New Income Tax Brackets for 2023
Your income limit determines what tax rates apply to you
You filed your 2022 tax return back in April, you're probably wondering what the tax brackets are for the 2023 tax year?"
It's possible that you all could fall into the lower bracket for earned income in 2023.
There are seven tax brackets in total. The higher your income, the more you pay
If you're a single filer in the 2023 22 percent tax bracket, you won't pay 22 percent on all your taxable income.
You'll pay 10 percent on taxable income up to $11,000, 12 percent on amounts from $11,000 to $44,725 and up (up to $95,375).
The standard deduction for single filers will increase to $13,850 for the 203 tax year, up from $12,950 the previous year.
If you paid a large tax bill in 2022, you should talk to a tax advisor about how to reduce your bill in 2025.