Federal individual tax rates and brackets for 2023

January 11, 2023by Akmin

The indexing factor for federal tax credits and brackets for 2023 is 6.3%. The following federal tax rates and brackets will be in effect for individuals for the 2023 tax year.

Income level                                     Federal tax rate

$15,000 – $53,359                                  15.0%

$53,360 – $106,717                                 20.5%

$106,718 – $165,430                               26.0%

$165,431 – $235,675                               29.0%

Over $235,675                                         33.0%

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.