Filing Your Taxes in 2023? Here's What To Expect From Your Tax Brackets

Have you kept your eyes on the news? With inflation rising, the IRS changed its tax brackets for the 2022 tax year. That means when you’re filing your taxes before April’s deadline, you may notice you’re filing under a different bracket than in previous years. 

For the 2022 tax year, there are still seven tax rates in effect: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. This blog post will help you understand how your tax bracket may change when you file your 2022 tax return.  

How do tax brackets work? 

Tax brackets show you the rate you are expected to pay on each portion of your taxable income. For example, if you’re single, the lowest tax rate on your income, 10% for the first $10,275 you earn, is applied. The next portion of your income will then be taxed at the following bracket. This progressive rate ensures that all taxpayers pay the same rates on their levels of taxable income. 

2022 Tax brackets for single filers

• Taxable income: Up to $10,275. Tax rate: 10%
• Taxable income: $10,276 to $41,775. Tax rate: 12%
• Taxable income: $41,776 to $89,075. Tax rate: 22%
• Taxable income: $89,076 to $170,050. Tax rate: 24%
• Taxable income: $170,051 to $215,950. Tax rate: 32%
• Taxable income: $215,951 to $539,900. Tax rate: 35%
• Taxable income: Over $539,900. Tax rate: 37%

2022 Tax brackets for married couples filing jointly

• Taxable income: Up to $20,550. Tax rate: 10%
• Taxable income: $20,551 to $83,550. Tax rate: 12%
• Taxable income: $83,551 to $178,150. Tax rate: 22%
• Taxable income: $178,151 to $340,100. Tax rate: 24%
• Taxable income: $340,101 to $431,900. Tax rate: 32%
• Taxable income: $431,901 to $647,850. Tax rate: 35%
• Taxable income: Over $647,850. Tax rate: 37%

2022 Tax brackets for married couples filing separately

• Taxable income: Up to $10,275. Tax rate: 10%
• Taxable income: $10,276 to $41,775. Tax rate: 12%
• Taxable income: $41,776 to $89,075. Tax rate: 22%
• Taxable income: $89,076 to $170,050. Tax rate: 24%
• Taxable income: $170,051 to $215,950. Tax rate: 32%
• Taxable income: $215,951 to $539,900. Tax rate: 35%
• Taxable income: Over $539,900. Tax rate: 37%

2022 Tax brackets for heads of households

• Taxable income: Up to $14,650. Tax rate: 10%
• Taxable income: $14,651 to $55,900. Tax rate: 12%
• Taxable income: $55,901 to $89,050. Tax rate: 22%
• Taxable income: $89,051 to $170,050. Tax rate: 24%
• Taxable income: $170,051 to $215,950. Tax rate: 32%
• Taxable income: $215,951 to $539,900. Tax rate: 35%
• Taxable income: Over $539,900. Tax rate: 37%

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Whether you’re a single filer, a freelancer, married, or have any other tax needs, we have a Pro for you. Spend your time doing what you enjoy, rather than taxes, when you file with Taxfyle.