The New 2023 Federal Income Tax Rates
Why do Federal Income Tax Rates change each year?
It all has to do with a provision in the tax code known as indexing. Each year, the IRS adjusts tax brackets to account for inflation.
The Internal Revenue Service (IRS) adjusts more than 60 tax provisions for inflation to prevent what is called “bracket creep.” Bracket creep occurs when people are pushed into higher income tax brackets or have reduced value from credits and deductions due to inflation, instead of any increase in real income.
The IRS used to use the Consumer Price Index (CPI) as a measure of inflation prior to 2018. However, with the Tax Cuts and Jobs Act of 2017 (TCJA), the IRS now uses the Chained Consumer Price Index (C-CPI) to adjust income thresholds, deduction amounts, and credit values accordingly.
Federal income tax rates for 2022 are shown below. Indexing has increased the income brackets by roughly 2% across the board.
2023 Federal Income Tax Rates
Here are the 2023 Federal Income Tax Rates. They are the tax brackets for your income earned in 2023 (which will be filed on your 2023 tax return due on April 2024).
| Tax Rate | Single | Married Filing Joint | Married Filing Separate | Head of Household |
|---|---|---|---|---|
| 10% | Up to $11,000 | Up to $22,000 | Up to $11,000 | Up to $15,700 |
| 12% | $11,000 - $44,725 | $22,000 to $89,450 | $11,000 - $44,725 | $15,700 - $59,850 |
| 22% | $44,725 - $95,375 | $89,450 to $190,750 | $44,725 - $95,375 | $59,850 to $95,350 |
| 24% | $95,375 to $182,100 | $190,750 to $364,200 | $95,375 to $182,100 | $95,350 to $182,100 |
| 32% | $182,100 - $231,250 | $364,200 to $462,500 | $182,100 - $231,250 | $182,100 to $231,250 |
| 35% | $231,250 - $578,125 | $462,500 to $693,750 | $231,250 - $578,125 | $231,250 to $578,100 |
| 37% | Over $578,125 | Over $693,750 | Over $578,125 | Over $578,100 |
2023 Standard Deduction Amount & Exemptions
| Filing Status | Deduction Amount |
|---|---|
| Single | $13,850 |
| Married Filing Separately | $13,850 |
| Married Filing Jointly | $27,700 |
| Head of Household | $20,800 |
| Qualifying Surviving Spouse | $27,700 |
2022 Federal Income Tax Rates
Here are the 2022 Federal Income Tax Rates. They are the tax brackets for your income earned in 2022 (which will be filed on your 2022 tax return due on April 2023).
| Tax Rate | Single | Married Filing Joint | Married Filing Separate | Head of Household |
|---|---|---|---|---|
| 10% | Up to $10,275 | Up to $20,550 | Up to $10,275 | Up to $14,650 |
| 12% | $10,276 - $41,775 | $20,551 to $83,550 | $10,276 - $41,775 | $14,651 - $55,900 |
| 22% | $41,776 - $89,075 | $83,551 to $178,150 | $41,776 - $89,075 | $55,901 to $89,050 |
| 24% | $89,076 to $170,050 | $178,151 to $340,100 | $89,076 to $170,050 | $89,051 to $170,050 |
| 32% | $170,051 - $215,950 | $340,101 to $431,900 | $170,051 - $215,950 | $170,051 to $215,950 |
| 35% | $215,951 - $539,900 | $431,901 to $647,850 | $215,951 - $539,900 | $215,951 to $539,900 |
| 37% | Over $539,901 | Over $647,851 | Over $539,901 | Over $539,901 |
2022 Standard Deduction Amount & Exemptions
| Filing Status | Deduction Amount |
|---|---|
| Single | $12,950 |
| Married Filing Separately | $12,950 |
| Married Filing Jointly | $25,900 |
| Head of Household | $19,400 |
| Qualifying Widow(er) | $25,900 |
Earned Income Credit Table for 2022 Income Limits & Maximum Amounts
| Filing Status | No Qualifying Children | 1 Qualifying Child | 2 Qualifying Children | 3+ Qualifying Children |
|---|---|---|---|---|
| Single, Head of Household, or Widowed | $16,480 | $43,492 | $49,399 | $53,057 |
| Married Filing Jointly | $22,610 | $49,622 | $55,529 | $59,187 |
Maximum Credit Amounts
Here are the maximum EITC credits you can claim in 2022:
- No qualifying children: $560
- 1 qualifying child: $3,733
- 2 qualifying children: $6,164
- 3 or more qualifying children: $6,935
2021 Federal Income Tax Rates
Here are the 2021 Federal Income Tax Rates. They are the tax brackets for your income earned in 2021 (which will be filed on your 2021 tax return due on April 2022).
