What Is a Tax Table?
Let me explain what a tax table is. It's a chart that shows the amount of tax you owe based on the income you've received. The IRS provides these tables to help you figure out your tax liability and how to calculate it when you file your annual tax return. You'll find different tax ranges in the table depending on your filing status. The rates might be listed as a fixed amount, a percentage, or both. Individuals, companies, and estates use these for regular income and capital gains, and they're updated every year.
Key Takeaways
Here's what you need to know right away. A tax table is simply a chart displaying tax due by income level. The IRS supplies them to assist with determining and calculating your taxes for your return. They're organized by income ranges and your filing status. Modest-income individuals and corporations commonly use them, but high earners rely on more detailed tax rate schedules. And remember, the IRS updates these tables annually.
How Tax Tables Work
You pay an effective tax rate on your income each year, whether you're a business or an individual. The amount depends on factors like your filing status—single, married filing separately, married filing jointly, or head of household—along with any deductions, credits, exemptions, and your total income for the year. Using these details and the current tax rates, you or the authorities can calculate what you owe.
A standard tax table lists breakpoint income levels where tax rates change above or below them. But keep in mind, it uses taxable income, not gross income. Taxable income is what remains after subtracting deductions from your gross. So only that leftover amount gets taxed.
For instance, in 2022, the standard deduction for single filers is $12,950, rising to $13,850 in 2023. If you earn $65,000 and take just the standard deduction, you'd pay tax on $52,050 in 2022—that's $65,000 minus $12,950. Generally, higher taxable income means higher taxes.
The tables have columns for each filing status and rows for different taxable income amounts on the left. You find your tax liability by matching your status and income on your tax form.
Important Note
If you're a qualifying widow or widower, you can use the married filing jointly status for at least two years after your spouse's death.
Special Considerations
Tax tables are typically for individuals and corporations with modest incomes. High earners usually turn to detailed tax rate schedules and itemized deductions.
Most states use similar tables for personal income tax. But some don't tax personal income at all: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. New Hampshire only taxes dividend and interest income.
These tables change yearly and differ by state. Always use the right one based on your income sources and where you live.
Example of a Tax Table
The IRS updates tax tables and earned income credit tables each year. They provide ranges based on income and break down amounts by filing status.
Take the 2022 table for taxable income between $46,000 and $47,000 as an example. It lists specific tax amounts for increments of $50 in that range, divided by filing status: single filer, married filing jointly, married filing separately, and head of household. For instance, if your taxable income is between $46,000 and $46,050, a single filer owes $5,743, married filing jointly owes $5,112, and so on up to $46,950 to $47,000 where it's $5,952 for single and $5,226 for jointly.
IRS Tax Table 2022 Excerpt for $46,000-$47,000 Range
- $46,000-$46,050: Single $5,743, Jointly $5,112, Separately $5,743, Head $5,230
- $46,050-$46,100: Single $5,754, Jointly $5,118, Separately $5,754, Head $5,236
- $46,100-$46,150: Single $5,765, Jointly $5,124, Separately $5,765, Head $5,242
- $46,150-$46,200: Single $5,776, Jointly $5,130, Separately $5,776, Head $5,248
- $46,200-$46,250: Single $5,787, Jointly $5,136, Separately $5,787, Head $5,254
- $46,250-$46,300: Single $5,798, Jointly $5,142, Separately $5,798, Head $5,260
- $46,300-$46,350: Single $5,809, Jointly $5,148, Separately $5,809, Head $5,266
- $46,350-$46,400: Single $5,820, Jointly $5,154, Separately $5,820, Head $5,272
- $46,400-$46,450: Single $5,831, Jointly $5,160, Separately $5,831, Head $5,278
- $46,450-$46,500: Single $5,842, Jointly $5,166, Separately $5,842, Head $5,284
- $46,500-$46,550: Single $5,853, Jointly $5,172, Separately $5,853, Head $5,290
- $46,550-$46,600: Single $5,864, Jointly $5,178, Separately $5,864, Head $5,296
- $46,600-$46,650: Single $5,875, Jointly $5,184, Separately $5,875, Head $5,302
- $46,650-$46,700: Single $5,886, Jointly $5,190, Separately $5,886, Head $5,308
- $46,700-$46,750: Single $5,897, Jointly $5,196, Separately $5,897, Head $5,314
- $46,750-$46,800: Single $5,908, Jointly $5,202, Separately $5,908, Head $5,320
- $46,800-$46,850: Single $5,919, Jointly $5,208, Separately $5,919, Head $5,326
- $46,850-$46,900: Single $5,930, Jointly $5,214, Separately $5,930, Head $5,332
- $46,900-$46,950: Single $5,941, Jointly $5,220, Separately $5,941, Head $5,338
- $46,950-$47,000: Single $5,952, Jointly $5,226, Separately $5,952, Head $5,344
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