So, if you have $42,000 of taxable income in 2022 and 2023, you’ll move from the 22% federal tax bracket to the 12% bracket when you file your 2023 tax return.

President Biden and first lady Jill Biden reported a federal adjusted gross income of $619,976, according to their 2023 federal income tax returns, which were released by the White House on Monday.

The Bidens paid $146,629 in federal income tax in 2023, making their federal income tax rate 23.7%. They reported $20,477 worth of contributions to 17 different charities in 2023.