what should my tax code be 2023

Your tax code for 2023 depends on your taxable income and filing status. There are seven federal income tax rates in 2023: 10%, 12%, 22%, 24%, 32%, 35%, and 37% . The income thresholds for each tax bracket were adjusted significantly, up about 7%, from 2022 due to record-high inflation. The standard deduction for 2023 is $14,600 for single filers and $27,700 for married couples filing jointly. The Alternative Minimum Tax exemption amount for tax year 2023 is $81,300 and begins to phase out at $578,150 ($126,500 for married couples filing separately) . To determine your tax code, you can use the tax brackets and rates provided by the IRS or consult a tax professional.