![]() ![]() ![]() However, the standard deduction may not exceed the regular standard deduction for that individual. Married filing separate returns $13,850 ($12,9) Dependents.įor an individual who can be claimed as a dependent on another’s return, the basic standard deduction for 2023 will be $1,250 ($1,150 in 2022), or $400 ($400 in 2022) plus the individual’s earned income, whichever is greater. Single (not head of household or surviving spouse) $13,850 ($12,9) Joint return or surviving spouse $27,700 ($25,9) The basic standard deduction for 2023 will be: If taxable income is over $14,450 the tax is $3,491.00, plus 37% of the excess over $14,450 Standard deductions. If taxable income is over $10,550 but not over $14,450 the tax is $2,126.00 plus 35% of the excess over $10,550 If taxable income is over $2,900 but not over $10,550 the tax is $290.00 plus 24% of the excess over $2,900 If taxable income is less than $2,900 the tax is 10% of taxable income If taxable income is over $44,725 but not over $95,375 the tax is $5,147.00 plus 22% of the excess over $44,725 If taxable income is over $11,000 but not over $44,725 the tax is $1,100.00 plus 12% of the excess over $11,000 If taxable income is over $59,850 but not over $95,350 the tax is $6,868.00 plus 22% of the excess over $59,850 If taxable income is over $15,700 but not over $59,850 the tax is $1,570.00 plus 12% of the excess over $15,700 If taxable income is not over $15,700: the tax is 10% of taxable income If taxable income is over $44,725 but not over $95,375 the tax is $5,147.00 ![]() If taxable income is over $11,000 but not over $44,725 the tax is $1,100.00 plus 12% of the amount over $11,000 If taxable income is not over $11,000 the tax is 10% of taxable income ![]() If taxable income is over $693,750 the tax is $186,601.50 plus 37% of the amount over $693,750įor single individuals (other than heads of households and surviving spouses): If taxable income is over $22,000 but not over $89,450 the tax is $2,200.00 plus 12% of the amount over $22,000 If taxable income is under $22,000 the tax is 10% of taxable income The tax rate schedules for 2023 will be as follows.įor married individuals filing joint returns and surviving spouses: Using the chained CPI for August 2022 (and the preceding 11 months), Thomson Reuters Checkpoint has calculated the 2023 indexed amounts. The August 2022 CPI summary has been released by the Labor Department. These adjustments reflect the average chained Consumer Price Index (CPI) for all-urban customers (C-CPI-U) for the 12-month period ending the previous August 31. The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |