2022 Tax Brackets
The seven brackets remain the same: 10%, 12%, 22%,24%,32%,35%,37%. However, the income thresholds for tax brackets are adjusted to reflect inflation or the cost of living. For example, instead of 10% being applied to the first $9950 of income, it will now be applied to the first $10,275.00 for a taxpayer filing individually.
Also, the standard decuction will increase in 2022 by $400 to $12,950 for single filers or married but filing separately. It will increas to $19,400 for head of households and $800 to $25,900 for married taxpayers filing jointly.
There is also an additional standard deduction of $1,400 that will apply to those wo are either 65 and older or blind. The amount doubles if both apply to a taxpayer in 2022.