TAX RATES
2022 Tax Rates Schedule X – Single |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $10,275 | 10% of the taxable amount |
| $10,275 | $41,775 | $1,027.50 plus 12% of the excess over $10,275 |
| $41,775 | $89,075 | $4,807.50 plus 22% of the excess over $41,775 |
| $89,075 | $170,050 | $15,213.50 plus 24% of the excess over $89,075 |
| $170,050 | $215,950 | $34,647.50 plus 32% of the excess over $170,050 |
| $215,950 | $539,900 | $49,335.50 plus 35% of the excess over $215,950 |
| $539,900 | no limit | $162,718.00 plus 37% of the excess over $539,900 |
2022 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er) |
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If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $20,550 | 10% of the taxable amount |
| $20,550 | $83,550 | $2,055.00 plus 12% of the excess over $20,550 |
| $83,550 | $178,150 | $9,615.00 plus 22% of the excess over $83,550 |
| $178,150 | $340,100 | $30,427.00 plus 24% of the excess over $178,150 |
| $340,100 | $431,900 | $69,295.00 plus 32% of the excess over $340,100 |
| $431,900 | $647,850 | $98,671.00 plus 35% of the excess over $431,900 |
| $647,850 | no limit | $174,253.50 plus 37% of the excess over $647,850 |
2022 Tax Rates Schedule Y-2 – Married Filing Separately |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $10,275 | 10% of the taxable amount |
| $10,275 | $41,775 | $1,027.50 plus 12% of the excess over $10,275 |
| $41,775 | $89,075 | $4,807.50 plus 22% of the excess over $41,775 |
| $89,075 | $170,050 | $15,213.50 plus 24% of the excess over $89,075 |
| $170,050 | $215,950 | $34,647.50 plus 32% of the excess over $170,050 |
| $215,950 | $323,925 | $49,335.50 plus 35% of the excess over $215,950 |
| $323,925 | no limit | $87,126.75 plus 37% of the excess over $323,925 |
2022 Tax Rates Schedule Z – Head of Household |
||
If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $14,650 | 10% of the taxable amount |
| $14,650 | $55,900 | $1,465.00 plus 12% of the excess over $14,650 |
| $55,900 | $89,050 | $6,415.00 plus 22% of the excess over $55,900 |
| $89,050 | $170,050 | $13,708.00 plus 24% of the excess over $89,050 |
| $170,050 | $215,950 | $33,148.00 plus 32% of the excess over $170,050 |
| $215,950 | $539,900 | $47,836.00 plus 35% of the excess over $215,950 |
| $539,900 | no limit | $161,218.50 plus 37% of the excess over $539,900 |
2022 Tax Rates Estates & Trusts |
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If taxable income is over |
But not over |
The tax is |
|---|---|---|
| $0 | $2,750 | 10% of the taxable income |
| $2,750 | $9,850 | $275 plus 24% of the excess over $2,750 |
| $9,850 | $13,450 | $1,979 plus 35% of the excess over $9,850 |
| $13,450 | no limit | $3,239 plus 37% of the excess over $13,450 |
Social Security 2022 Tax Rates |
|
| Base Salary | $147,000 |
| Social Security Tax Rate | 6.20% |
| Maximum Social Security Tax | $9,114 |
| Medicare Base Salary | unlimited |
| Medicare Tax Rate | 1.45% |
Additional Medicare 2022 Tax Rates |
|
| Additional Medicare Tax | 0.90% |
| Filing status | Compensation over |
| Married filing jointly | $250,000 |
| Married filing separate | $125,000 |
| Single | $200,000 |
| Head of household (with qualifying person) | $200,000 |
| Qualifying widow(er) with dependent child | $200,000 |
Education 2022 Credit and Deduction Limits |
|
| American Opportunity Tax Credit (Hope) | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction | $2,500 |
| Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2022 Tax Rates |
|
| Standard Deduction: | |
|
$25,900 |
|
$19,400 |
|
$12,950 |
| Business Equipment Expense Deduction | $1,080,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2021 tax liability |
| Standard mileage rate for business driving | 58.5 cents Jan. 1 – June 30, 2022; 62.5 cents July 1 – Dec. 31, 2022 |
| Standard mileage rate for medical/moving driving | 18 cents Jan. 1 – June 30, 2022; 22 cents July 1 – Dec. 31, 2022 |
| Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 per qualifying child |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $83,350 for joint filers and surviving spouses, $55,800 for heads of household, $41,675 for single filers, $41,675 for married taxpayers filing separately, and $2,800 for estates and trusts | 0% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts | 15% |
| Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts | 20% |
| Long-term gain attributable to certain depreciation recapture | 25% |
| Capital gains tax rate on collectibles and qualified small business stock | 28% |
| Maximum contribution for Traditional/Roth IRA | $6,000 if under age 50 $7,000 if 50 or older |
| Maximum employee contribution to SIMPLE IRA | $14,000 if under age 50 $17,000 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of compensation up to $61,000 |
| 401(k) maximum employee contribution limit | $20,500 if under age 50 $27,000 if 50 or older |
| Self-employed health insurance deduction | 100% |
| Estate tax exemption | $12,060,000 |
| Annual Exclusion for Gifts | $16,000 |
| Foreign Earned Income Exclusion | $112,000 |