Taxes for the 2022 tax year are due in a couple of months, and there are several tax brackets that the Internal Revenue Service has in place to give filers an idea of how much they owe.
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 (as $10,275 is the lowest bracket) and then pay 12% on the remainder of their income.
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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.
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For the 2023 tax year, meaning the taxes that people will file next year, the top marginal tax rate will apply to individual filers whose annual income is above $578,125 and married couples whose annual income is above $693,750 for 2023, up 7% compared to the 2022 tax year.
The IRS began accepting tax returns for 2022 on Jan. 23, and all taxes are due to be filed on April 18.