2023 tax brackets: Here are the IRS's new income thresholds for taxpayers
Tax brackets are used by the government to decide how much a taxpayer needs to pay, with the taxpayer's income divided into chunks. If a taxpayer is in a certain bracket, they do not pay the federal income tax rate for their entire income, but instead pay the tax rate for each level, according to Nerdwallet.
If a single filer made $32,000 in taxable income annually, the taxpayer filing their 2022 taxes would be placed in the 12% tax bracket. A person would then pay 10% on the first $10,275 they make and then pay 12% on the remainder of their income.For tax season this year, people filing their 2022 taxes can look at these brackets to gauge how much they will pay in taxes this year, according to the IRS.
The IRS began accepting tax returns for 2022 on Jan. 23, and all taxes are due to be filed on April 18.
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