IRS Tax Rates 2023 has been released officially by the Internal Revenue Service for April 2024 deadline, an individual whose taxable income $11,000 or less will have to pay 10% of that amount. How much tax an individual will have to pay in the year 2023-24, it depends on his/her taxable income. Tax rates for individuals residing on the territories of the United States are similar to last financial year, stay tuned to get detailed information.
IRS Tax Rates 2023
2023-24 Tax Rates have been released officially by the Internal Revenue Service for Singles, Married Couples or Head of Household. To figure out the income tax that an individual has to pay he/she has to check out the tax brackets given below, because it tells about the IRS TAX RATES 2023 one has to pay as per his/her taxable income.
2023-24 IRS Single Filer Tax Rates
If you are single and going to file 2023-24 tax Individually then checkout the taxes rates as per your income.
| Taxable Income | Tax Rate |
| $11,000 or below | Only 10% |
| $11,001 to $44,725 | $1,100 + 12% for each $1 over $11,000 |
| $44,726 to $95,375 | $5,147 + 22% for each $1 over $44,725 |
| $95,376 to $182,100 | $16,290 + 24% for each $1 over $95,375 |
| $182,101 to $231,250 | $37,104 + 32% for each $1 over $182,100 |
| $231,251 to $578,125 | $52,832 + 35% for each $1 over $231,250 |
| $578,126 or above | $174,238.25 + 37% for each $1 over $578,125 |
Let that an individual taxable income be $98,000, then he has to pay $16,290 + 24% for each $1 over $95,375. To find out the income tax amount he/she has to firstly calculate 24% for each $1 over $95,375, for that he/she need to substrate the taxable amount from $95,375 and find 24% of that amount, and then he/she has to add to $16,290.
2023-24 IRS Married Filing Separately Tax Rates
If you are married and you and your wife are planning to file tax separately then go through the table to check the tax rates as per your taxable income.
| Taxable Income | Tax Rate |
| $11,000 or below | Only 10% |
| $11,001 to $44,725 | $1,100 + 12% for each $1 over $11,000 |
| $44,726 to $95,375 | $5,147 + 22% for each $1 over $44,725 |
| $95,376 to $182,100 | $16,290 + 24% for each $1 over $95,375 |
| $182,101 to $231,250 | $37,104 + 32% for each $1 over $182,100 |
| $231,251 to $346,875 | $52,832 + 35% for each $1 over $231,250 |
| $346,876 or above | $93,300.75 + 37% for each $1 over $346,875 |
Let that your taxable income be $347,000, then you have to pay $93,300.75 + 37% for each $1 over $346,875. To evaluate the amount you have to file tax you need to subtract $346,875 from your taxable income then you need to find 37% of that amount, after which you have to add it with $93,300.75.
2023-24 IRS Married Filing Jointly Tax Rates
Those planning to file 2023-24 tax jointly with their wife should check out the table below to check the tax rates.
| Taxable Income | Tax Rate |
| $22,000 or below | Only 10% |
| $22,001 to $89,450 | $2,200 + 12% for each $1 over $22,000 |
| $89,451 to $190,750 | $10,294 + 22% for each $1 over $89,450 |
| $190,750 to $364,200 | $32,580 + 24% for each $1 over $190,750 |
| $364,201 to $462,500 | $74,208 + 32% for each $1 over $364,200 |
| $462,500l1 to $693,750 | $105,664 + 35% for each $1 over $462,500 |
| $693,751 or above | $186,601.50 + 37% for each $1 over $693,750 |
If your taxable income is $22,000 or below you have to pay only 10% of that amount, if taxable income is above $22,000 then you have to pay the taxable amount plus required tax percentage for each dollar.
2023-24 IRS Head of Household Tax Rates
One who is going to file tax as Head of Household need to know that he/she has to pay 10% of taxable income upto $15,700, go through the table, which is available below and learn about tax rates for head of household as per taxable income.
| Taxable Income | Tax Rate |
| $15,700 or above | Only 10% |
| $15,701 to $59,850 | $1,570 + 12% for each $1 over $15,700 |
| $59,851 to $95,350 | $6,868 + 22% for each $1 over $59,850 |
| $95,351 to $182,100 | $14,678 + 24% for each $1 over $95,350 |
| $182,101 to $231,250 | $35,498 + 32% for each $1 over $182,100 |
| $231,251 to $578,100 | $51,226 + 35% for each $1 over $231,250 |
| $578,101 or above | $172,623.50 + 37% for each $1 over $578,100 |
Let that you are the head of household and taxable income is $185,000 then you have to file tax of $35,498 + 32% for each $1 over $182,100. To find out the amount, you have to deduct $182,100 from $185,000 and evaluate 32% of that amount, and at the end you have to add the evaluated amount to $35,498 to find out the income to pay file tax.
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