Below is the 2023 federal income tax rate schedule
for "ordinary income" based on filing status.
|
Single |
|
If taxable income is between: |
|
$1 |
to |
$11,000 |
x |
10% |
minus |
$0 |
= Tax* |
|
$11,001 |
to |
$44,725 |
x |
12% |
minus |
$220 |
= Tax* |
|
$44,726 |
to |
$95,375 |
x |
22% |
minus |
$4,693 |
= Tax* |
|
$95,376 |
to |
$182,100 |
x |
24% |
minus |
$6,600 |
= Tax* |
|
$182,101 |
to |
$231,250 |
x |
32% |
minus |
$21,168 |
= Tax* |
|
$231,251 |
to |
$578,125 |
x |
35% |
minus |
$28,106 |
= Tax* |
|
$578,126 |
to |
................. |
x |
37% |
minus |
$39,668 |
= Tax* |
|
|
Head of Household |
|
If taxable income is between: |
|
$1 |
to |
$15,700 |
x |
10% |
minus |
$0 |
= Tax* |
|
$15,701 |
to |
$59,850 |
x |
12% |
minus |
$314 |
= Tax* |
|
$59,851 |
to |
$95,350 |
x |
22% |
minus |
$6,299 |
= Tax* |
|
$95,351 |
to |
$182,100 |
x |
24% |
minus |
$8,206 |
= Tax* |
|
$182,101 |
to |
$231,250 |
x |
32% |
minus |
$22,774 |
= Tax* |
|
$231,251 |
to |
$578,100 |
x |
35% |
minus |
$29,712 |
= Tax* |
|
$578,101 |
to |
................. |
x |
37% |
minus |
$41,274 |
= Tax* |
|
|
Married Filing Jointly
OR Qualifying Widow(er) |
|
If taxable income is between: |
|
$1 |
to |
$22,000 |
x |
10% |
minus |
$0 |
= Tax* |
|
$22,001 |
to |
$89,450 |
x |
12% |
minus |
$440 |
= Tax* |
|
$89,451 |
to |
$190,750 |
x |
22% |
minus |
$9,385 |
= Tax* |
|
$190,751 |
to |
$364,200 |
x |
24% |
minus |
$13,200 |
= Tax* |
|
$364,201 |
to |
$462,500 |
x |
32% |
minus |
$42,336 |
= Tax* |
|
$462,501 |
to |
$693,750 |
x |
35% |
minus |
$56,211 |
= Tax* |
|
$693,751 |
to |
................. |
x |
37% |
minus |
$70,086 |
= Tax* |
|
|
Married Filing Separately |
|
If taxable income is between: |
|
$1 |
to |
$11,000 |
x |
10% |
minus |
$0 |
= Tax* |
|
$11,001 |
to |
$44,725 |
x |
12% |
minus |
$220 |
= Tax* |
|
$44,726 |
to |
$95,375 |
x |
22% |
minus |
$4,693 |
= Tax* |
|
$95,376 |
to |
$182,100 |
x |
24% |
minus |
$6,600 |
= Tax* |
|
$182,101 |
to |
$231,250 |
x |
32% |
minus |
$21,168 |
= Tax* |
|
$231,251 |
to |
$346,875 |
x |
35% |
minus |
$28,106 |
= Tax* |
|
$346,876 |
to |
................. |
x |
37% |
minus |
$35,043 |
= Tax* |
|
|
Example Federal income
Tax Calculation |
|
For tax year 2023, Joe is a SINGLE
taxpayer and has ordinary taxable income in the amount of $53,500.
What is his regular federal income tax?
Using the
2023 regular income tax rate schedule above for a single person,
Joe's federal income tax is $7,077.
$53,500 X 22%
= $11,770 - $4,693 = $7,077*
|
 |
*The
IRS tax tables MUST be used for taxable
income LESS THAN $100,000 to calculate the EXACT income
tax. The calculations above should come within $100
of the EXACT income tax.
|
|
