The IRS released the federal marginal tax rates and income brackets for 2022 on Wednesday. The seven tax rates remain unchanged, while the income limits have been adjusted for inflation.
The 2022 tax brackets affect the taxes that will be filed in 2023. These are the 2021 brackets.
Here are the new brackets for 2022, depending on your income and filing status.
For married individuals filing jointly:
- 10%: Taxable income up to $20,550
- 12%: Taxable income between $20,550 to $83,550
- 22%: Taxable income between $83,550 to $178,150
- 24%: Taxable income between $178,150 to $340,100
- 32%: Taxable income between $340,100 to $431,900
- 35%: Taxable income between $431,900 to $647,850
- 37%: Taxable income over $647,850
For individual single taxpayers:
- 10%: Taxable income up to $10,275
- 12%: Taxable income between $10,275 to $41,775
- 22%: Taxable income between $41,775 to $89,075
- 24%: Taxable income between $89,075 to $170,050
- 32% Taxable income between $170,050 to $215,950
- 35%: Taxable income between $215,950 to $539,900
- 37%: Taxable income over $539,900
These are the rates and income brackets for federal taxes. Your state may have different brackets, no taxes at all or a flat rate.
The above rates apply to taxable income, after the standard deduction (or itemized deductions) and other tax breaks have been taken. The IRS also announced that the standard deduction for 2022 was increased to the following:
- Married couples filing jointly: $25,900
- Single taxpayers and married individuals filing separately: $12,950
- Heads of households: $19,400 for tax year 2022
And the agency recently announced the retirement plan contribution changes for 2022.
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