The income limits for all 2023 tax brackets and all filers will be adjusted for inflation and will be as follows. There are seven federal income tax rates in 2023: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income above $539,900 for single filers and above $693,750 for married couples filing jointly. 

The IRS used to use the Consumer Price Index (CPI) as a measure of inflation prior to 2018. However, with the Tax Cuts and Jobs Act of 2017 (TCJA), the IRS now uses the Chained Consumer Price Index (C-CPI) to adjust income thresholds, deduction amounts, and credit values accordingly.

Federal Income Tax Brackets and Rates for Single Filers

10% - $0 to $11,000 

12% - $11,000 to $44,725

22% - $44,725 to $95,375

24% - $95,375 to $182,100

32% - $182,100 to $231,250

35% - $231,250 to $578,125

37% - $578,125 or more

Federal Income Tax Brackets and Rates For Married Individuals Filing Joint Returns

10% - $0 to $22,000

12% - $22,000 to $89,450

22% - $89,450 to $190,750

24% - $190,750 to $364,200

32% - $364,200 to $462,500

35% - $462,500 to $693,750

37% - $693,750 or more