annual Taxable Income

2023 Annual Taxable Income

10%

$0 - $20,550

$0 - $22,000

12%

$20,551 - $83,550

$22,001 - $89,450

22%

$83,551 - $178,150

$89,451 - $190,570

24%

$178,151 - $340,100

$190,571 - $364,200

32%

$340,101 - $431,900

$364,201 - $462,500

35%

$431,901 - $647,850

$462,501 - $693,750

37%

$647,851 or more

$693,751 or more

Head of Household

2022 Annual Taxable Income

2023 Annual Taxable Income

10%

$0 - $14,650

$0 - $15,700

12%

$14,651 - $55,900

$15,701 - $59,850

22%

$55,901 - $89,050

$59,851 - $95,350

24%

$89,051 - $170,050

$95,351 - $182,100

32%

$170,051 - $215,950

$182,101 - $231,250

35%

$215,951 - $539,900

$231,251 - $578,100

37%

$539,901 or more

$578,101 or more

This article is for informational purposes only and is not a substitute for individualized professional tax advice. Individuals should consult their own tax advisor for matters specific to their own taxes. This article was prepared by and approved by Marcus by Goldman Sachs, but does not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Goldman Sachs Bank USA and Goldman Sachs & Co. LLC are not providing any financial, economic, legal, accounting, tax or other recommendations in this article. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. Information contained in this article does not constitute the provision of investment advice by Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates. Neither Goldman Sachs Bank USA, Goldman Sachs & Co. LLC nor any of their affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements of any information contained in this document and any liability therefore is expressly disclaimed.