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2022 Tax Rates
Please find below the tax tables for the 2022, they are very helpful in planning your tax obligations for the year:
2022 Tax Rates - Single Taxpayers - Standard Deduction $12,950
10% 0 to $10,275
12% $10,275 to $41,775
22% $41,775 to $89,075
24% $89,075 to $170,050
32% $170,050 to $215,950
35% $215,950 to $539,900
37% Over $539,900
2022 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $25,900
10% 0 to $20,550
12% $20,550 to $83,550
22% $83,550 to $178,150
24% $178,150 to $340,100
32% $340,100 to $431,900
35% $431,900 to $647,850
37% Over $647,850
2022 Tax Rates - Married Filing Separately - Standard Deduction $12,950
10% 0 to $10,275
12% $10,275 to $41,775
22% $41,775 to $89,075
24% $89,075 to $170,050
32%$170,050 to $215,950
35% $215,950 to $323,925
37% Over $323,925
2022 Tax Rates - Head of Household - Standard Deduction $19,400
10% 0 to $14,650
12% $14,650 to $55,900
22% $55,900 to $89,050
24% $89,050 to $170,050
32% $170,050 to $215,950
35% $215,950 to $539,900
37% Over $539,900
2022 Tax Rates - Estates & Trusts
10% 0 to $2,750
24% $2,750 to $9,850
35% $9,850 to $13,450
37% Over $13,450
Standard mileage rate for business driving
$.585 (January 1-June 30, 2022) $.625 (July 1-December 31, 2022)
Unearned income maximum for children under 19 before kiddie tax applies-$1,150
Child Tax Credit-$3,000 to $3,600
Educational Credits
*Each state may offer additional credits but on the federal level there are:
Lifetime learning Credit-$2,000
American Opportunity Credit-$2,500
Coverdell Education Savings Account Contribution-$2,000
Maximum employee contribution to SIMPLE IRA
-$14,000 if under age 50
-17,000 if 50 or older
Maximum contribution for Traditional/Roth IRA
-$6,000 if under age 50
-$7,000 if 50 or older
Maximum Contribution to SEP IRA
-25% of eligible compensation
up to $61,000
401(k) maximum employee contribution limit
-$20,500 if under age 50
-$27,000 if 50 or older
Estate Tax Exemption-$12,060,000