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2022 Income Tax Brackets Explained

Understanding whether or not you’re paying the correct amount on your taxes can be the difference between a healthy tax rebate or an overwhelming tax debt bill in the mail. But comprehending the confusing tax code, requirements, and exemptions can leave you more confused than clear-headed.

The tax professionals at Maggi Tax are here to help. With tax time right around the corner, it’s essential for you to know which tax bracket applies to your 2021 tax return. This is especially the case if you had a career change, got a raise, or are now filing jointly with your new spouse. Even the slightest income change can drop or raise you into another tax bracket.

Let’s take a look at all of the 2022 income tax brackets so you can quickly see which one you fall under.

What Factors Are Considered for Your Bracket? 

To know what bracket you fall under, you have to identify several different factors that influence it. These include:

  • Your taxable income
  • Credits
  • Deductions
  • Your filing status
  • And more.

What Are the Seven Tax Brackets?

For 2021, there are actually seven tax brackets that you could potentially fall under on your 2021 tax return. They are:

  • 10%
  • 12%
  • 22%
  • 24%
  • 35%
  • 37%

The 2021 Tax Rates by Bracket

The IRS likes to adjust tax rates, thresholds, and allowances based on inflation every year. So, keep that in mind when going through this list of the tax rates by bracket for 2021.

10%

  • Single Filers: $0 – $9,950
  • Married Filing Jointly and Qualifying Widow(er)s: $0 – $19,900
  • Head of Household: $0 to $14,200

12%

  • Single Filers: $9,951 – $40,525
  • Married Filing Jointly and Qualifying Widow(er)s: $19,901 – $81,05
  • Head of Household: $14,201 – $54,200

22%

  • Single Filers: $40,526 – $86,375
  • Married Filing Jointly and Qualifying Widow(er)s: $81,051 – $172,750
  • Head of Household: $54,201 – $86,350

24%

  • Single Filers: $86,376 – $164,925
  • Married Filing Jointly and Qualifying Widow(er)s: $172,751 – $329,850
  • Head of Household: $86,351 – $164,900

32%

  • Single Filers: $164,926 – $209,425
  • Married Filing Jointly and Qualifying Widow(er)s: $329,851 – $418,850
  • Head of Household: $164,901 – $209,400

35%

  • Single Filers: $209,426 – $523,600
  • Married Filing Jointly and Qualifying Widow(er)s: $418,851 – $628,300
  • Head of Household: $209,401 – $523,600

37%

  • Single Filers: $523,601 and above
  • Married Filing Jointly and Qualifying Widow(er)s: $628,300 and above
  • Head of Household: $523,601 and above

Now, if you’re married and choose to file separately, then your tax brackets will look like this:

  • 35% for an income between $209,425 and $314,150.
  • 37% for an income over $314,150

How To Lower Your Tax Bracket?

The best way to get yourself into a lower tax bracket is through deductions and credits on your tax return.

There are many different credits and deductions that you can use to save money on your taxes, and the best way to save the most is to work with a tax professional that can guide you through the entire process.

That’s where the tax pros at Maggi Tax come in. We have the knowledge, expertise, and experience to help you understand your taxes, find deductions, qualify for credits, and more. Want to find out how we can help you save on your taxes? Call the friendly tax experts at Maggi Tax today at (813)-850-0131.

 

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