Each year it is imperative for you to know that the standard tax deductions change and for you to stay on top of the new amounts we have created the list below based on the IRS' website and the inflammation adjustments they published.
Standard Deduction for 2022 Tax Year
According to the IRS.gov website for tax year 2022, the top tax rate remains 37% for individual single taxpayers with incomes greater than $539,900 ($647,850 for married couples filing jointly).
The other rates are: 35%, for incomes over $215,950 ($431,900 for married couples filing jointly); 32% for incomes over $170,050 ($340,100 for married couples filing jointly); 24% for incomes over $89,075 ($178,150 for married couples filing jointly); 22% for incomes over $41,775 ($83,550 for married couples filing jointly); 12% for incomes over $10,275 ($20,550 for married couples filing jointly). The lowest rate is 10% for incomes of single individuals with incomes of $10,275 or less ($20,550 for married couples filing jointly).
If you would like to learn more about the inflation adjustments for the 2022 year please visit: Click Here