Leake CPA, PC

    If taxable income is over

    But not over

    The tax is

    $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

    If taxable income is over

    But not over

    The tax is

    $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

    If taxable income is over

    But not over

    The tax is

    $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

    If taxable income is over

    But not over

    The tax is

    $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

    If taxable income is over

    But not over

    The tax is

    $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

    Social Security 2022 Tax Rates

    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 2022 Tax Rates

    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

    Education 2022 Credit and Deduction Limits

    American Opportunity Tax Credit (Hope)

    $2,500

    Lifetime Learning Credit

    $2,000

    Student Loan Interest Deduction

    $2,500

    Coverdell Education Savings Contribution

    $2,000

    Miscellaneous 2022 Tax Rates

    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

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