| Tax Rate | Single | Married Filing Joint | Married Filing Separate | Head of Household |
|---|---|---|---|---|
| 10% | Up to $9,950 | Up to $19,900 | Up to $9,950 | Up to $14,200 |
| 12% | $9,951 – $40,525 | $19,901 – $81,050 | $9,951 – $40,525 | $14,201 – $54,200 |
| 22% | $40,526 – $86,375 | $81,051 – $172,750 | $40,526 – $86,375 | $54,201– $86,350 |
| 24% | $86,376 – $164,925 | $172,751 – $329,850 | $86,376– $164,925 | $86,351 – $164,900 |
| 32% | $164,926 – $209,425 | $329,851 – $418,850 | $164,926 – $209,425 | $164,901 – $209,400 |
| 35% | $209,426 – $523,600 | $418,851 – $628,300 | $209,426 – $314,150 | $209,401 – $523,600 |
| 37% | Over $523,601 | Over $628,301 | Over $314,151 | Over $523,601 |
2021 Standard Deduction Amount & Exemptions
| Filing Status | Deduction Amount |
|---|---|
| Single | $12,550 |
| Married Filing Separately | $12,550 |
| Married Filing Jointly | $25,100 |
| Head of Household | $18,800 |
| Qualifying Widow(er) | $25,100 |
Earned Income Credit Table for 2021 Income Limits & Maximum Amounts
| Filing Status | No Qualifying Children | 1 Qualifying Child | 2 Qualifying Children | 3+ Qualifying Children |
|---|---|---|---|---|
| Single, Head of Household, or Widowed | $21,430 | $42,158 | $47,915 | $51,464 |
| Married Filing Jointly | $27,380 | $48,108 | $53,865 | $57,414 |
Maximum Credit Amounts
Here are the maximum EITC credits you can claim in 2021:
- No qualifying children: $1,502
- 1 qualifying child: $3,618
- 2 qualifying children: $5,980
- 3 or more qualifying children: $6,728
2020 Federal Income Tax Rates
Here are the 2020 Federal Income Tax Rates. They are the tax brackets for your income earned in 2020 (which will be filed on your 2020 tax return due on April 2021).
| Tax Rate | Single | Married Filing Joint | Married Filing Separate | Head of Household |
|---|---|---|---|---|
| 10% | Up to $9,875 | Up to $19,750 | Up to $9,875 | Up to $14,100 |
| 12% | $9,875 – $40,125 | $19,751 – $80,250 | $9,875 – $40,125 | $14,101 – $53,700 |
| 22% | $40,126 – $85,525 | $80,251 – $171,050 | $40,126 – $85,525 | $53,701 – $85,500 |
| 24% | $85,526 – $163,300 | $171,051 – $326,600 | $85,526 – $163,300 | $85,501 – $163,300 |
| 32% | $163,301 – $207,350 | $326,601 – $414,700 | $163,301 – $207,350 | $163,301 – $207,350 |
| 35% | $207,351 – $518,400 | $414,701 – $622,050 | $207,351 – $518,400 | $207,351 – $518,400 |
| 37% | Over $518,401 | Over $622,051 | Over $311,026 | Over $518,401 |
2020 Standard Deduction Amount & Exemptions
| Filing Status | Deduction Amount |
|---|---|
| Single | $12,400 |
| Married Filing Separately | $12,400 |
| Married Filing Jointly | $24,800 |
| Head of Household | $18,650 |
| Qualifying Widow(er) | $24,800 |
Earned Income Credit Table for 2020 Income Limits & Maximum Amounts
| Filing Status | No Qualifying Children | 1 Qualifying Child | 2 Qualifying Children | 3+ Qualifying Children |
|---|---|---|---|---|
| Single, Head of Household, or Widowed | $15,820 | $41,756 | $47,440 | $50,594 |
| Married Filing Jointly | $21,710 | $47,646 | $53,330 | $56,844 |
Maximum Credit Amounts
Here are the maximum EITC credits you can claim in 2020:
- No qualifying children: $538
- 1 qualifying child: $3,584
- 2 qualifying children: $5,920
- 3 or more qualifying children: $6,660
2019 Federal Income Tax Rates
Here are the 2019 Federal Income Tax Rates. They are the tax brackets for your income earned in 2019 (which will be filed on your 2019 tax return due on April 2020).
