For the 2023 tax year, there are seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.

The IRS made significant adjustments to the tax income thresholds for 2023.

The top marginal income tax rate of 37% will hit taxpayers with taxable income above $539,900 for single filers and above $693,750 for married couples filing jointly.

The standard deduction for married couples filing jointly for the tax year 2023 rises to $27,700 up $1,800 from the prior year.

For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900.

For heads of households, the standard deduction will be $20,800 for the tax year 2023, up $1,400 from last year.