To determine your tax bracket, you need to know your taxable income and filing status. Tax brackets are adjusted each year to account for inflation, and there are seven federal income tax rates in 2023: 10%, 12%, 22%, 24%, 32%, 35%, and 37% . Your taxable income and filing status determine which tax brackets and rates apply to you. For example, if you are a single filer with taxable income of $32,000, you would be in the 12% tax bracket in 2023. However, you would only pay 10% on the first $10,275 and 12% on the rest. If you had $50,000 of taxable income, you would pay 10% on the first $10,275, 12% on the chunk of income between $10,276 and $41,775, and 22% on the rest because some of your $50,000 of taxable income falls into the 22% tax bracket.