Posts from November 2022.

The IRS has issued Revenue Procedure 2022-38, which sets forth inflation-adjusted items for various provisions of the Internal Revenue Code which will be applicable in 2023. Here are some of the highlights:

Income Tax Adjustments. Below is the tax table applicable to married individuals filing joint returns (and “Surviving Spouses”), for tax years beginning after December 31, 2022:

If Taxable Income Is

The Tax Is

Not over $22,000

10% of the taxable income

Over $22,000 but not over $89,450

$2,200 plus 12% of the excess over $22,000

Over $89,450 but not over $190,750

$10,294 plus ...

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