{"id":1493,"date":"2022-12-22T08:00:12","date_gmt":"2022-12-22T08:00:12","guid":{"rendered":"https:\/\/www.planningmadesimple.com\/?p=1493"},"modified":"2022-12-22T16:26:26","modified_gmt":"2022-12-22T16:26:26","slug":"federal-income-tax-brackets-for-2022","status":"publish","type":"post","link":"https:\/\/www.planningmadesimple.com\/resources\/federal-income-tax-brackets-for-2022\/","title":{"rendered":"Federal Income Tax Brackets for 2022"},"content":{"rendered":"

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The U.S. has seven federal income tax brackets for the year 2022, which are; 10%, 12%, 22%, 24%, 32%, 35%, and 37% respectively. If you\u2019re one of the lucky few to earn enough to fall into the 37% bracket, that doesn\u2019t mean that the entirety of your taxable income will be subject to a 37% tax. Instead, 37% is your top marginal tax rate. The top marginal income tax rate of 37% is for individuals with a taxable income of above $539,900 for single filers and married couples filing joint returns, above $647,850.<\/p>\n

With a marginal tax rate, you only pay that rate on income that falls within a specific range. Consider the 10% bottom tax rate to gain an understanding of how marginal rates operate. All income for single filers between $0 and $10,275 is taxed at a rate of 10%. If your taxable income is $10,550, the first $10,275 is taxed at a rate of 10%, and the final $275 is taxed at the rate for the following bracket (12 percent ).<\/p>\n

\"Do<\/p>\n

Do you know the federal income tax brackets for the 2022 tax filing year?<\/p>\n<\/div>\n

Federal Tax Brackets for 2022<\/h3>\n

With this in mind, the same procedure would apply to other tax rate percentages.\u00a0Check out the charts below to see what your top marginal tax rate is for 2022.<\/p>\n

Single<\/strong><\/h4>\n

10% – $0 to $10,275<\/p>\n

12% – $10,276 to $41,775<\/p>\n

22% – $41,776 to $89,075<\/p>\n

24% – $89,076 to $170,050<\/p>\n

32% – $170,051 to $215,950<\/p>\n

35% – $215,951 to $539,900<\/p>\n

37% – $539,901 or more<\/p>\n

 <\/p>\n

Married Filing Jointly<\/strong><\/h4>\n

10% – $0 to $20,550<\/p>\n

12% – $20,551 to $83,550<\/p>\n

22% – $83,551 to $178,150<\/p>\n

24% – $178,151 to $340,100<\/p>\n

32% – $340,101 to $431,900<\/p>\n

35% – $431,901 to $647,850<\/p>\n

37% – $647,851 or more<\/p>\n

 <\/p>\n

Married Filing Separately Tax Brackets<\/strong><\/h4>\n

10% – 0 to $10,275<\/p>\n

12% – $10,275 to $41,775<\/p>\n

22% – $41,775 to \u00a0$89,075<\/p>\n

24% – $89,075 to $170,050<\/p>\n

32% – \u00a0$170,050 to $215,950<\/p>\n

35% – \u00a0$215,950 to 323,925<\/p>\n

37% – \u00a0$323,925 or more<\/p>\n

<\/h4>\n

Head of household<\/strong><\/h4>\n

10% – 0 to $20,550<\/p>\n

12% – $20,550 to $83,550<\/p>\n

22% – $83,550 to $178,150.<\/p>\n

24% – $178,150. to $340,100<\/p>\n

32% – $340,100 to $431,900<\/p>\n

35% – $431,900 to $647,850<\/p>\n

37% – $647,850 or more<\/p>\n

You can learn more about the above 2022 tax brackets at IRS.gov <\/a><\/p>\n

There are instances, such as when one spouse is subject to tax refund garnishing because of unpaid debts to the state or federal government, opting for the \u201cMarried filing separately\u201d tax status can be advantageous. Typically, though, filing jointly provides a tax break.<\/p>\n

Only single people should use the single filing status. To file as \u201cHead of household\u201d, single taxpayers must have dependents and in addition should fulfill certain criteria such as; must pay more than half of the household expenses, being unmarried, and having a qualifying child or dependent.<\/p>\n

Filing Status \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/strong>Deduction Amount<\/strong><\/p>\n

Single \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0$12,950<\/p>\n

Married Filing Jointly \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0$25,900<\/p>\n

Head of Household \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$19,400<\/p>\n

The 2022 tax year standard deduction is $12,950 for single filers and married filers who file separately. Joint filers will have a $25,900 deduction and heads of household get $19,400.<\/p>\n

The standard deduction for single filers has increased by $400 and $800 for joint filers from the 2021 standard reduction. However, the personal exemption remains at $0 as it has been eliminated.<\/p>\n

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Understanding the Current Federal Income Tax Brackets<\/strong><\/h3>\n

When asked what your federal income tax bracket is, the person asking wants to know your top marginal tax rate. That\u2019s why, you will frequently hear in the news you read or hear, the reference to \u201cfilers in the top bracket\u201d or maybe \u201ctaxpayers in the 37% bracket.\u201d<\/p>\n

America\u2019s top federal income tax bracket varies quite a bit over time. It\u2019s hard to believe now, but top federal income tax rates were once as high as 92%.<\/p>\n

Tax filers will need the 2022 federal income tax brackets when they file taxes in 2023. Your top tax bracket doesn\u2019t just depend on your salary. It also depends on other sources of income (such as interest and capital gains) and your deductions.<\/p>\n

 <\/p>\n

Looking For Ways To Lower Your Tax Bracket?<\/h3>\n

Depending on where you fall within a tax bracket, deductions could knock you into a lower tax bracket, reducing your tax liability (or increasing the size of your tax refund).<\/p>\n

Tax deductions<\/strong><\/a> can reduce how much of your income is subject to taxes<\/em>. Deductions lower your taxable income by the percentage of your highest federal income tax bracket.<\/p>\n

Types of deductions include:<\/p>\n