Your federal taxes are calculated based on the tax brackets for your filing status. Each year, these brackets are adjusted for inflation. Here are the minimum income levels for the top tax brackets for each filing status in 2022:
Single: $609,350(up from $523,601 in 2021)
Head of Household: $609,350(up from $523,601 in 2021)
Married Filing Jointly: $731,200 (up from $628,301 in 2021)
Married Filing Separately: $609,350 (up from $314,151 in 2021)
Standard Deduction Rises for All Filing Statuses
All taxpayers are entitled to the standard deduction unless they choose to itemize their deductions. The 2022 standard deductions for all filing statuses are as follows:
Single: $14,600 (up $750)
Head of Household: $21,900 (up $1,100)
Married Filing Jointly: $25,900 (up from $25,100)
Married Filing Separately: $14,600(up $750)
Child Tax Credit
Maximum Earned Income Tax Credit amount for qualifying taxpayers who have 3+ qualifying children is $7,830(up from $7,430 for tax year 2023).