The Internal Revenue Service (IRS) has introduced new tax brackets for 2023 and taxpayers will want to pay attention to the changes.
These new tax brackets come as the IRS makes adjustments to account for inflation. As a result, we’re seeing an increase in standard deductions. This has married filing jointly seeing a $1.800 increase to $27,700. For individual filers, the standard deduction increases by $900 to $13,850.
With that covered, let’s jump into the new tax brackets news below!
Married Filing Jointly 2023 Tax Brackets
- Taxable income of $22,000 or less pays 10%.
- Taxable income ranging from $22,001 to $89,450 pays 12%.
- Taxable income between $89,451 and $190,750 pays 22%.
- Taxable income of $190,751 to $364,200 pays 24%.
- Taxable income ranging from $364,201 to $462,500 pays 32%.
- Taxable income between $462,501 and $693,750 pays 35%.
- Taxable income of $693,751 or more pays 37%.
Single Individuals 2023 Tax Brackets
- Taxable income of $11,000 or less pays 10%
- Taxable income of $11,001 to $44,725 pays 12%.
- Taxable income ranging from $44,726 to $95,375 pays 22%.
- Taxable income between $95,376 and $182,100 pays 24%.
- Taxable income of $182,101 to $231,250 pays 32%.
- Taxable income ranging from $231,251 to $578,125 pays 35%.
- Taxable income of $578,126 or more pays 37%.
To be clear to readers, these tax breaks are for 2023. That means these are the new rates that will be used when filing taxes in 2024. They do not affect 2022 taxes, which taxpayers will file in 2023.
Readers looking for all of the latest stock market news will want to stick around!
We’ve got all of the hottest stock news happening on Wednesday! Among that is what has shares of Establishment Labs (NASDAQ:ESTA), LMF Acquisition Opportunities (NASDAQ:LMAO), and Redhill Biopharma (NASDAQ:RDHL) stock moving today. You can read all of that news at the following links!
More Wednesday Stock Market News
- Establishment Labs (ESTA) Stock Falls 12% on Hindenburg Short Report
- LMAO Stock Surges as Shareholders Approve SeaStar Medical Merger
- What Is Going on With Redhill Biopharma (RDHL) Stock Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
