The IRS recently announced the 2023 tax brackets. Given many people are interested in the changes, we wanted to include the latest tax bracket updates as quickly as possible.

If you're looking for past year's tax brackets, check out the tables below. 

Over the last few years, there have been a number of changes to the tax law. These include new federal tax brackets, standard deduction changes, and elimination of the personal exemption. When you add in inflation on top of it, these tables and tax brackets are changing dramatically from year to year.

To better compare the tax brackets, we've included the historical ones below.

Check this out if you're looking for the specific Capital Gains Tax Brackets and Rates.

Here are the 2023 Federal tax brackets. Remember, these aren't the amounts you file for your tax return, but rather the amount of tax you're going to pay starting January 1, 2023 to December 31, 2023. These brackets significantly increased for 2023 due to rising inflation.

The table below shows the tax bracket/rate for each income level:

Here are the 2022 Federal tax brackets. Remember, these are the amounts you will pay when you file your taxes in January to April 2023 (for the year January 1, 2022 through December 31, 2022).

The table below shows the tax bracket/rate for each income level:

For 2020 and 2021, the Federal tax brackets are very similar to what you saw in 2019. There are some slight changes, but nothing major like we saw from 2017 to 2018 with the Trump Tax Cuts and Jobs Act. 

The bottom line is that all the tax bracket upper limits went up a little bit.

The tables below shows the tax bracket/rate for each income level:

If you’d like to calculate your withholdings, you can use the IRS withholding calculator found at https://apps.irs.gov/app/withholdingcalculator/.

And note, remember on top of your Federal taxes, you also have to pay FICA Taxes. These are the payroll taxes that go to Social Security and Medicare. Plus, you may have to pay state taxes depending on your state.