10%

0 – $10,275

12%

10,275  – $41,775

22%

$41,775  – $89,075

24%

$89,075  – $170,050

32%

$170,050 – $215,950

35%

$215,950 – $539,900

37%

Over $539,900

2022 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $25,100

10%

0 – $20,550

12%

$20,550 – $83,550

22%

$83,550  – $178,150

24%

$178,150 – $340,100

32%

$340,100 – $431,900

35%

$431,900 – $647,850

37%

Over $647,850

2022 Tax Rates - Married Filing Separately - Standard Deduction $12,550

10%

0 – $10,275

12%

$10,275 – $41,775

22%

$41,775 – $89,075

24%

$89,075 – $170,050

32%

$170,050 – $215,950

35%

$215,950 – $323,925

37%

More than $323,925

2022 Tax Rates - Head of Household - Standard Deduction $18,800

10%

0 to $14,650

12%

$14,650 – $55,900

22%

$55,900 – $89,050

24%

$89,050 – $170,050

32%

$170,050 – $215,950

35%

$215,950 – $539,900

37%

Over $539,900

2022 Tax Rates

Estates & Trusts

10%

0 to $2,750

24%

$2,750 – $9,850

35%

$9,850 – $13,450

37%

Over $13,450

2022 Tax Rates

Social Security

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

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%

2021 Tax Rates

Miscellaneous

Personal Exemption

none

Business expensing deduction limit: Cap on equipment purchases

$2,700,000

Business expensing deduction 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

58.5 cents

Standard mileage rate for medical / moving

18 cents

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

18 cents

Standard mileage rate for charitable driving

14 cents

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 in the 10% or 15% bracket (up to $40,400 for single filers, $80,800 for married filing jointly)

0%

Maximum capital gains tax rate for taxpayers above the 15% bracket but below 37% (up to $40,400 for single filers, $80,800 for married filing jointly)

15%

Maximum capital gains tax rate for taxpayers in the 37% bracket (up to $445,850 for single filers, $501,600 for married filing jointly)

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

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

$14,0500 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

2022 Tax Rates

Education

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000