What Income Tax Bracket Am I In?

Think you know what income tax bracket you fall into? Think again! On Oct. 18, 2022, the IRS announced the annual inflation adjustments for the 2023 tax year which will be different from those in effect for 2022. Here is the breakdown to determine which tax bracket you fall into for your 2022 tax returns:

The Different Brackets

There are currently seven different tax brackets with rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Remember, however, that you will also fall into a different bracket if you are married and filing your tax alongside your spouse.

The following brackets apply to single filers only:

  • $0 to $10,275: 10%

  • $10,276 to $41,775: 12%

  • $41,776 to $89,075: 22%

  • 89,076 to $170,050: 24%

  • $170,051 to $215,950: 32%

  • $215,951 to $539,900: 35%

  • $539,901 or more: 37%

For those married and filing jointly, the following tax brackets apply:

  • $0 to $20,550: 10%

  • $20,551 to $83,550: 12%

  • $83,551 to $178,150: 22%

  • $178,151 to $340,100: 24%

  • $340,101 to $431,900: 32%

  • $431,901 to $647,850: 35%

  • $647,851 or more: 37%

If you are married, but choose to file separately, the following tax brackets apply:

  • $0 to $11,000: 10%

  • $11,001 to $44,725: 12%

  • $44,726 to $95,375: 22%

  • $95,375 to $182,100: 24%

  • $182,101 to $231,250: 32%

  • $231,251 to $346,875: 35%

  • $346,876 or more: 37%

You may also choose to file as the ‘Head of Household’. In order to do this, you must be paying for more than half of the household expenses, be considered unmarried for the tax year, and you must have a qualifying child or dependent. In this instance, the following tax brackets apply:

  • $0 to $15,700: 10%

  • $15,701 to $59,850: 12%

  • $59,851 to $95,350: 22%

  • $95,351 to $182,100: 24%

  • $182,101 to $231,250: 32%

  • $231,251 to $578,100: 35%

  • $578,101 or more: 37%

It is always best to call on the services of an individual income tax preparation specialist if you are unsure about which tax bracket you fall into or how you may choose to file your tax. Luckily, we at Georgen Scarborough Associates, PC can assist with all tax-related matters and concerns. Contact us for more info today!