In 2022, John is single and has taxable income of $23,000. If filing a combined return (both spouses work), each spouse can calculate their tax liability separately and add the results. Tax Year 2023Įxcess of $10,000 of Taxable Income is taxed 5%Įxcess of $10,000 of Taxable Income is taxed 4.7%Įxcess of $10,000 of Taxable Income is taxed 4.4%Įxcess of $10,000 of Taxable Income is taxed 4% The 4% rate is eliminated for tax year 2023 and forward.
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