COUNTRY GUIDE

2023 US Federal Income Tax Brackets

How much federal income tax should be paid per income bracket?

In the US income tax is broken down a few different ways, from federal to state and then even further into your filing status and income bracket. Under the federal income tax, they take into consideration your W-4 filing status.

Filing statuses can be one of the following:

  • Single: If on the last day of the year, you are unmarried or legally separated from your spouse under a divorce or separate maintenance decree and you do not qualify for another filing status.
  • Married filing: You are married and both you and your spouse agree to file a joint return. (On a joint return, you report your combined income and deduct your combined allowable expenses.)
  • Married filing separately: You must be married. This method may benefit you if you want to be responsible only for your own tax or if this method results in less tax than a joint return. If you and your spouse do not agree to file a joint return, you may have to use this filing status.
  • Head of Household: You must meet the following requirements: 1. You considered unmarried on the last day of the year. 2. You paid more than half the cost of keeping up a home for the year. 3. A qualifying person lived with you in the home for more than half the year (except temporary absences, such as school).

 

Here’s what you should be paying per status:

Single Filer

Income bracket

Tax rate

Tax owed

$0 – $11,600

10%

10% of taxable income

$11,601 – $47,150

12%

$1,160 plus 12% of the amount over $11,600

$47,151 – $100,526

22%

$5,426 plus 22% of the amount over $47,150

$100,527 – $191,950

24%

$17,168.50 plus 24% of the amount over $100,526

$191,951 to $243,725

32%

$39,110.50 plus 32% of the amount over $195,950

$243,726 to $609,350

35%

$55,678.50 plus 35% of the amount over $243,725

$609,351 or more

37%

$183,647.25 plus 37% of the amount over $609,351

Married, filing jointly

Income bracket

Tax rate

Tax owed

$0 – $23,200

10%

10% of taxable income

$23,200 – $94,300

12%

$2,320 plus 12% of the amount over $23,200.

$94,301 to $201,050

22%

$10,852 plus 22% of the amount over $94,300

$201,051 to $383,900

24%

$32,580 plus 24% of the amount over $201,051

$383,901 to $487,450

32%

$78,221 plus 32% of the amount over $383,900

$487,451 to $731,200

35%

$111,357 plus 35% of the amount over $487,450

$731,200 or more

37%

$196,669.50 + 37% of the amount over $731,200

Married, filing separately

Income bracket

Tax rate

Tax owed

$0 – $11,600

10%

10% of taxable income

$11,601 – $47,150

12%

$1,160 plus 12% of the amount over $11,000

$47,150 to $100,525

22%

$5,426 plus 22% of the amount over $47,150

$100,526 to $191,950

24%

$17,168.50 plus 24% of the amount over $100,525

$191,951 to $243,725

32%

$39,110.50 plus 32% of the amount over $191,950

$243,725 to $365,600

35%

$55,678.50 plus 35% of the amount over $243,725

$365,600 or more

37%

$98,334.75 plus 37% of the amount over $346,875

Head of household

Income bracket

Tax rate

Tax owed

$0 – $16,550

10%

10% of taxable income

$16,551 to $63,100

12%

$1,655 plus 12% of the amount over $16,500

$63,101 to $100,500

22%

$7,241 plus 22% of the amount over $63,100

$100,501 to $191,950

24%

$15,469 plus 24% of the amount over $100,500

$191,951 to $243,700

32%

$37,417 plus 32% of the amount over $191,950

$243,701 to $609,350

35%

$53,977 plus 35% of the amount over $243,700

$609,350 or more

37%

$181,954.50 plus 37% of the amount over $609,350

Interested in expanding into the US?

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