Tax Rates

$0

$10,275

10% of the taxable amount

$10,275

$41,775

$1,027.50 plus 12% of the excess over $10,275

$41,775

$89,075

$4,807.50 plus 22% of the excess over $41,775

$89,075

$170,050

$15,213.50 plus 24% of the excess over $89,075

$170,050

$215,950

$34,647.50 plus 32% of the excess over $170,050

$215,950

$539,900

$49,335.50 plus 35% of the excess over $215,950

$539,900

no limit

$162,718.00 plus 37% of the excess over $539,900

$0

$20,550

10% of the taxable amount

$20,550

$83,550

$2,055.00 plus 12% of the excess over $20,550

$83,550

$178,150

$9,615.00 plus 22% of the excess over $83,550

$178,150

$340,100

$30,427.00 plus 24% of the excess over $178,150

$340,100

$431,900

$69,295.00 plus 32% of the excess over $340,100

$431,900

$647,850

$98,671.00 plus 35% of the excess over $431,900

$647,850

no limit

$174,253.50 plus 37% of the excess over $647,850

$0

$10,275

10% of the taxable amount

$10,275

$41,775

$1,027.50 plus 12% of the excess over $10,275

$41,775

$89,075

$4,807.50 plus 22% of the excess over $41,775

$89,075

$170,050

$15,213.50 plus 24% of the excess over $89,075

$170,050

$215,950

$34,647.50 plus 32% of the excess over $170,050

$215,950

$323,925

$49,335.50 plus 35% of the excess over $215,950

$323,925

no limit

$87,126.75 plus 37% of the excess over $323,925

$0

$14,650

10% of the taxable amount

$14,650

$55,900

$1,465.00 plus 12% of the excess over $14,650

$55,900

$89,050

$6,415.00 plus 22% of the excess over $55,900

$89,050

$170,050

$13,708.00 plus 24% of the excess over $89,050

$170,050

$215,950

$33,148.00 plus 32% of the excess over $170,050

$215,950

$539,900

$47,836.00 plus 35% of the excess over $215,950

$539,900

no limit

$161,218.50 plus 37% of the excess over $539,900

$0

$2,750

10% of the taxable income

$2,750

$9,850

$275 plus 24% of the excess over $2,750

$9,850

$13,450

$1,979 plus 35% of the excess over $9,850

$13,450

no limit

$3,239 plus 37% of the excess over $13,450

Base Salary

$147,000

Social Security Tax Rate

6.20%

Maximum Social Security Tax

$9,114

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare Tax

0.90%

Filing status

Compensation over

Married filing jointly

$250,000

Married filing separate

$125,000

Single

$200,000

Head of household (with qualifying person)

$200,000

Qualifying widow(er) with dependent child

$200,000

American Opportunity Tax Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Standard Deduction:

• Married filing jointly or Qualifying Widow(er)

$25,900

• Head of household

$19,400

• Single or Married filing separately

$12,950

Business Equipment Expense Deduction

$1,080,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2021 tax liability

Standard mileage rate for business driving

58.5 cents Jan. 1 - June 30, 2022; 62.5 cents July 1 - Dec. 31, 2022

Standard mileage rate for medical/moving driving

18 cents Jan. 1 - June 30, 2022; 22 cents July 1 - Dec. 31, 2022

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000 per qualifying child

Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $83,350 for joint filers and surviving spouses, $55,800 for heads of household, $41,675 for single filers, $41,675 for married taxpayers filing separately, and $2,800 for estates and trusts

0%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts

15%

Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $517,200 for joint filers and surviving spouses, $488,500 for heads of household, $459,750 for single filers, $258,600 for married taxpayers filing separately, and $13,700 for estates and trusts

20%

Long-term gain attributable to certain depreciation recapture

25%

Capital gains tax rate on collectibles and qualified small business stock

28%

Maximum contribution for Traditional/Roth IRA

$6,000 if under age 50
$7,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

$14,000 if under age 50
$17,000 if 50 or older

Maximum Contribution to SEP IRA

25% of compensation up to $61,000

401(k) maximum employee contribution limit

$20,500 if under age 50
$27,000 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$12,060,000

Annual Exclusion for Gifts

$16,000

Foreign Earned Income Exclusion

$112,000