What Is My Tax Bracket for the 2022 Tax Year?

It’s never too early to start looking at your tax obligations for the coming tax season. The information in this article is for the 2022 tax year, which most taxpayers will file in 2023.

The seven 2022 tax rates themselves didn’t change (they are the same as those in effect for the 2021 tax year); however, the tax bracket ranges were modified based on inflation. Because of this, it’s possible you could be in a different tax bracket for 2022 than the last time you reported your taxes, even if your income has not changed.¹

Reminder: Tax Brackets Are Marginal

The IRS divides income into different tax rates. Each subsequent portion of your income will have an increased tax rate. For example, if you are a single filer who made $40,125 in 2022, your first $10,275 will be taxed at 10 percent. The next portion of your income will be taxed at an increased rate; from $10,276 to $41,775, your tax rate will be 12 percent.

As your income increases, you’ll fall into higher tax brackets and will have a higher tax rate for each portion of your income.

Why Would My Tax Bracket Be Different?

The IRS regularly adjusts tax brackets to take inflation into consideration. This is because, with inflation, people will face higher prices, meaning the purchasing power of their dollar is decreased. Knowing this, the IRS adjusts brackets in order to avoid bracket creep, a circumstance that occurs when inflation pushes your income into a higher tax bracket, or credits and deductions are reduced. In this scenario, an individual may not actually have increased purchasing power or greater disposable income, even with an increase in wages and salaries.¹

2022 Tax Brackets

Without further ado, here are the 2022 tax brackets according to your filing status and income from the IRS.¹

10% Tax Rate

Single Individuals: from $0 to $10,275
Married Individuals Filing Jointly: from $0 to $20,550
Heads of Households: from $0 to $14,650
Married Individuals Filing Separately: from $0 to $10,275

12% Tax Rate

Single Individuals: from $10,276 to $41,775
Married Individuals Filing Jointly: from $20,551 to $83,550
Heads of Households: from $14,651 to $55,900
Married Individuals Filing Separately: from $10,276 to $41,775

22% Tax Rate

Single Individuals: from $41,776 to $89,075
Married Individuals Filing Jointly: from $83,551 to $178,150
Heads of Households: from $55,901 to $89,050
Married Individuals Filing Separately: from $41,776 to $89,075

24% Tax Rate

Single Individuals: from $89,076 to $170,050
Married Individuals Filing Jointly: from $178,151 to $340,100
Heads of Households: from $89,051 to $170,050
Married Individuals Filing Separately: from $89,076 to $170,050

32% Tax Rate

Single Individuals: from $170,051 to $215,950
Married Individuals Filing Jointly: from $340,101 to $431,900
Heads of Households: from $170,051 to $215,950
Married Individuals Filing Separately: from $170,051 to $215,950

35% Tax Rate

Single Individuals: $215,951 to $539,900
Married Individuals Filing Jointly: from $431,901 to $647,850
Heads of Households: from $215,951 to $539,900
Married Individuals Filing Separately: from $215,951 to $323,925

37% Tax Rate

Single Individuals: over $539,901
Married Individuals Filing Jointly: over $647,851
Heads of Households: over $539,901
Married Individuals Filing Separately: over $323,926

In addition to the tax inflation adjustments, the IRS also altered standard deductions. While the above rates and brackets are at the federal level, different states have varying brackets and rates.

2021/2022 Standard Deduction Changes

Single

2021: $12,550

2022: $12,950

Married, Filing Jointly

2021: $25,100

2022: $25,900

Married, Filing Separately

2021: $12,550

2022: $12,950

Head of Household

2021: $18,800

2022: $19,400

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