The IRS has released tax brackets and new standard deductions for 2023 and, like most things, inflation is having an impact on the numbers.

Tax brackets are the figures used to determine how much you can expect to pay in taxes each year for each portion of your “taxable income,” calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income, or AGI. According to Forbes, the 2023 tax brackets have upper limits 7% higher than the brackets used for 2022 returns.

The revised brackets will be used when filing in 2024.

For those married filing jointly, marginal tax brackets for tax year 2023 are:

• $22,000 or less in taxable income – 10% of taxable income
• $22,001 to $89,450 in taxable income – $2,200 plus 12% over $22,000
• $89,451-$190,750 in taxable income – $10,294 plus 22% over $89,450
• $190,751-$364,200 in taxable income – $32,580 plus 24% over $190,750
• $364,201 to $462,500 in taxable income –$74,208 plus 32% over $364,200
• $462,501 to $693,759 in taxable income – $105,664 plus 35% over $462,500
• $693,751 or more in taxable income – $186,601 plus 37% over $693,750

Marginal tax brackets for tax year 2023 for single individuals

• $11,000 or less in taxable income – 10% of taxable income
• $11,001 to $44,725 in taxable income – $1,100 plus 12% over $11,000
• $44,726 to $95,375 in taxable income – $5,147 plus 22% over $44,725
• $95,376 to $182,100 in taxable income – $16,290 plus 24% over $95,375
• $182,101 to $231,250 in taxable income – $37,104 plus 32% over $182,100
• $231,251 to $578,125 in taxable income – $52,832 plus 35% over $231,250
• $578,126 or more in taxable income  – $174,238 plus 37% over $578,125

The standard deduction, or the specific dollar amount that reduces the amount of income on which you’re taxed, has also increased.

For married couples filing jointly, the new amount is $27,000 up from $25,900 last year. Single filers can claim $13,850, up from $12,950 in 2022.

You can see more breakdowns here.