![]() Joint filers will have a $25,900 deduction and heads of household get $19,400. It also increased the standard deduction to nearly twice its 2017 amount.įor the 2022 tax year that’s filed in 2023, the standard deduction is $12,950 for single filers and married filers who file separately. ![]() ![]() Our current tax brackets were adjusted when Congress passed new legislation in 2017 that changed the brackets and how taxes are filed. The tax reform passed by President Trump and Congressional Republicans lowered the top rate for five of the seven brackets. Understanding the Current Federal Income Tax Brackets It’s hard to believe now, but top federal income tax rates were once as high as 92%. That’s why, when you’re reading the news, you’ll hear references to “filers in the top bracket” or maybe “taxpayers in the 37% bracket.” America’s top federal income tax bracket is varying over time quite a bit. If someone asks you for your tax bracket, the person is almost certainly asking for your top marginal tax rate. You can calculate this by dividing your tax owed by your total income.
0 Comments
Leave a Reply. |