On Wednesday, the IRS announced the new and higher federal income tax brackets for 2022 to account for inflation.
Check out the new numbers here:
Standard deductions
Married and filing jointly
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- The standard deduction is up $800 from last year to $25,900
Single and married filing separately
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- The standard deduction is now $12,950, an increase of $400
Heads of households
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- The standard deduction is now $19,400, an increase of $600
2022 tax bracket for married and filing jointly
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- 37% for incomes higher than $647,850
- 35% for incomes higher than $431,900
- 32% for incomes higher than $340,100
- 24% for incomes higher than $178,150
- 22% for incomes higher than $83,550
- 12% for incomes higher than $20,550
- 10% for incomes of $20,550 and less
2022 tax bracket for single taxpayers
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- 37% for incomes higher than $539,900
- 35% for incomes higher than $215,950
- 32% for incomes higher than $170,050
- 24% for incomes higher than $89,075
- 22% for incomes higher than $41,775
- 12% for incomes higher than $10,275
- 10% for incomes of $10,275 and less
Read the announcement from the IRS here.
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