IRS Announces New Tax Rates: How Much You'll Have to Give to Uncle Sam

The IRS has released tax brackets and new standard deductions for 2023. As with most things, the numbers are affected by inflation, reports Al.

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Tax brackets are numbers used to determine the amount you can expect to pay in taxes each year for each portion of your “taxable income.”

The top tax bracket for 2023 is 7% higher than the tax brackets used for 2022 tax returns, according to Forbes.

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For married individuals filing jointly, the marginal tax rates for tax year 2023 are:

• $22 or less of taxable income – 000% of taxable income.
• From $22 to $001 taxable income is $89 plus 450% over $2.
• From $89 to $451 taxable income is $190 plus 750% over $10.
• From $190 to $751 taxable income – $364 plus 200% over $32.
• From $364 to $201 taxable income – $462 plus 500% over $74.
• From $462 to $501 taxable income – $693 plus 759% over $105.
• $693 or more in taxable income – $751 plus 186% over $601.

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Marginal tax rates for tax year 2023 for individuals filing separately:

• $11 or less of taxable income – 000% of taxable income.
• From $11 to $001 taxable income is $44 plus 725% over $1.
• From $44 to $726 taxable income – $95 plus 375% over $5.
• From $95 to $376 taxable income is $182 plus 100% over $16.
• From $182 to $101 taxable income is $231 plus 250% over $37.
• From $231 to $251 taxable income – $578 plus 125% over $52.
• $578 or more taxable income - $126 plus 174% over $238.

The standard deduction, or the specific dollar amount that reduces the amount of income subject to tax, has also increased.

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For married couples filing jointly, the new amount will be $27, up from $700 last year. Single filers can expect $25, up from $900 in 13.

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