2023 Tax Brackets
Just as for 2022, the seven tax rates for 2023 will be 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Each threshold has been adjusted to reflect inflation, leading to some thresholds having a lower tax bracket than the previous tax year.
2023 taxes will be due in April 2024.
2023 Single Filers
| Tax Rate | Taxable income bracket | Tax Owed |
|---|---|---|
| 10% | $0 to $11,000. | 10% of taxable income. |
| 12% | $11,001 to $44,725. | $1,100 plus 12% of the amount over $11,000. |
| 22% | $44,726 to $95,375. | $5,147 plus 22% of the amount over $44,725. |
| 24% | $95,376 to $182,100. | $16,290 plus 24% of the amount over $95,375. |
| 32% | $182,101 to $231,250. | $37,104 plus 32% of the amount over $182,100. |
| 35% | $231,251 to $578,125. | $52,832 plus 35% of the amount over $231,250. |
| 37% | $578,126 or more. | $174,238.25 plus 37% of the amount over $578,125. |
2023 Married/Filing Jointly
| Tax Rate | Taxable income bracket | Tax Owed |
|---|---|---|
| 10% | $0 to $22,000. | 10% of taxable income. |
| 12% | $22,001 to $89,450. | $2,200 plus 12% of the amount over $22,000. |
| 22% | $89,451 to $190,750. | $10,294 plus 22% of the amount over $89,450. |
| 24% | $190,751 to $364,200. | $32,580 plus 24% of the amount over $190,750. |
| 32% | $364,201 to $462,500. | $74,208 plus 32% of the amount over $364,200. |
| 35% | $462,501 to $693,750. | $105,664 plus 35% of the amount over $462,500. |
| 37% | $693,751 or more. | $186,601.50 + 37% of the amount over $693,750. |
2023 Married/Filing Separately
| Tax Rate | Taxable income bracket | Tax Owed |
|---|---|---|
| 10% | $0 to $11,000. | 10% of taxable income. |
| 12% | $11,001 to $44,725. | $1,100 plus 12% of the amount over $11,000. |
| 22% | $44,726 to $95,375. | $5,147 plus 22% of the amount over $44,725. |
| 24% | $95,376 to $182,100. | $16,290 plus 24% of the amount over $95,375. |
| 32% | $182,101 to $231,250. | $37,104 plus 32% of the amount over $182,100. |
| 35% | $231,251 to $346,875. | $52,832 plus 35% of the amount over $231,250. |
| 37% | $346,876 or more. | $93,300.75 plus 37% of the amount over $346,875. |
2023 Head of Household
| Tax Rate | Taxable income bracket | Tax Owed |
|---|---|---|
| 10% | $0 to $15,700. | 10% of taxable income. |
| 12% | $15,701 to $59,850. | $1,570 plus 12% of the amount over $15,700. |
| 22% | $59,851 to $95,350. | $6,868 plus 22% of the amount over $59,850. |
| 24% | $95,351 to $182,100. | $14,678 plus 24% of the amount over $95,350. |
| 32% | $182,101 to $231,250. | $35,498 plus 32% of the amount over $182,100. |
| 35% | $231,251 to $578,100. | $51,226 plus 35% of the amount over $231,250. |
| 37% | $578,101 or more. | $172,623.50 plus 37% of the amount over $578,100. |
Contact Marcus, Fairall, Bristol + Co. online or call (915) 775-1040 for El Paso tax preparation for 2023!