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2023 Marginal Tax Brackets

Your marginal tax bracket determines how much of the earnings from savings and investments you get to keep after taxes. Below are the four individual tax rate schedules for 2023:

Individual Tax Rate Schedules for 2023
Filing Status Taxable Income ($) Marginal Tax Bracket Rate (%)
Married Filing Jointly 0 to 22,000 10
22,001 to 89,450 12
89,451 to 190,750 22
190,751 to 364,200 24
364,201 to 462,500 32
462,501 to 693,750 35
693,750 and higher 37
Head of Household 0 to 15,700 10
15,701 to 59,850 12
59,851 to 95,350 22
95,351 to 182,100 24
182,101 to 231,250 32
231,251 to 578,100 35
578,100 and higher 37
Single 0 to 11,000 10
11,001 to 44,725 12
44,726 to 95,375 22
95,376 to 182,100 24
182,101 to 231,250 32
231,251 to 578,125 35
578,125 and higher 37
Married Filing Separately 0 to 11,000 10
11,001 to 44,725 12
44,726 to 95,375 22
95,376 to 182,100 24
182,101 to 231,250 32
231,251 to 346,875 35
346,875 and higher 37

You can compare yields by using the following formula:

Taxable equivalent yield = tax-free yield ÷ (100% - marginal tax bracket %) or see www.calcxml.com/calculators/inc11?skn, which includes both federal and state income tax rates.

Example: Assume you are in the 22% tax bracket, and have an account with a 4.0% tax-free yield. To get the equivalent taxable yield, divide 4.0% by 78% (100% - 22%). The taxable yield is 5.13%.