Heads of households: $19,400 for tax year 2022Īnd the agency recently announced the retirement plan contribution changes for 2022.Single taxpayers and married individuals filing separately: $12,950.Married couples filing jointly: $25,900.All content is available on the global site. Only limited material is available in the selected language. 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: Wolters Kluwer looks at the 20 tax brackets and standard deduction amounts. Your state may have different brackets, no taxes at all or a flat rate. These are the rates and income brackets for federal taxes. The tax year 2021 adjustments described below generally apply to tax returns filed in 2022. If you can find 10,000 in new deductions, you pocket 2,400. That puts the two of you in the 24 percent federal income tax bracket. You and your spouse have taxable income of 210,000. Most taxpayers pay a maximum 15 rate, but a 20 tax rate. That’s where you start to pocket cash when you find a new or additional tax deduction.
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