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
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
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
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.
