What are the current personal income tax rates?

What are the current personal income tax rates in the U.S.?

The current federal personal income tax rates in the U.S. range from 10% to 37%, depending on your income level.

Can you break down the tax brackets for me?

Sure! For 2023, the tax brackets are: 10% for income up to $11,000, 12% for $11,001 to $44,725, 22% for $44,726 to $95,375, 24% for $95,376 to $182,100, 32% for $182,101 to $231,250, 35% for $231,251 to $578,125, and 37% for income over $578,125.

Are there any deductions or credits I should be aware of?

Yes, common deductions include the standard deduction and itemized deductions for mortgage interest, state taxes, and charitable contributions. Tax credits like the Earned Income Tax Credit and Child Tax Credit can also reduce your tax liability.

How do state income tax rates compare to federal rates?

State income tax rates vary widely. Some states have a flat rate, while others have progressive rates similar to federal taxes. A few states, like Florida and Texas, have no state income tax at all.