For the tax year 2022, the IRS supplies tax inflation adjustments.

Every year, the federal income tax rates, exemptions, and thresholds are updated by the IRS.

For individual taxpayers filing returns for the 2022 tax year, the maximum tax rate will remain at 37%.

10%, 12%, 22%, 24%, 32%, and 35% are the IRS's other 6 tax brackets.

This translates to the top incomes falling into the 37% category and the lowest earners falling into the 10% area.

Resulting of the 2017 Tax Cuts and Jobs Act, a personal exemption is no longer allowed.

IRS limits for single filers are $200,000, married filers $250,000, and married filers $125,000.

On investment income exceeding such restrictions, taxpayers whose net investment income exceeds the IRS limit are liable to a 3.8% NIIT.

The IRS has determined the standard deduction for 2022 to be $12,950 for solo filers and $12,950 for married couples filing separately.

The same cut is $19,400 for heads of household and $25,900 for married couples filing jointly.


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