75 Pop and Jazz Albums, Shows and Festivals Coming This Fall

The 100 Must-Read Books Of 2022

This project is led by Lucy Feldman and Annabel Gutterman, with writing, reporting, and additional editing by Andrew R. Chow, Mahita Gajanan, Angela Haupt, Cady Lang, Rachel Sonis, and Laura Zornosa; photography editing by Whitney Matewe; art direction by Victor Williams; video by Erica Solano; audience strategy by Alex Hinnant, Kari Sonde, and Kim Tal; and production by Nadia Suleman.

2022-2023 Tax Brackets & Federal Income Tax Rates

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

If you submitted Form 4868 for a 2022 tax return extension before April 18,your new submission deadline is October 16, 2023.

America's income tax rates are staying the same for the current tax season and next year's. But the tax brackets—the income buckets that are charged at progressively higher rates—have undergone major inflation adjustments following the biggest price increases in decades.

The IRS has released tax brackets for the 2023 tax year that have upper limits 7% higher than the brackets for 2022 returns. If your income isn't keeping up with inflation, the increases in the brackets make it less likely you'll pay higher tax rates.

You can use the tax brackets to determine how much you can expect to pay in taxes each year. Here are the tax brackets for the upcoming 2023-2024 tax season, as well as the rates from 2022-2023 season. You will also find guidelines for calculating your income tax depending on the top bracket that applies to you.

2022 Tax Brackets (Filing Extension Deadline October 2023)

For the 2022 tax year and the return you either filed by April 2023 or must now file by October, there are seven federal income tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your tax bracket is determined by your filing status and taxable income.

Related: Income Tax Calculator

2023 Tax Brackets (Taxes Due in April 2024)

The 2023 tax year—the return you'll file in 2024—will have the same seven federal income tax brackets as the 2022-2023 season: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your filing status and taxable income, including wages, will determine the bracket you're in.

What Are The Tax Brackets?

Tax brackets were created by the IRS to implement America's "progressive" tax system, which taxes higher levels of income at the progressively higher rates we mentioned earlier. The brackets help determine how much money you need to pay the IRS annually.

The amount you pay in taxes is dependent on your income. If your taxable income increases, the taxes you pay will increase.

But figuring out your tax obligation isn't as easy as comparing your salary to the brackets shown above. For example, if you're single and your 2022 taxable income was $50,000, not all of that will be taxed at 22%, the top bracket for a single person making $50,000. Some of that will be taxed in lower brackets.

Trending Story: File A Tax Return This Year, Even If You Usually Don't Do It

You may be entitled to money from the IRS even if you have little to no income. Here are some reasons why you should file.

How To Calculate Your Federal Income Tax Bracket

You can calculate your taxes by dividing your income into the portions that will be taxed in each applicable bracket. Every bracket has its own tax rate. The bracket you're in depends on your filing status: if you're a single filer, married filing jointly, married filing separately or head of household.

What Is a Marginal Tax Rate?

The tax bracket your top dollar of income falls into is your marginal tax bracket. This bracket is your highest tax rate–which applies to the top portion of your income. Use our federal income tax bracket calculator below to find your marginal tax percentage for the 2022-2023 or 2023-2024 tax years.

How Do Tax Brackets Work?

Let's say you're single and your 2022 taxable income was $75,000; your marginal tax rate is 22%. But some of your income will be taxed in lower tax brackets: 10% and 12%.

As slices of you income move up the ladder, they're taxed at increasing rates:

The first $10,275 is taxed at 10%: $1,027.50.

The next $31,500 (41,775-10,275)  is taxed at 12%: $3,780.

The last $33,225 (75,000-41,775) is taxed at 22% $7,309.50

The total tax amount for your $75,000 income is the sum of $1,027.50 + $3,780 + $7,309.50 = $12,117 (ignoring any itemized or standard deduction applied to your taxes).

How To Get Into a Lower Tax Bracket

You can lower your income into another tax bracket by using tax deductions, such as the write-offs for charitable donations, property taxes and mortgage interest. Deductions help cut your taxes by reducing your taxable income.

Tax credits, such as the earned income tax credit or child tax credit, also can put you into a lower tax bracket. Credits provide a dollar-for-dollar reduction in the amount of taxes you owe.

Depending on your financial situation, you can use both tax deductions and credits to lower the amount you pay Uncle Sam each year.

Pro Tip

You may qualify to itemize your deductions if you own a home, made charitable contributions or paid medical expenses.

Compare the best tax software of 2023 How Income Tax Brackets and Rates Have Evolved Over the Past 10 Years

Each bracketed rate applies to a portion of a person's income.

2021 Federal Income Tax Brackets

2020 Federal Income Tax Brackets

2019 Federal Income Tax Brackets

2018 Federal Income Tax Brackets

2017 Federal Income Tax Brackets

2016 Federal Income Tax Brackets

2015 Federal Income Tax Brackets

2014 Federal Income Tax Brackets

2013 Federal Income Tax Brackets

2012 Federal Income Tax Brackets

Best Games Of 2022

Join GameSpot as we reflect on year that was by discussing the best PC, PS4, PS5, Nintendo Switch, Xbox One, and Xbox Series X/S games of the past year. We'll tell you why we think these games are outstanding and also narrow the list down to one and crown it as GameSpot's Best Game of 2022.

---