Tax Rates

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

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

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

Over $647,850

10%

0 to $14,650

12%

$14,650 to $55,900

22%

$41,775 to $89,075

24%

$89,050 to $170,050

32%

$170,050 to $215,950

35%

$215,950 to $323,925

37%

Over $323,925

10%

0 to $2,750

24%

$2,750 to $9,850

35%

$9,850 to $13,450

37%

Over $13,450

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$147,000

Medicare Base Salary

Unlimited

Medicare Tax Rate: Employers

1.45%

Medicare Tax Rate: Employees

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

Business expensing limit: Cap on equipment purchases

$2,700,000

Business expensing limit: New and Used Equipment and Software

$1,080,000

Qualified Business Income threshold amount:

$170,050 (single and head of household); $340,100 (married filing joint return)

Qualified Small Employer Health Reimbursement Arrangement limit:

$5,450 (single coverage); $11,050 (family coverage)

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2021 tax liability

Standard mileage rate for business driving

62.5 (July 1-December 31, 2022) and 58.5 (January 1-June 30, 2022)

Standard mileage rate for medical driving

22 (July 1-December 31, 2022) and 18 (January 1-June 30, 2022)

Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station

22 (July 1-December 31, 2022) and 18 (January 1-June 30, 2022)

Standard mileage rate for charitable driving

14

Child Tax Credit

$3,000 to $3,600

Unearned income maximum for children under 19 before kiddie tax applies

$1,150

Maximum capital gains tax rate for taxpayers with income up to $41,675 for single filers, $83,350 for married filing jointly

0%

Maximum capital gains tax rate for taxpayers with income above $41,675 for single filers, $83,350 for married filing jointly

15%

Maximum capital gains tax rate for taxpayers with income above $459,750 for single filers, $517,200 for married filing jointly

25%

Capital gains tax rate on collectibles

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 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

Annual Exclusion for Gifts

$16,000

American Opportunity Credit (per student)

$2,500

Lifetime Learning Credit (per return)

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Account Contribution

$2,000

Source: IRS Revenue Procedure 2021-45

Continental U.S.

2022 Tax Rates (June 1, 2021 – June 30, 2022)

For each breakfast

$1.40

For each lunch or supper

$2.63

For each snack (up to 3 per day for each child)

$0.78

Alaska

2022 Tax Rates (June 1, 2021 – June 30, 2022)

For each breakfast

$2.23

For each lunch or supper

$4.26

For each snack (up to 3 per day for each child)

$1.27

Hawaii

2022 Tax Rates (June 1, 2021 – June 30, 2022)

For each breakfast

$1.63

For each lunch or supper

$3.08

For each snack (up to 3 per day for each child)

$0.91

Source: Federal Register