The Internal Revenue Service released this week higher federal tax brackets and standard deductions for 2023 amid soaring inflation.
Here’s What You Should Know
CNBC reported that the income thresholds have increased for each bracket, which will apply for tax year 2023 and returns filed in 2024.
IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims
The tax brackets show how much a taxpayer will owe in federal income taxes on each “taxable income” portion, which is calculated by adding up all income sources and then subtracting any standard deductions, according to H&R Block.
These are the newly released federal tax brackets for tax year 2023
Married
| $22,000 or less | 10% of the taxable income |
| $22,001 to $89,450 | $2,200 plus 12% of the amount over $22,000 |
| $89,451 to $190,750 | $10,294 plus 22% of the amount over $89,450 |
| $190,751 to $364,200 | $32,580 plus 24% of the amount over $190,750 |
| $364,201 to $462,500 | $74,208 plus 32% of the amount over $364,200 |
| $462,501 to $693,750 | $105,664 plus 35% of the amount over $462,500 |
| $693,751 or more | $186,601.50 plus 37% of the amount over $693,750 |
Single:
| $11,000 or less | 10% of the taxable income |
| $11,001 to $44,725 | $1,100 plus 12% of the amount over $11,000 |
| $44,726 to $95,375 | $5,147 plus 22% of the amount over $44,725 |
| $95,376 to $182,100 | $16,290 plus 24% of the amount over $95,375 |
| $182,101 to $231,250 | $37,104 plus 32% of the amount over $182,100 |
| $231,251 to $578,125 | $52,832 plus 35% of the amount over $231,250 |
| $578,126 or more | $174,238.25 plus 37% of the amount over $578,125 |
The complete breakdown can be found here.
The standard deduction will also increase in 2023, rising to $27,700 for married couples filing jointly, which is an increase from $25,900 in 2022.
Single filers can claim $13,850, an increase from $12,950 in 2022.
The tax agency also increased the figures for provisions like alternative minimum tax.
While the upcoming tax season has yet to start, Californians who have yet to file their 2022 taxes have until Oct. 16 to do so.
The tax extension was granted to residents impacted by severe weather during the winter season last year.
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They are screwing everyone, but themselves because none of the are truthful.
WHY not a flat tax and that way everyone pays the same with No Deductions. Its fair why should a person earning a dollar less on $89,450 pay $2,200 plus 12 % over the $22,000 when the $89,451 guy has to pay $8,094 more just on the flat rate alone PLUS an additional 10% (over the original screwing of 12% the other guy is forced to pay?)
In otherwords you are getting screwed for 32% Tax Rate do people understand that? A 32% tax rate and those scum that passed it will find a way to pay nothing?
and the next bracket is $32,580 & $45,780 = $78,360 or a total of 41% of your income to pay for “Pelosi, Biden/Obamas homes, plus your representatives to screw you and raise Taxes again and pay for Zelensky’s UKRAINE debacle?
Was the HOUSE supposed to VOTE on Taxes?
Did this just come from the but holes of some IRS agent?