What tax bracket am I in?

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  • December 29, 2023 at 9:25 pm #29054
    Geoff Massanek
    Moderator
    December 29, 2023 at 9:27 pm #29068
    Geoff Massanek
    Moderator

    There are seven federal tax income rates for 2023-24: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The applicable rates for you depend on your taxable income. The tax rates will remain the same until 2025, while the taxable income will change to reflect inflation. Here are the rates and corresponding taxable incomes as per the Internal Revenue Services: 

    Tax rate

    		 Single Married filing jointly Married filing separately

    Head of the household
    10% $0 to $11,000. $0 to $22,000. $0 to $11,000. $0 to $15,700.
    12% $11,001 to $44,725. $22,001 to $89,450. $11,001 to $44,725. $15,701 to $59,850.
    22% $44,726 to $95,375. $89,451 to $190,750. $44,726 to $95,375. $59,851 to $95,350.
    24% $95,376 to $182,100. $190,751 to $364,200. $95,376 to $182,100. $95,376 to $182,100.
    32% $182,101 to $231,250. $364,201 to $462,500. $182,101 to $231,250. $182,101 to $231,250.
    35% $231,251 to $578,125. $462,501 to $693,750. $231,251 to $346,875. $231,251 to $578,100.
    37% $578,125 or more $693,751 or more. $346,876 or more. $578,101 or more.

    The inflation rates rose to record high levels in 2022 because of which the IRs adjusted tax brackets up to 7%. So some people might be in a lower tax bracket than the previous year.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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