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IRS Tax Rates Check 2023 | Make Sure You File The Right Amount Of Tax!

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IRS Tax Rates Check 2023 | Make Sure You File The Right Amount Of Tax!

IRS Tax Rates Check 2023 | Make Sure You File The Right Amount Of Tax. The IRS Tax Rates for 2023 have been officially released by the Internal Revenue Service, with the April 2024 deadline in mind. The amount of tax an individual must pay for the tax year 2023-24 depends on their taxable income. In this guide, we’ll break down the tax rates for singles, married couples, and heads of households.

IRS Tax Rates 2023

The IRS Tax Rates for 2023 have been officially published by the Internal Revenue Service for various filing statuses. To determine your income tax liability, you’ll need to refer to the tax brackets provided below, which outline the IRS tax rates for different income ranges.

IRS Single Filer Tax Rates 2023-24

For single individuals filing their 2023-24 taxes individually, here are the applicable tax rates:

Taxable Income Tax Rate
$11,000 or below 10%
$11,001 to $44,725 $1,100 + 12% for each $1 over $11,000
$44,726 to $95,375 $5,147 + 22% for each $1 over $44,725
$95,376 to $182,100 $16,290 + 24% for each $1 over $95,375
$182,101 to $231,250 $37,104 + 32% for each $1 over $182,100
$231,251 to $578,125 $52,832 + 35% for each $1 over $231,250
$578,126 or above $174,238.25 + 37% for each $1 over $578,125

For example, if your taxable income is $98,000, you’ll need to pay $16,290 plus 24% of each dollar over $95,375. To calculate your tax liability, subtract $95,375 from your taxable income, find 24% of that amount, and add it to $16,290.

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Federal Married Filing Separately Tax Rates

If you are married and plan to file your 2023-24 taxes separately, consult the table below for applicable tax rates:

Taxable Income Tax Rate
$11,000 or below 10%
$11,001 to $44,725 $1,100 + 12% for each $1 over $11,000
$44,726 to $95,375 $5,147 + 22% for each $1 over $44,725
$95,376 to $182,100 $16,290 + 24% for each $1 over $95,375
$182,101 to $231,250 $37,104 + 32% for each $1 over $182,100
$231,251 to $346,875 $52,832 + 35% for each $1 over $231,250
$346,876 or above $93,300.75 + 37% for each $1 over $346,875

For instance, if your taxable income is $347,000, you will owe $93,300.75 plus 37% of each dollar over $346,875. To calculate your tax amount, subtract $346,875 from your taxable income, find 37% of that amount, and add it to $93,300.75.

Federal Married Filing Jointly Tax Rates

For couples planning to file their 2023-24 taxes jointly, consult the table below for applicable tax rates:

Taxable Income Tax Rate
$22,000 or below 10%
$22,001 to $89,450 $2,200 + 12% for each $1 over $22,000
$89,451 to $190,750 $10,294 + 22% for each $1 over $89,450
$190,750 to $364,200 $32,580 + 24% for each $1 over $190,750
$364,201 to $462,500 $74,208 + 32% for each $1 over $364,200
$462,500l1 to $693,750 $105,664 + 35% for each $1 over $462,500
$693,751 or above $186,601.50 + 37% for each $1 over $693,750

If your taxable income is $22,000 or below, you will pay only 10% of that amount. For incomes above $22,000, you’ll need to calculate the taxable amount plus the required tax percentage for each additional dollar.

See also  The IRS Releases its 2024 Tax Brackets

Federal Head of Household Tax Rates

Individuals filing as the head of household should refer to the table below to determine their tax rates based on taxable income:

Taxable Income Tax Rate
$15,700 or above 10%
$15,701 to $59,850 $1,570 + 12% for each $1 over $15,700
$59,851 to $95,350 $6,868 + 22% for each $1 over $59,850
$95,351 to $182,100 $14,678 + 24% for each $1 over $95,350
$182,101 to $231,250 $35,498 + 32% for each $1 over $182,100
$231,251 to $578,100 $51,226 + 35% for each $1 over $231,250
$578,101 or above $172,623.50 + 37% for each $1 over $578,100

For example, if you are the head of household and your taxable income is $185,000, you will owe $35,498 plus 32% of each dollar over $182,100. To calculate your tax liability, subtract $182,100 from $185,000, find 32% of that amount, and add it to $35,498 to determine the total income tax you need to pay.

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