The IRS has released the tax brackets for 2022. This post will give you an overview of how your income is taxed, depending on which bracket you fall into. Keep in mind that these are just the federal tax brackets – your state may have different tax rates. We will also discuss some of the changes that were made to the tax brackets for this year.

Single Taxpayers

For single taxpayers, the tax brackets are as follows:

0% – $0 – $950

12% – $951 – $38,700

22% – $38,701- $82,500

24% -$82,501- $157,500

32% -$157,501-200.000

Married Filing Jointly or Qualifying Widow(er)

For married taxpayers filing jointly, the tax brackets are as follows:

0% – $0 – $19,000

12% – $19,001- $77.400

22% -$77,401-$165,000

24% -$165,001-315.000

32% -$315,001

Head of Household

For head of household taxpayers, the tax brackets are as follows:

0% – $0- $13,600

12% -$13,601-$51,800

22% -$51.801-85.000

24% -$85.001-170.000

32% -$170.001-

Married Filing Separately

For married taxpayers filing separately, the tax brackets are as follows:

0% – $0- $950

12% -$951-$38,700

22% -$38,701- $82.500

24% -$82,501-157.500

32% -$157,501-200.000

Standard Deduction and Personal Exemption Amounts

The standard deduction for single taxpayers is $12,200. For married taxpayers filing jointly, the standard deduction is $24,400. The personal exemption amount has been eliminated.

Changes have been made to itemized deductions

There are also a number of changes that have been made to itemized deductions. Itemized deductions are now limited to $30,000 for married taxpayers filing jointly and $15,000 for all other taxpayers.

The home mortgage interest deduction is now limited to loans of $750,000 or less. The state and local tax deduction is now capped at $10000. And the charitable contribution deduction is still allowed in full.

Now that you have an overview of the tax brackets for 2022, you can start planning your taxes. Keep in mind that these are just the federal brackets – your state may have different rates.

Now that you have an overview of the tax brackets for 2022, you can start planning your taxes. Keep in mind that these are just the federal brackets – your state may have different rates.