2022 earnings tax brackets and commonplace deduction


The IRS launched the federal marginal tax charges and earnings brackets for 2022 on Wednesday. The seven tax charges stay unchanged, whereas the earnings limits have been adjusted for inflation.

The 2022 tax brackets have an effect on the taxes that will probably be filed in 2023. These are the 2021 brackets.

Listed here are the brand new brackets for 2022, relying in your earnings and submitting standing.

For married people submitting collectively:

  • 10%: Taxable earnings as much as $20,550
  • 12%: Taxable earnings between $20,550 to $83,550
  • 22%: Taxable earnings between $83,550 to $178,150
  • 24%: Taxable earnings between $178,150 to $340,100
  • 32%: Taxable earnings between $340,100 to $431,900
  • 35%: Taxable earnings between $431,900 to $647,850
  • 37%: Taxable earnings over $647,850

For particular person single taxpayers:

  • 10%: Taxable earnings as much as $10,275
  • 12%: Taxable earnings between $10,275 to $41,775
  • 22%: Taxable earnings between $41,775 to $89,075 
  • 24%: Taxable earnings between $89,075  to $170,050 
  • 32% Taxable earnings between $170,050 to $215,950
  • 35%: Taxable earnings between $215,950 to $539,900
  • 37%: Taxable earnings over $539,900

These are the charges and earnings brackets for federal taxes. Your state could have completely different brackets, no taxes in any respect or a flat price.

The above charges apply to taxable earnings, after the usual deduction (or itemized deductions) and different tax breaks have been taken. The IRS additionally introduced that the usual deduction for 2022 was elevated to the next:

  • Married {couples} submitting collectively: $25,900
  • Single taxpayers and married people submitting individually: $12,950
  • Heads of households: $19,400 for tax yr 2022

And the company just lately introduced the retirement plan contribution adjustments for 2022.

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