The Internal Revenue Service revealed that it would adjust federal income tax brackets and deductions in light of rising price levels in the United States.
For individual filers, the brackets are as follows:
- 10% — Income up to $10,275
- 12% — Income between $10,275 and $41,775
- 22% — Income between $41,775 to $89,075
- 24% — Income between $89,075 to $170,050
- 32% — Income between $170,050 to $215,950
- 35% — Income between $215,950 to $539,900
- 37% — Income over $539,900
For joint filers, the brackets are as follows:
- 10% — Income up to $20,550
- 12% — Income between $20,550 to $83,550
- 22% — Income between $83,550 to $178,150
- 24% — Income between $178,150 to $340,100
- 32% — Income between $340,100 to $431,900
- 35% — Income between $431,900 to $647,850
- 37% — Income over $647,850