| Tax Rate | Single | Married Filing Joint | Married Filing Separate | Head of Household |
|---|---|---|---|---|
| 10% | Up to $9,700 | Up to $19,400 | Up to $9,700 | Up to $13,850 |
| 12% | $9,701-$39,475 | $19,401-$78,950 | $9,701-$39,475 | $13,851 -$52,850 |
| 22% | $39,476-$84,200 | $78,951-$168,400 | $39,476-$84,200 | $52,851-$84,200 |
| 24% | $84,201-$160,725 | $168,401-$321,450 | $84,201-$160,725 | $84,201-$160,700 |
| 32% | $160,726-$204,100 | $321,451-$408,200 | $160,726-$204,100 | $160,701-$204,100 |
| 35% | $204,101-$510,300 | $408,201-$612,350 | $204,101-$306,175 | $204,101-$510,300 |
| 37% | Over $510,301 | Over $612,351 | Over $306,176 | Over $510,301 |
2019 Standard Deduction Amount & Exemptions
| Filing Status | Deduction Amount |
|---|---|
| Single | $12,200 |
| Married Filing Separately | $12,200 |
| Married Filing Jointly | $24,400 |
| Head of Household | $18,350 |
| Qualifying Widow(er) | $24,400 |
Earned Income Credit Table for 2019 Income Limits & Maximum Amounts
| Filing Status | No Qualifying Children | 1 Qualifying Child | 2 Qualifying Children | 3+ Qualifying Children |
|---|---|---|---|---|
| Single, Head of Household, or Widowed | $15,570 | $41,094 | $46,703 | $50,162 |
| Married Filing Jointly | $21,370 | $46,884 | $52,493 | $55,952 |
Here are the maximum EITC credits you can claim in 2019:
- No qualifying children: $529
- 1 qualifying child: $3,526
- 2 qualifying children: $5,828
- 3 or more qualifying children: $6,557
2018 Federal Income Tax Rates
Here are the 2018 Federal Income Tax Rates. They are the tax brackets for your income earned in 2018 (which will be filed on your 2018 tax return due on April 2019).
| Tax Rate | Single | Married Filing Joint | Married Filing Separate | Head of Household |
|---|---|---|---|---|
| 10% | Up to $9,525 | Up to $19,050 | Up to $9,525 | Up to $13,600 |
| 12% | $9,526-$38,700 | $19,051-$77,400 | $9,526-$38,700 | $13,601-$51,800 |
| 22% | $38,701-$82,500 | $77,401-$165,000 | $38,701-$82,500 | $51,801-$82,500 |
| 24% | $82,501-$157,500 | $165,001-$315,000 | $82,501-$157,500 | $82,501-$157,500 |
| 32% | $157,501-$200,000 | $315,001-$400,000 | $157,501-$200,000 | $157,501-$200,000 |
| 35% | $200,001-$500,000 | $400,001-$600,000 | $200,001-$300,000 | $200,001-$500,000 |
| 37% | Over $500,000 | Over $600,000 | Over $300,000 | Over $500,000 |
Earned Income Credit Table for 2018 Income Limits & Maximum Amounts
See the earned income and adjusted gross income (AGI) limits
| Filing Status | No Qualifying Children | 1 Qualifying Child | 2 Qualifying Children | 3+ Qualifying Children |
|---|---|---|---|---|
| Single, Head of Household, or Widowed | $15,270 | $40,320 | $45,802 | $49,194 |
| Married Filing Jointly | $20,950 | $46,010 | $51,492 | $54,884 |
Here are the maximum EITC credits you can claim in 2018:
- No qualifying children: $519
- 1 qualifying child: $3,461
- 2 qualifying children: $5,716
- 3 or more qualifying children: $6,431
