Tax Bracket Calculator
Tax Bracket Calculator
Find your tax bracket
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Are you self-employed?
This includes freelancers and business owners
Federal Income Tax Rate Calculator
Tax Bracket Calculator
FlyFin's free federal income tax rate calculator gives you a quick answer to the question, "What tax bracket am I in?"
By asking you a few important questions about your work, including your income and expenses, the tax bracket calculator provides you with your tax bracket details. With this information, you can properly file your taxes, pay the required amount and possibly reduce the amount you’ll owe.
What’s so important about income tax brackets?
When working as a W-2 employee, you probably don’t spend much time thinking about your tax bracket for when you file your federal tax return. Your employer typically figures out which federal tax bracket you’ll fall into based on your income, and they withhold the corresponding taxes and send them to the IRS.
Knowing your tax bracket will help you understand how much you’ll pay in taxes on your income. If you’re a freelancer, self-employed, part of the gig economy or work as an independent contractor, things are quite different when it comes to US tax rates and tax brackets. Since you don’t have an employer to withhold taxes from your paycheck, it’s up to you to send estimated tax payments to the Internal Revenue Service (IRS) each quarter. On top of income taxes, you’ll also need to pay self-employment taxes, or SECA taxes, to cover Social Security and Medicare taxes.
Key takeaways:
- Tax brackets are a set of income ranges that are subject to a set tax rate.
- The US follows a progressive tax system with tax brackets adjusted to the level of income.
- One way to get your income to a lower tax bracket is by taking tax credits and deductions.
Table of contents
How do tax brackets work?...Read more
What is my effective tax rate?...Read more
What is my marginal tax rate?...Read more
2022 Tax Brackets & Rates...Read more
2023 Tax Brackets & Rates...Read more
Do deductions and tax credits affect your tax bracket?...Read more
Freelancers and income tax brackets...Read more
How do tax brackets work?
The income tax bracket system, also known as the progressive tax system, is the IRS' attempt to make the American taxation system have the same impact on taxpayers at every income level. Typically, the IRS adjusts the rates each year due to rising inflation costs.
Federal tax brackets are essentially income ranges with different taxation percentage rates. The higher your income is, the higher the federal income tax rates are. Knowing which tax bracket your income falls into can help you to lower your taxable income and the taxes you pay.
If your filing status is single, and you have taxable income of $100,000 for the year from your dog grooming business, for example, you would fall into the $95,376 to $182,100 income bracket for 2023, and your tax rate would be 24%. The good news is that not all your income is taxed at the 24% rate, just the earnings in the $95,376 to $182,100 range. The income is taxed at different rates that correspond to different income brackets. Sound confusing? FlyFin’s tried and true tax bracket calculator can show you the tax bracket you fall into without any need for calculations.
What is my effective tax rate?
The percentage rate your overall income is taxed at is your effective tax rate. It can be calculated by taking the tax the IRS charges you and dividing it by your total earnings for the year.
Total tax ÷ adjusted gross income = effective tax rate
Everyone has a different effective tax rate based on their income and the deductions they take from their taxable income. It's the amount you pay in taxes divided by your earnings before taxes. An effective tax rate calculator can help you figure out how much you’ll owe.
Say you have a side job doing landscaping. If you made $40,000 in a year in total before taxes, and paid $10,000 in tax, your effective tax rate would be 10,000 divided by 40,000. This works out to .25, or 25%.
What is my marginal tax rate?
With a marginal tax rate system, taxpayers are divided into tax brackets, and their income is taxed based on their tax bracket. With every payment you receive from working, you’ll reach a different bracket as your overall income increases.
Parts of your income might fall into different tax brackets than other parts. The last dollar of income you’ve earned in the highest tax bracket that is referred to as your marginal tax rate. The tax rate charged on the first dollar you earn at the start of the year will likely be far lower than the tax rate charged on the last dollar you earn in the year. The higher your annual adjusted income is, the higher in general your marginal tax rate will be
With the Tax Cuts and Jobs Act, the IRS set the tax rates at 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The IRS has set seven tax brackets 2022 taxpayers will fall into. The lowest 2022 tax bracket, or the lowest income level, is $0 to $10,275. It’s taxed at 10%, which means the first $10,275 of the money you made that year is taxed at 10%.
