2022 Tax Rate Schedule: What You Need To Know
Understanding Tax Brackets and Rates
When you begin to think about taxes, the first thing that comes to mind is the tax rate schedule. It’s the document that tells you how much of your income you’ll owe to the government in taxes. The tax rate schedule is divided into different tax brackets; each bracket is assigned a percentage that you’ll need to pay in taxes.
Your tax rate schedule for 2022 will depend on your filing status and the amount of income that you earn. You can determine what tax bracket you’re in by looking at the Internal Revenue Service (IRS) tax tables or the chart of tax brackets. The chart of tax brackets shows the various tax rates for each filing status and income level.
2022 Tax Rate Schedule for Single Filers
If you’re filing as a single taxpayer in 2022, the tax brackets and rates you’ll use to determine your income tax liability are as follows:
- 10% on income up to $9,950
- 12% on income between $9,951 and $40,525
- 22% on income between $40,526 and $86,375
- 24% on income between $86,376 and $164,925
- 32% on income between $164,926 and $209,425
- 35% on income between $209,426 and $523,600
- 37% on income over $523,600
2022 Tax Rate Schedule for Married Filing Jointly
The 2022 tax rate schedule for married couples filing jointly is slightly different than the one for single filers. Here’s what the tax brackets and rates look like:
- 10% on income up to $19,900
- 12% on income between $19,901 and $81,050
- 22% on income between $81,051 and $172,750
- 24% on income between $172,751 and $329,850
- 32% on income between $329,851 and $418,850
- 35% on income between $418,851 and $628,300
- 37% on income over $628,300
2022 Tax Rate Schedule for Head of Household
If you’re filing as a head of household in 2022, your tax brackets and rates are slightly different than those for single and married joint filers. Here’s what the rates look like:
- 10% on income up to $14,200
- 12% on income between $14,201 and $54,200
- 22% on income between $54,201 and $86,350
- 24% on income between $86,351 and $164,900
- 32% on income between $164,901 and $209,400
- 35% on income between $209,401 and $523,600
- 37% on income over $523,600
2022 Tax Rate Schedule for Married Filing Separately
Married couples who are filing separately in 2022 will use a slightly different tax rate schedule than those who are filing jointly. Here’s what the tax brackets and rates look like:
- 10% on income up to $9,950
- 12% on income between $9,951 and $40,525
- 22% on income between $40,526 and $86,375
- 24% on income between $86,376 and $164,925
- 32% on income between $164,926 and $209,425
- 35% on income between $209,426 and $314,150
- 37% on income over $314,150
2022 Tax Rate Schedule for Trusts and Estates
Trusts and estates will also use a slightly different tax rate schedule in 2022. Here’s what the tax brackets and rates look like:
- 10% on income up to $2,650
- 24% on income between $2,651 and $9,150
- 35% on income between $9,151 and $12,950
- 37% on income over $12,950
Conclusion
The 2022 tax rate schedule is slightly different than the one used in 2021. For single filers, the top tax rate is 37%, and for married filers, the top rate is 35%. It’s important to understand the tax brackets and rates so that you can accurately estimate your tax liability for the year.
If you have any questions about the 2022 tax rate schedule or need help preparing your taxes, it’s a good idea to consult with a tax professional. They can help you make sure you’re taking advantage of all the deductions and credits available and that you’re filing your taxes correctly.