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The IRS has also announced new tax brackets for the 2024 tax year, for taxes you’ll file in April 2025 — or October 2025 if you file an extension. Brackets are adjusted each year for inflation .
On Tuesday the IRS announced its annual adjustments to the standard deduction and tax brackets for the 2023 tax year. ... For tax year 2023 the IRS adjusted that same 12% bracket by $725, an ...
For married taxpayers filing jointly and surviving spouses, these are the projected 2023 tax brackets: Earnings of $22,000 or less: 10% of taxable income. Earnings of $22,001-$89,450: ...
A copy of the W-2 is sent to the Internal Revenue Service (IRS). It is the gross salary less any contributions to pre-tax plans. The W-2 form also shows the amount withheld by the employer for federal income tax.
Tax brackets for 2023 increased 7% to account for the 40-year high inflation of 8% in 2022, USA TODAY reports. And the IRS already has announced tax brackets will get another 5.4% increase for 2024.
In late 2022, the IRS announced that it would be adjusting tax brackets for the 2023 tax year as well as the standard deduction to account for inflation. That means that people who were previously ...