The Internal Revenue Service (IRS) has updated income limits, and in 2023 the amount of money you can receive before moving up to a higher tax bracket will increase. The upside is that Americans will have to pay less taxes even if they make more money next year.
⠀
The current rates are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Let’s see the effect of the change on the numbers:
⠀
In 2022, an American earns $41,776 and files alone. According to his category, he must pay 22% in taxes. In 2023, he could earn up to $44,726 and still be eligible for that 22% cap.
⠀
The main goal of the Internal Revenue Service’s tax change is to save money for US residents. Regardless of which adjusted tax bracket the payer falls into, they will pay less to the IRS.
The US has a progressive tax system. Residents are taxed at different rates depending on how much they earn each year
<<< November 26, 2022 Feed >>>
The Extraordinary EU Energy Council agreed on Thursday a regulation on joint gas purchases, excluding fuel from the Russian Federation from them, according to a communiqué following the meeting.
>>>>>>>>>>
The German economy grew 0.4% in the third quarter compared to the previous three months, according to final data from the country’s Federal Statistical Agency (Destatis).
>>>>>>>>>>
Kyrgyzstan intends to independently develop its mineral deposits, President Sadyr Zhaparov said at the congress of the first People’s Kurultai (People’s Assembly).
>>>>>>>>>>>>
The US is preparing to grant Chevron Corp., one of the largest oil companies in the country, a license to produce oil in Venezuela, which is a signal of easing sanctions and could open up other companies to do business in the country, writes The Wall Street Journal.
>>>>>>>>>>>
A key indicator of oil demand in Asia fell to its lowest level in seven months amid rising COVID-19 cases in China and new quarantine restrictions in the country, Bloomberg reports.
>>>>>>>>>>>
The value of intangible assets held by the world’s largest companies has fallen 25% in a year, according to an annual report by consulting firm Brand Finance.
>>>>>>>>>>
China announced the launch of a private pension system to complement the current old-age insurance mechanism. Individuals can open individual retirement accounts and make contributions of up to 12,000 yuan ($1,682) a year, receiving tax benefits in return. These funds will be used exclusively for the purchase of special pension financial products, the Xinhua news agency reported.
The old-age insurance mechanism in China currently consists of basic insurance funds for workers and employees of enterprises, supplementary pension savings programs for employees of private enterprises and public institutions, and commercial pension financial products targeted at individuals.
>>>>>>>>
Ingka Group, the owner and operator of the majority of IKEA stores around the world, increased its revenue by 5.7% in the last fiscal year, but net income decreased by 5.6 times amid the negative impact of rising interest rates on some of the company’s investments.
>>>>>>>>>>>
UK car production rose 7.4% in October to 69,524 from 64,729 in October 2021, data from the Society of Motor Manufacturers and Traders (SMMT) show.
>>>>>>>>>>
German luxury car maker BMW AG will increase its investment in a plant in Hungary to 2 billion euros from 1 billion euros announced in 2018.
>>>>>>>>>>>
The US Federal Communications Commission has banned the import and sale in the country of telecommunications equipment manufactured by Huawei, ZTE, Hytera and a number of other companies from China.
«The list of equipment and services subject to the order currently includes communications products manufactured by Huawei Technologies, ZTE Corporation, Hytera Communications, Hangzhou Hikvision Digital Technology, and Dahua Technology and their subsidiaries and affiliates,» the statement said. the text of the order published on the FCC website.
>>>>>>>>>>>
Researchers at MIT have taken a significant step towards creating robots that can practically and cost-effectively collect anything, including things much larger than themselves.
The new system includes large, usable structures built from an array of identical subunits called voxels, each of which can transfer both energy and data from one block to the next.
>>>>>>>>>>>>
Mercedes-Benz AG is trying to sell its electric car buyers a $1,200 annual subscription that will save just under one second (0.9s) from zero to 100 km/h. The package will be deactivated if the client does not pay the fee within 12 months.
>>>>>>>>>>
According to Indian police, the rats ate at least 581 kg of confiscated marijuana stored in warehouses. The court did not believe the police and demanded to provide evidence. This became clear when the court demanded the security forces to provide marijuana seized in one of the cases.
>>>>>>>>>>
Page is being updated … stay tuned to TopNews ……