If you’re like most people, the end of the year is a time of celebration and finishing out the year financially strong for the year to come. And if you’re really on top of things, the end of the year might have you thinking about your taxes—and even what your 2023 income tax brackets look like.
If you’ve been keeping your eyes on the ups and downs of the stock market (and wondering if your investments are safe), or you’ve been watching prices on most everything rise to the tide of inflation, you know that federal income tax brackets will be affected too. But how?
2022 Income tax brackets
Let’s take a look at your 2022 income tax brackets if you’re single or married filing joint taxes:1
Single | Married Filing Together. | Tax Rate % |
$10,275 and below. | $20,550 and below | 10% |
$10,276 to $41,775 | $20,551 to $83,550 | 12% |
$41,776 to $89,075 | $83,551 to $178,150 | 22% |
$89,076 to $170,050 | $178,151 to $340,100 | 24% |
$170,051 to $215,950 | $340,101 to $431,900 | 32% |
$215,951 to $539,900 | $431,901 to $647,850 | 35% |
$539,901+ | $647,851+ | 37%
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If you’re married filing separately, your taxable income brackets will be the same as those who are filing as single until you get up to the 35% tax rate. At 35%, those who are married filing separately will have an income of $215,951 to $323,925. And then at 37% those filers will have an income of $323,925 and above.
But if you’re filing as the head of household, your taxable income brackets will be lower than those who are married filing jointly.
Head of Household | Tax Rate % |
$14,650 and below. | 10% |
$14,651 to $55,900 | 12% |
$55,901 to $89,050 | 22% |
$89,051 to $170,050 | 24% |
$170,051 to $215,950 | 32% |
$215,951 to $539,900 | 35% |
$539,901+ | 37% |
Just remember, if you’re married filing with your spouse making $150,000, you will be taxed in portions. You might think you’d be taxed 22% on the entirety of your income, but in fact, you’ll be taxed in each category leading up to the total of $150,000.
2023 Income Tax Brackets
Now, let’s take a look at the 2023 income tax brackets. Here’s what you need to know if you’re single or married filing jointly:2
Single | Married Filing Together | Tax Rate % |
$11,000 and below. | $22,000 and below. | 10% |
$11,001 to $44,725 | $22,001 to $89,450 | 12% |
$44,726 to $95,375 | $89,451 to $190,750 | 22% |
$95,376 to $182,100 | $190,751 to $364,200 | 24% |
$182,101 to $231,250 | $364,201 to $462,500 | 32% |
$231,251 to $578,125 | $462,501 to $693,750 | 35% |
$578,125+ | $693,750+ | 37% |
Just like with the 2022 income tax brackets, the 2023 numbers for single filers and married filing separately are the same unless you’re at the 35% or 37% tax rates. If you are married and filing separately making between $231,251 and $346,875, you’ll be subject to a 35% tax rate. If you make $346,875 and above, you’ll be subject to a 37% tax rate.
Let’s take a look at the 2023 income brackets for those who are filing as the head of household:3
Head of Household | Tax Rate % |
$15,700 and below. | 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+ | 37% |
You don’t have to do your taxes alone. At SageSpring, we want to walk with you every step of the way—especially as you prepare for the 2023 tax season. Whether you have questions or want help coming up with a financial plan that prepares you for your future, we can help. Talk to a SageSpring advisor today.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
