You could total all income which is taxable, subtract your standard or itemized deductions and then calculate your tax. This is very simplistic. Your particular circumstances will alter this simple calculation. Always be conscious of your tax bracket in making withdrawals.
Here are the rates from 2022 and proposed for 2023:
| Tax Rate |
Taxable Income (Single) |
Taxable Income (Married Filing Jointly) |
| 12% |
$10,276 to $41,775 |
$20,551 to $83,550 |
| 22% |
$41,776 to $89,075 |
$83,551 to $178,150 |
| 24% |
$89,076 to $170,050 |
$178,151 to $340,100 |
| 32% |
$170,051 to $215,950 |
$340,101 to $431,900 |
Projected 2023 Tax Rate Bracket Income Ranges
- 10% – $0 to $11,000.
- 12% – $11,000 to $44,725.
- 22% – $44,725 to $95,375.
- 24% – $95,375 to $182,100.
- 32% – $182,100 to $231,250.
- 35% – $231,250 to $578,125.
- 37% – $578,125 or more.
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