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Tax Rates For 2022

The 2022 tax rates remain 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Most of the changes in the legislation known as TCJA (Tax Cuts & Jobs Act) took effect in 2018 for federal tax returns filed in 2019, however individual taxpayers may still need to consider making adjustments.

Standard Deduction 

The standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status. The standard deduction reduces the income subject to tax. The Tax Cuts and Jobs Act of 2018 nearly doubled standard deductions. 

For the 2023 tax season, the standard deduction amounts will be increased slightly as in previous years. The increased standard deduction will continue to allow more individuals to file without itemizing deductions on Schedule A. 


The 2022 standard deduction for each filing status is: 

Single...................................................................$12,950 .......(up $400 from the prior year)

Married filing jointly.........................................$25,900 .......(up $800 from the prior year)

Married filing separately .................................$12,950 .......(up $400 from the prior year)

Head of household.............................................$19,400 .......(up $600 from the prior year)

These amounts are indexed for inflation and therefore increase every year.  Additionally the amounts are higher if you or your spouse are blind or over age 65.  Most taxpayers have the choice of either taking a standard deduction or itemizing. 

Personal Exemption

The personal exemption for tax year 2022 remains at zero, as it was for 2021.  This elimination of the personal exemption was a provision in the Tax Cuts & Jobs Act
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