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Tax brackets are being raised thanks to the impact of inflation across the nation

The massive surge in consumer pricing has caused inflation adjustments for the 2022 tax year. This applies to federal income brackets and the standard deduction.

Tax bracket thresholds are now rising and tax bracket cut off points increased around 3%. This is the biggest increase in four years and will impact 2022’s taxes when they’re filed in 2023.

This happens annually but it’s at a much faster rate this time around according to Fox Business.


For single people the federal income tax brackets are as follows:

10%: Taxable income up to $10,275

12%: Taxable income between $10,275 and $41,775

22%: Taxable income between $41,775 to $89,075

24%: Taxable income between $89,075 to $170,050

32%: Taxable income between $170,050 to $215,950

35%: Taxable income between $215,950 to $539,900

37%: Taxable income over $539,900


For married individuals the federal income tax brackets are as follows:

10%: Taxable income up to $20,550

12%: Taxable income between $20,550 to $83,550

22%: Taxable income between $83,550 to $178,150

24%: Taxable income between $178,150 to $340,100

32%: Taxable income between $340,100 to $431,900

35%: Taxable income between $431,900 to $647,850

37%: Taxable income over $647,850

Standard deduction will go up to to $25,900 from 25,100 for married filing jointly, and from $12,950 to $12,550 for single filers.

Related: IRS tax refunds missing: Millions of people waiting for thousands of dollars



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