![]() The standard deduction is $12,950 for single filers and $25,900 for married couples filing jointly. At the top end of the brackets, single filers owe the max rate of 37% for taxable income above $539,900 in 2022. You only pay that top rate for the amount of taxable income you make above the bracket threshold.įor 2022, the lowest tax rate, 10%, applies to your first $10,275 of taxable income if you're a single filer. has a graduated-rate structure, your top rate isn't the the percentage you pay for all your income. It's important to remember that because the U.S. “ Retirement Savings Contributions Credit (Saver’s Credit).Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas File Your 2022 Taxes Today Tax brackets for 2022 " Retirement Savings Contributions Credit (Saver's Credit)." “ Amount of Roth IRA Contributions That You Can Make for 2022.” ![]() “ IRS Announces 401(k) Limit Increases to $20,500.” “ Retirement Topics - IRA Contribution Limits.” ![]() “ Retirement Topics - Catch-Up Contributions.” " IRS: Expanded Credits for Families Highlight Tax Changes for 2021 Many People Who Don’t Normally File Should File This Year." " The “Childless” EITC: Temporary Expansion for 2021 Under the American Rescue Plan Act of 2021 (ARPA P.L. Use the tables below to calculate your tax bill. Your tax brackets and rates are based on your filing status as well as your taxable ordinary income. “ H.R.1319 - American Rescue Plan Act of 2021.”Ĭongressional Research Service. The seven federal income tax brackets for the 2022 tax year are 10, 12, 22, 24, 32, 35, and 37. “ IRS Provides Tax Inflation Adjustments for Tax Year 2022.” The child tax credit for tax years 2022 and onward reverts back to pre-2021 rules. The credit was fully refundable for that amount in 2021. ![]() The maximum refundable portion of the child credit for each child under age 17 was limited to $1,400 per child. President Biden’s American Rescue Plan made changes to the Child Tax Credit for 2021, increasing the credit to as much as $3,000 per child ($3,600 for ages 6 and younger) and raising the age limit for qualifying children to 17 (from 16). Child Tax Credit: Reverts to Pre-2021 Rules for 2022 ![]() The upper age limit of 65 is eliminated.įor single filers, the phaseout percentage rises to 15.3%, and phaseouts increase to $11,610. If you earn more than 221,708 in taxable income in 2022, the portion over that amount is taxed at the federal rate of 33. The age range expanded so people without children can claim the EITC as of age 19, instead of 25, with the exception of certain full-time students (students ages 19 to 24 with at least half a full-time course load are ineligible). Personal income tax rates Tax brackets 2022-2023 18,201 - 45,000 45,001 - 120,000, 5,092 plus 32.5c for each 1 over 45,000 Tax brackets 2021-2022. The American Rescue Plan, signed by President Biden on March 11, 2021, includes generous tax breaks for people whose self-reported incomes were in the lowest income bracket. ![]()
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