{"id":1795791,"date":"2023-01-05T09:50:11","date_gmt":"2023-01-05T14:50:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1795791"},"modified":"2023-01-05T09:50:15","modified_gmt":"2023-01-05T14:50:15","slug":"with-new-irs-tax-brackets-taking-effect-your-paycheck-may-be-larger","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/with-new-irs-tax-brackets-taking-effect-your-paycheck-may-be-larger\/","title":{"rendered":"With New IRS Tax Brackets Taking Effect, Your Paycheck May be Larger"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwith-new-irs-tax-brackets-taking-effect-your-paycheck-may-be-larger%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1795791&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Check out what&#8217;s clicking on FoxBusiness.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Higher federal income tax brackets and standard deductions are now in effect, potentially giving Americans a chance to increase their take-home pay in 2023 and shield more of their income from the Internal Revenue Service.\u00a0<\/p>\n<p>The IRS announced the higher limits for the <a href=\"https:\/\/foxbusiness.com\/category\/taxes\" target=\"_blank\" rel=\"noopener\"><u>federal income tax bracket<\/u><\/a> and standard deductions in October. The increase is intended to avoid a phenomenon known as &#8220;bracket creep,&#8221; which happens when taxpayers are pushed into higher-income brackets even though their purchasing power is essentially unchanged due to steeper prices for most goods.\u00a0<\/p>\n<p>The IRS makes such adjustments annually, but in times of painfully high inflation, the increases are more significant and impactful for taxpayers. Inflation hovered around a four-decade high for much of 2022, hitting a high of 9.1% in June and falling slightly to 7.1% in November \u2013 still about three times the pre-pandemic average.<\/p>\n<p>This year, the tax brackets are shifting higher by about 7%.\u00a0<\/p>\n<p><a href=\"https:\/\/foxbusiness.com\/money\/still-missing-your-tax-refund-irs-will-soon-pay-you-interest\" target=\"_blank\" rel=\"noopener\"><strong><u>STILL MISSING YOUR TAX REFUND? THE IRS WILL SOON PAY YOU 7% INTEREST<\/u><\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/03\/931\/523\/IRS.jpg?ve=1&#038;tl=1\" alt=\"Internal Revenue Service\"   style=\"display:none\"><\/div>\n<div class=\"caption\">\n<p><span>The IRS makes adjustments annually, but in times of painfully high inflation, the increases are more significant and impactful for taxpayers.<\/span><span> (Al Drago\/Bloomberg via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p>The higher thresholds where tax rates take effect could mean savings for millions of Americans across all income brackets.\u00a0<\/p>\n<p>Here is a closer look at what taxpayers need to know this year:<\/p>\n<p><a href=\"https:\/\/foxbusiness.com\/money\/irs-says-your-tax-refund-could-be-smaller-2023-heres-why\" target=\"_blank\" rel=\"noopener\"><strong><u>IRS SAYS YOUR TAX REFUND COULD BE SMALLER IN 2023 \u2013 HERE&#8217;S WHY<\/u><\/strong><\/a><\/p>\n<h3><strong>Tax brackets for single individuals:<\/strong><\/h3>\n<p>The <a href=\"https:\/\/foxbusiness.com\/category\/irs\" target=\"_blank\" rel=\"noopener\">IRS is increasing<\/a> the tax brackets by about 7% for both individual and married filers across the different income spectrums. The top tax rate remains 37% in 2023.\u00a0<\/p>\n<ul>\n<li>10%: Taxable income up to $11,000 or less<\/li>\n<li>12%:\u00a0Taxable income over $11,000<\/li>\n<li>22%:\u00a0Taxable income over $44,725<\/li>\n<li>24%:\u00a0Taxable income over $95,375<\/li>\n<li>32%:\u00a0Taxable income over $182,100<\/li>\n<li>35%:\u00a0Taxable income over $231,250<\/li>\n<li>37%:\u00a0Taxable income over $578,125<\/li>\n<\/ul>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/08\/931\/523\/taxes-1.jpg?ve=1&#038;tl=1\" alt=\"Individual income tax\" \/><\/div>\n<div class=\"caption\">\n<p><span>The higher thresholds where tax rates take effect could mean savings for millions of Americans across all income brackets.<\/span><span> (Daniel Acker\/Bloomberg via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<h3><strong>Tax brackets for joint filers:\u00a0<\/strong><\/h3>\n<ul>\n<li>10%: Taxable income up to $22,000<\/li>\n<li>12%:\u00a0Taxable income over $22,000<\/li>\n<li>22%:\u00a0Taxable income over $89,450<\/li>\n<li>24%:\u00a0Taxable income over $190,750<\/li>\n<li>32%:\u00a0Taxable income over $364,200<\/li>\n<li>35%:\u00a0Taxable income over $462,500<\/li>\n<li>37%:\u00a0Taxable income over $693,750<\/li>\n<\/ul>\n<h3><strong>Other tax provisions<\/strong><\/h3>\n<p><a href=\"https:\/\/foxbusiness.onelink.me\/Zkcx?pid=AppArticleLink&#038;af_dp=foxbusinesssaf%3A%2F%2F&#038;af_web_dp=https%3A%2F%2Fwww.foxbusiness.com%2Fapps-products\" target=\"_blank\" rel=\"nofollow noopener\"><strong><u>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/a><\/p>\n<p>The IRS increased the thresholds for several other provisions, including the earned income tax credit amount, with families now eligible to receive $7,430 if they have three or more qualifying children. That is up from $6,935 for tax year 2022.\u00a0<\/p>\n<p>Employees can also contribute more to their health flexible spending accounts, with the maximum contribution rising to $3,050.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Check out what&#8217;s clicking on FoxBusiness.com Higher federal income tax brackets and standard deductions are now in effect, potentially giving Americans a chance to increase their take-home pay in 2023 and shield more of their income from the Internal Revenue Service.\u00a0 The IRS announced the higher limits for the federal income tax bracket and standard &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1401415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[11039,5458,13391,8639,8362,13390,3819,8360],"class_list":["post-1795791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-paycheck","tag-bongino","tag-brackets","tag-effect","tag-irs","tag-larger","tag-report","tag-tax"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1795791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1795791"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1795791\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1401415"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1795791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1795791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1795791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}