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Year 2022 - Looking Forward to Change

Here are some of the tax changes for 2022. Keep watching this space for updated tax information:

Taxes • Accounting • Advisory • Assurance

Income Tax Rates for Individuals for Year 2022

Tax Bracket Unmarried Married Filing Jointly Head of Household Married Filing Separately
10% $0-$10,275 $0-$20,550 $0-$14,650 $0-10,275
12% $10,275-$41,775 $20,550-$83,550 $14,650-$55,900 $10,275-$41,775
22% $41,775-$89,075 $83,550-$178,150 $55,900-$89,050 $41,775-$89,075
24% $89,075-$170,050 $178,150-$340,100 $89,050-$170,050 $89,075-$170,050
32% $170,50-0$215,950 $340,100-$431,900 $170,050-$215,950 $170,050-$215,950
35% $215,950-$539,900 $431,900-$647,850 $215,950-$539,900 $215,950-$323,925
37% >$539,900 >$647,850 >$539,900 >$323,925
FICA 2022 (6.2%) maximum wage limit increases to $147,000 from $142,800 for 2022, an increase of $4,200 from 2021. There is no Medicare (1.45%) maximum wage limit for 2022. Starting 1/1/2013, a 0.9 percent Additional Medicare Tax applies to all wages that exceed $200,000 ($250,000 for joint return filers and $125,000 for married filing separately filers).

Standard Deduction Amounts for year 2022

  • MFJ & Surviving Spouses – $15,900
  • HH  $19,400
  • Single – $12,950
  • MFS –  $12,950
New Tax Laws 2022

Plus Over 65 or Blind Deduction
for year 2022

  • Over 65 or blind MFJ, HH may deduct an additional $1,400.
  • Over 65 or blind unmarried, not a surviving spouse taxpayers may deduct an additional $1,750.

Long-term Care Premiums deducted as medical care for year 2022

  • Age <41………………….$ 450
  • Age >40 but <51……….$ 850
  • Age >50 but <61……..$1,690
  • Age >60 but <71……..$4,510
  • Age >70………………..$5,640
Standard Mileage Rates for year 2022
1/1/2022 – 6/30/2022

  • Business …………….. $.585/mi.
  • Charitable …………… $.14/mi.
  • Medical ………………. $.18/mi.
  • Moving ……………….. $.18/mi.
Standard Mileage Rates for year 2022
7/1/2022 – 12/31/2022

  • Business …………….. $.625/mi.
  • Charitable …………… $.14/mi.
  • Medical ………………. $.22/mi.
  • Moving ……………….. $.22/mi.

You can also check some of the other sections of this website for a brief history of past tax changes. Contact us at 301-649-1600 or 703-269-3918 to get all the answers you need.