2022 and 2023 Tax Brackets and Federal Income Tax Rates

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What Are the 2022 Tax Brackets? What Are the New 2023 Tax Brackets?

The Internal Revenue Service announces new tax brackets every year. Tax brackets determine your income tax rate for the tax year. New brackets are created to account for inflation, which fluctuates yearly.

Tax Bracket Definition
A tax bracket is a range of incomes and the corresponding income tax rate for that range. There are seven different tax brackets for U.S. taxpayers.

2022 Tax Brackets (filing 2023)

Here are the tax brackets for the 2022 tax year:

2022 Tax Brackets for Individual Filers

37% for incomes over $539,900.
35% for incomes over $215,950.
32% for incomes over $170,050.
24% for incomes over $89,075.
22% for incomes over $41,775.
12% for incomes over $10,275.
10% for incomes $10,275 or less.

2022 Tax Brackets for Married Couples Filing Jointly

37% for incomes over $647,850.
35% for incomes over $431,900.
32% for incomes over $340,100.
24% for incomes over $178,150.
22% for incomes over $83,550.
12% for incomes over $20,550.
10% for incomes $20,550 or less.

A head of household is defined as the parent who pays over half of the household expenses. Heads of households have higher income thresholds. This is to compensate for the higher percentage of costs they cover for their family.

2022 Head of Household Tax Brackets

Here are the head of household tax brackets for 2022:

37% on income above $539,900 plus an additional $161,218.50.
35% on income above $215,950 (but not over $539,900) plus an additional $47,836.
32% of income above $170,050 (but not over $215,950) plus $33,148.
24% of income above $89,050 (but not over $170,050) plus $13,708.
22% of income above $55,900 (but not over $89,050) plus $6,415.
12% of income above $14,650 (but not over $55,900) plus $1,465.
10% of income below $14,650.

2023 Tax Brackets (filing 2024)

The IRS has also released tax brackets for the 2023 tax year to be filed in 2024.

2023 Tax Brackets for Individual Returns

35% for incomes over $231,250.
32% for incomes over $182,100.
24% for incomes over $95,375.
22% for incomes over $44,725.
12% for incomes over $11,000.
10% for income below $11,000.

2023 Tax Brackets for Married Couples Filing Jointly

37% for incomes over $693,750.
35% for incomes over $462,500.
32% for incomes over $364,200.
24% for incomes over $190,750.
22% for incomes over $89,450.
12% for incomes over $22,000.
10% for income below $22,000.

2023 Head of Household Tax Brackets

The head of household tax brackets for 2023 are:

37% on income above $578,100 plus an additional $172,623.50.
35% on income above $231,250 (but not over $578,100) plus an additional $51,226.
32% of income above $182,100 (but not over $231,250) plus $35,498.
24% of income above $95,350 (but not over $182,100) plus $14,678.
22% of income above $59,850 (but not over $95,350) plus $6,868.
12% of income above $15,700 (but not over $59,850) plus $1,570.
10% of income below $15,700.

The United States federal government uses a progressive tax system. That means people with higher taxable incomes are subject to higher tax rates. Those with lower taxable incomes pay lower federal income tax rates.

The IRS adjusts the income thresholds for tax brackets annually to reflect the inflation rate. This prevents “bracket creep,” or being pushed into a higher bracket and paying more taxes due to inflation and a higher cost of living. If the IRS did not update the income tax brackets, you’d likely end up in a higher tax bracket when your salary gets adjusted for inflation.