![]() For example, the brackets below show the first tax bracket if you are filing. In 2023 there are seven tax brackets with each one having a different tax rate ranging from 10 to 37. The brackets used to calculate your income tax depend on your filing status. $3,600, plus 8.5% of the excess over $60,000. A tax bracket is a range of taxable income that is subject to a specific tax percentage. Tax rates: The tax rates for tax year ending are: If the taxable income is: ![]() The modified adjusted gross income amount used by taxpayers to determine the reduction in the Lifetime Learning Credit provided in ยง 25A(d)(2) is not adjusted for inflation for. $28,150, plus 8.75% of the excess above $350,000. For 2024, as in 2023, 2022, 2021, 2020, 20, there is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act. Tax rates: The tax rates for tax years beginning after and before are: If the taxable income is: 2 Additional 3.8 federal tax imposed on lesser of total net investment income or the amount of modified adjusted gross income (MAGI) in excess of the applicable threshold (200,000 for Single and Head of Household, 250,000 for Married Filing Joint, and 125,000 for Married. $19,650, plus 9.25% of the excess over $250,000. 1 Net amount subject to federal income tax after deductions. Tax Rates: The tax rates for tax years beginning after are: If the taxable income is: ![]() The taxable income of an individual who is domiciled in the District at any time during the tax year (or who maintains an abode in the District for 183 or more days during the year) or of a DC estate or trust is subject to tax at the following rates: Rates for Tax Year 2022
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