2022-2023 TAX RATES



Every year the IRS releases updates and makes minor changes to the federal income tax brackets and tax rates to adjust for inflation.

New rates have been published for the 2023 tax year. Additionally, you’ll find data for the 2022 tax rates, in case you have a tax extension or back taxes you need to file for the previous tax year.

Federal Income Tax Brackets

2023 Federal Income Tax Rates

For 2023 federal income tax, due in April 2024.

Ordinary income tax rates are applied to the following types of income you may receive throughout the year:

How Do Federal Income Taxes and Tax Brackets Work?

– Wages – Cash bonuses – Short-term capital gains. Profits on investments held less than one year. – Interest or coupon payments (from bank or brokerage accounts, CDs, or bond investments.)

These forms of income are taxed in the United States under a progressive tax system. This means the more you earn, the higher your tax rate.

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