2023 federal tax rates and brackets

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Many employees will enjoy increased take-home pay in 2023 when less tax is deducted from their paychecks. [{ "selector": ".uacqi-a", "duration": "250ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".ccscp-a", "duration": "250ms", "fill": "forwards", "delay": "750ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".ojszz-a", "duration": "250ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".dqjbw-a", "duration": "250ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "90%"} ] }, { "selector": ".rdmkw-a", "duration": "250ms", "fill": "forwards", "delay": "2250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Next year's standard deduction was also published. Single taxpayers will pay $13,850 and married couples $27,700. [{ "selector": ".gtrfw-a", "duration": "250ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".peoqp-a", "duration": "250ms", "fill": "forwards", "delay": "750ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".wpgac-a", "duration": "250ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".csueu-a", "duration": "250ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "90%"} ] }, { "selector": ".qbpid-a", "duration": "250ms", "fill": "forwards", "delay": "2250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

2023 standard deduction for heads of household: $20,800. $1,400 more. [{ "selector": ".mpipj-a", "duration": "250ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".siaaz-a", "duration": "250ms", "fill": "forwards", "delay": "750ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".mmsnl-a", "duration": "250ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".dzpqc-a", "duration": "250ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "90%"} ] }, { "selector": ".rbstu-a", "duration": "250ms", "fill": "forwards", "delay": "2250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

For families with three or more children, the maximum EITC for 2023 is $7,430. Maximum health care FSA contribution rises from $2,850 to $3,050. [{ "selector": ".clpsb-a", "duration": "250ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".nlejm-a", "duration": "250ms", "fill": "forwards", "delay": "750ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".iizgf-a", "duration": "250ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".eabzr-a", "duration": "250ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "90%"} ] }, { "selector": ".tajza-a", "duration": "250ms", "fill": "forwards", "delay": "2250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

In 2023, wealthy Americans may exempt additional assets from estate tax. Transfers to descendants will be tax-free up to $12.92 million, increasing from $12 million in 2022. [{ "selector": ".nucso-a", "duration": "250ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".tnexn-a", "duration": "250ms", "fill": "forwards", "delay": "750ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".twgsa-a", "duration": "250ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".mcqcn-a", "duration": "250ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "90%"} ] }, { "selector": ".jukce-a", "duration": "250ms", "fill": "forwards", "delay": "2250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Couples can double that. Gift exclusion rises to $17,000. [{ "selector": ".sejsf-a", "duration": "250ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".fdpcl-a", "duration": "250ms", "fill": "forwards", "delay": "750ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".lctjm-a", "duration": "250ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".roqxg-a", "duration": "250ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "90%"} ] }, { "selector": ".oklfw-a", "duration": "250ms", "fill": "forwards", "delay": "2250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

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2023 federal tax rates and brackets

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