The IRS Will Let You Keep More Of Your Paycheck In 2023

The video discusses the impact of inflation on tax brackets and the adjustments made by the tax agency. It highlights the increase in the standard deduction for 2023 income, affecting tax filings in 2024. The highest income tax bracket will now apply after $578,000, providing a lower tax rate for some high earners. Additionally, teachers can now deduct up to $300 for classroom expenses, up from $250, aiding those who spend out of pocket for student supplies.

What is the new standard deduction amount for income earned in 2023?

• $13,850

• $11,500

• $12,000

• $15,000

How much will the highest income tax bracket shift due to the new adjustments?

• 5%

• 10%

• 7%

• 3%

For married couples filing jointly, what is the difference in the new standard deduction?

• $2,000

• $1,800

• $900

• $1,500

What is the new deductible amount for teachers spending out of pocket on classroom supplies?

• $400

• $250

• $300

• $350

How much do most teachers typically spend out of pocket for their classrooms?

• $500

• $800

• $600

• $750