2022 Tax Brackets & Rates
Tax rateSingleMarried, filing jointlyMarried, filing separatelyHead of household
10%$0 - $10,275$0 - $20,050$0 - $10,275$0 - $14,650
22%$41,776 - $89,075$83,551 - $178,150$14,776 - $89,075$55,901 - $89,050
24%$89,076 - $170,050$178,151 - $340,100$89,076 - $170,050$89,051 - $170,050
32%$170,051 - $215,950$340,101 - $431,900$170,051 - $215,950$170,051 - $215,950
35%$215,951 - $539,900$431,901 - $647,850$215,951 - $323,925$215,951 - $539,900
37%$539,901 or more$647,851 or more$323,926 or more$539,901 or more
In October 2022, the IRS announced the adjustments for the 2023 tax brackets, meaning taxes filed in 2024. The same seven tax rates for the 2022 tax year are still being used, 10%, 12%, 22%, 24%, 32%, 35% and 37% but the 2022 and 2023 tax brackets are different. So you could fall into the 22% tax bracket in 2022 by making $42,000 and the 12% tax bracket in 2023 with the same income level, if your filing status is single.
2023 Tax Brackets & Rates
Tax rateSingleMarried, filing jointlyMarried, filing separatelyHead of household
10%$0 - $11,000$0 - $22,000$0 - $11,000$0 - $15,700
12%$11,001 - $44,725$22,001 - $89,450$11,001 - $44,725$15,701 - $59,850
22%$44,726 - $95,375$89,451 - $190,750$44,726 - $95,375$59,851 - $95,350
24%$95,376 - $182,100$190,751 - $364,200$95,376 - $182,100$95,351 - $182,100
32%$182,101 - $231,250$364,201 - $462,500$182,101 - $231,250$182,101 - $231,250
35%$231,251 - $578,125$462,501- $693,750$231,251 - $346,875$231,250 - $578,100
37%$578,126 or more$693,751 or more$346,876 or more$578,101 or more
Do deductions and tax credits affect your tax bracket?
One of the best ways to get your income into a lower tax bracket is by taking self-employment tax deductions. Deductions and tax credits to lower your taxable income, and there are many different tax deductions and credits, like the food and entertainment deduction, subscription-related tax deductions and the education tax credit.
What is taxable income? Also known as adjusted gross income, this is the amount of income before any tax is applied and after all deductions and tax credits have been taken.
Tax credits can be very helpful for students, for example, who might be working a freelance job while getting an undergraduate degree. If they earned $45,000 in adjusted gross income, they would just barely be in the 22% federal tax bracket for 2023.
If they qualified for the American opportunity credit and received the full $2,500 tax credit for expenses such as tuition and books, the credit would be able to lower their income by that amount. As a result, their adjusted gross income would go to $42,500, putting them in the 12% tax bracket, and they would end up paying less in taxes.
Freelancers and income tax brackets
As someone self-employed, your income isn’t withheld from an employer, and you’ll need to make estimated tax payments quarterly on your income. If you expect to owe $1,000 or more in taxes, you’ll be expected to make IRS payments. Calculating accurate estimated payments is important because the IRS could charge an underpayment penalty, and no one wants to give the IRS any more money than needed.
When you’re on a payroll, your employer pays half the Medicare and Social Security. If you’re self-employed, the IRS considers you to be both the employer and the employee, and it’s up to you to pay the total 15.3% tax. Find out how your income gets taxed with this quick 1099 tax calculator.
Keeping track of income and expenses, finding deductions and calculating federal tax brackets for 2023 can be overwhelming. You can use an app like FlyFin for this and manage your expenses and income, too, all in one place. No need to keep track of receipts or use spreadsheets. Instead, A.I. finds every possible deduction, saving you time and money. You’ll never miss another business deduction or pay the IRS more than you need to again.
Past years' tax brackets
Curious how federal income tax brackets and rates have changed over the years? Take a look back.
2021 tax brackets and rates
2020 tax brackets and rates
2019 tax brackets and rates
2018 tax brackets and rates
2017 tax brackets and rates
2016 tax brackets and rates
2015 tax brackets and rates
2014 tax brackets and rates
2013 tax brackets and rates
2012 tax brackets and rates
2011 tax brackets and rates
What’s FlyFin?
FlyFin caters to the tax needs of gig workers, freelancers, independent contractors and sole proprietors. This tax tool is especially helpful for gig workers, who don't have tax support from an employer like W-2 employees do.
FlyFin tracks all your business expenses using A.I. to find every possible tax deduction. You can also consult our expert CPA team to file a guaranteed 100% accurate tax return. It saves you a couple of thousand dollars and a ton of time on your taxes.
Download the FlyFin app and have your 1099 taxes filed in less than fifteen minutes, saving you time and more money on your taxes than last year, guaranteed.
Expert tax CPAs ensure 100%-accurate tax filing
A.I. finds every tax deduction, eliminating 95% of your work
On average users save $3,700
