Tax Rates

2022 Federal Individual Income Tax Rates
Single Individuals:
Taxable Income
Over But Not Under Tax
$0 $10.275 10%
$10,276 $41,775 12%
$41,776 $89,075 22%
$89,076 $170,050 24%
$170,051 $215,950 32%
$215,951 $539,900 35%
$539,901 And Over 37%
Joint Returns and Surviving Spouses:
Taxable Income
Over But Not Under % on Excess
$0 $20,550 10%
$20,551 $83,550 12%
$83,551 $178,150 22%
$178,151 $340,100 24%
$340,101 $431,900 32%
$431,901 $647,850 35%
$647,851 And Over 37%
Heads of Households:
Taxable Income
Over But Not Under % on Excess
$0 $14,650 10%
$14,651 $55,900 12%
$55,901 $89,050 22%
$89,051 $170,050 24%
$170,051 $215,950 32%
$215,951 $539,900 35%
$539,901 And Over 37%
Married Filing Separately:
Taxable Income
Over But Not Under % on Excess
$0 $10.275 10%
$10,276 $41,775 12%
$41,776 $89,075 22%
$89,076 $170,050 24%
$170,051 $215,950 32%
$215,951 $323,925 35%
$323,926 And Over 37%


2022 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
401(k), 403(b), most 457, Salary Reduction SEP $20,500 $27,000
SIMPLE $14,000 $17,000
IRA (Traditional/Roth) $6,000 $7,000
Phase Outs Phase Out Range
Traditional IRA Deduction Phase Outs: Modified Adjustment Income
Married Filing Joint $109,000 $129,000
Married Filing Joint - One Spouse is Covered at Work $204,000 $214,000
Single Or Head of Household $68,000 $78,000
Married or Filing Separately $10,000
Roth IRA Contribution Phase Outs: Modified Adjustment Income
Married Filing Joint $204,000 $214,000
Single $129,000 $144,000
Employer-sponsored plans may have additional contribution limits. Not all employer plans allow the higher contributions amount for those aged 50 and older.The IRA limitation caps a person's combined contributions to traditional and Roth IRAs for the year.


2022 Alternate Minimum Tax (AMT) Exemptions
Unmarried Individuals $75,900
Married Filing Jointly $118,100


2022 Individual Retirement Accounts (IRAs)
Participant of Employer Retirement Plan:
Filing Status Modifed AGI Deduction
Single or Head of Household $68,000 or less Full up to limit
$68,001 - $78,000 Partial
$78,000 or more No deduction
Joint or Surviving Spouse $109,000 or less Full up to limit
$109,001 - $129,000 Partial
$129,000 or more No deduction
Married Filing Separately less than $10,000 Partial
$10,000 or more No deduction
One Spouse Participates - One Does Not:
Filing Status Modified AGI Deduction
Married Filing Jointly $204,000 or less Full up to limit
$204,001 - $214,000 Partial
$214,000 or more No Deduction
Married Filing Separately less than $10,000 Partial
$10,000 or more No deduction
2022 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
IRA (Traditional & Roth) $6,000 $7,000


2022 Standard Deduction and Itemized
Standard Deduction
Single $12,950
Married Filing Jointly $25,900
Head of Household $19,400
Married Filing Separately $12,950
Additional Amount for Aged or Blind
Single $1,750
Married Filing Jointly $1,400
Standard Deduction for Dependent
Minimum $1,150
Or Earned income plus $400


2022 Long-term Capital Gains
Single
Income Long-term Capital Gains Rate
$0 - $41,675 0%
$41,676 - $459,750 15%
$459,751 or more 20%
Married filing jointly
Income Long-term Capital Gains Rate
$0 - $83,350 0%
$83,351 - $517,200 15%
$517,201 or more 20%
Head of household
Income Long-term Capital Gains Rate
$0 - $55,800 0%
$55,801 - $488,500 15%
$488,501 or more 20%
Married filing separately
Income Long-term Capital Gains Rate
$0 - $41,675 0%
$41,676 - $258,600 15%
$258,601 or more 20%


Automobiles - 2022 Maximum Depreciation Deduction
Based on 100% Business Use**
Year Passenger Autos/
1st Yr Bonus
Light Trucks and Vans,
SUV's/1st Yr Bonus
1 $11,200/$19,200 $11,200/$19,200
2 $18,000 $18,000
3 $10,800 $10,800
4 and beyond $6,460 $6,460
**This limit includes claiming a §179 expense deduction. If the business use is less than 100%, you must reduce the maximum deduction above proportionately.

**Vehicles are eligible for 100% bonus depreciation if they are above 6,000 lbs.

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