Tax season 2023: what is the 22% tax bracket for married filing jointly?
Changes have been inadvertedly made to how much tax people will will pay for 2023 due to inflation.
Each year the Internal Revenue Service (IRS) amends the income thresholds and increases the standard deduction to keep tax burdens in line with inflation. While the actualy brackets have stayed the same, the amount of tax paid within each bracket has changed.
The theory is that groups with less income should not be required to contribute as much, though it is much easier for the super-rich to navigate tax loopholes to end up paying much less than someone on the lowest tax bracket.
For married joint filers the 22% tax bracket is up to $89,450.
Full income tax brackets
Here’s the full breakdown of income tax brackets for 2023, as confirmed by the IRS…
|Income tax rate||Income threshold (single filer)||Income threshold (joint filer)|
|12%||Above $11,000||Above $22,000|
|22%||Above $44,725||Above $89,450|
|24%||Above $95, 375||Above $190,750|
|32%||Above $182,100||Above $364,200|
|35%||Above $231,250||Above $462,500|
|37%||Above $578,125||Above $693,750|
A change has also been made to the standard deduction, the amount of income that all filers are able to earn without paying tax on it. For everyone in the US, the first $13,850 ($27,700 for couples) will not be subject to income tax.
This is the greatest adjustment to the standard deduction introduced since 1985 when the annual inflation alteration was first introduced.
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