2022 Tax Rates

2022 Tax Brackets

Tax Rate Single filers Married Filing Jointly or Qualifying Widow(er) Married Filing Separately Head of Household
10% Not Over $10,275 Not over $20,550 Not over $10,275 Not over $14,650
12% Over $10,275 but not over $41,775 Over $20,550 but not over $83,550 Over $10,275 but not over $41,775 Over $14,650 but not over $55,900
22% Over $41,775 but not over $89,075 Over $83,550 but not over $178,150 Over $41,775 but not over $89,075 Over $55,900 but not over $89,050
24% Over $89,075 but not over $170,050 Over $178,150 but not over $340,100 Over $89,075 but not over $170,050 Over $89,050 but not over $170,050
32% Over $170,050 but not over $215,950 Over $340,100 but not over $431,900 Over $170,050 but not over $215,950 Over $170,050 but not over $215,950
35% Over $215,950 but not over $539,900 Over $431,900 but not over $647,850 Over $215,950 but not over $323,925 Over $215,950 but not over $539,900
37% Over $539,900 Over $647,850 Over $323,925 Over $539,900
Standard Deduction $12,950 $25,900 $12,950 $19,400

Captial Gains

Tax-filing status Single Married, filing jointly Married, filing separately Head of household
0% $0 to $41,675 $0 to $83,350 $0 to $41,675 $0 to $55,800
15% $41,676 to $459,750 $83,351 to $517,200 $41,676 to $258,600 $55,801 to $488,500
20% $459,751 or more $517,201 or more $258,601 or more $488,501 or more

Social Security

Social Security 2022 Tax Rates
Social Security Tax Rate: Employers 6.2%
Social Security Tax Rate: Employees 6.2%
Social Security Tax Rate: Self-Employed 12.4%
Maximum Taxable Earnings $1,47,000
Medicare Base Salary No Limit
Medicare Tax Rate: Employers 1.45%
Medicare Tax Rate: Employees 1.45%
Medicare Tax Rate: Self-Employeed 2.9%
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) 0.9%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) 3.8%

Education

Education 2022 Tax Rates
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

2021-2022 Standard Meal Rates for Family Child Care Providers

2021-2022 CACFP Reimbursement Rates (July 1, 2020-June 30, 2021)
Continental U.S. Tier 1 Tier 2
For each breakfast $1.40 $0.51
For each lunch or supper $2.63 $1.59
For each snack (up to 3 per day for each child) $0.78 $0.21
Alaska Tier 1 Tier 2
For each breakfast $2.23 $0.79
For each lunch or supper $4.26 $2.57
For each snack (up to 3 per day for each child) $1.27 $0.35
Hawaii Tier 1 Tier 2
For each breakfast $1.63 $0.58
For each lunch or supper $3.08 $1.86
For each snack (up to 3 per day for each child) $0.91 $0.25

2021 Miscellaneous

Miscellaneous 2021 Tax Rates
Business expensing limit: Cap on equipment purchases $2,620,000
Business expensing limit: New and Used Equipment and Software $1,050,000
Qualified Business Income threshold amount: $164,900 (single and head of household); $329,800 (married filing joint return)
Qualified Small Employer Health Reimbursement Arrangement limit: $5,300 (single coverage); $10,700 (family coverage)
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2019 tax liability
The standard mileage rate for business driving 56 cents
The standard mileage rate for moving driving 16 cents
The standard mileage rate for medical driving 16 cents
The standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station 16 cents
The standard mileage rate for charitable driving 14 cents
Child Tax Credit – Age 5 and under at the end of 2021 $3,600
Child Tax Credit – Age 6-17 at the end of 2021 $3,000
Unearned income maximum for children under 19 before kiddie tax applies $1,100
Capital gains tax rate for unrecaptured Sec. 1250 gains 25%
Capital gains tax rate on collectibles 28%
The maximum contribution for Traditional/Roth IRA $6,000 if under age 50
  $7,000 if 50 or older
Maximum employee contribution to SIMPLE IRA $13,500 if under age 50
  $16,500 if 50 or older
Maximum Contribution to SEP IRA 25% of eligible compensation
  up to $57,000
401(k) maximum employee contribution limit $19,500 if under age 50
  $26,000 if 50 or older
Estate tax exemption $11,700,000
Annual Exclusion for Gifts $15,000
2021 Tax Brackets

Tax Rate Single filers Married Filing Jointly or Qualifying Widow(er) Married Filing Separately Head of Household
10% $0 to $9,950 $0 to $19,900 $0 to $9,950 $0 to $14,200
12% $9,951 to $40,525 $19,901 to $81,050 $9,951 to $40,525 $14,201 to $54,200
22% $40,526 to $86,375 $81,051 to $172,750 $40,526 to $86,375 $54,201 to $86,350
24% $86,376 to $164,925 $172,751 to $329,850 $86,376 to $164,925 $86,351 to $164,900
32% $164,926 to $209,425 $329,851 to $418,850 $164,926 to $209,425 $164,901 to $209,400
35% $209,426 to $523,600 $418,851 to $628,300 $209,426 to $314,150 $209,401 to $523,600
37% $523,601 or more $628,301 or more $314,151 or more $523,601 or more
Standard Deduction $12,550 $25,100 $12,550 $18,800

Captial Gains

Tax-filing status Single Married, filing jointly Married, filing separately Head of household
0% $0 to $40,400 $0 to $80,800 $0 to $40,400 $0 to $54,100
15% $40,401 to $445,850 $80,801 to $501,600 $40,401 to $250,800 $54,101 to $473,750
20% $445,851 or more $501,601 or more $250,801 or more $473,751 or more

Social Security

Social Security 2021 Tax Rates
Social Security Tax Rate: Employers 6.2%
Social Security Tax Rate: Employees 6.2%
Social Security Tax Rate: Self-Employed 15.3%
Maximum Taxable Earnings $142,800
Medicare Base Salary No Limit
Medicare Tax Rate: Employers 1.45%
Medicare Tax Rate: Employees 1.45%
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) 0.9%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) 3.8%

Education

Education 2020 Tax Rates
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

2021-2022 Standard Meal Rates for Family Child Care Providers

2021-2022 CACFP Reimbursement Rates (July 1, 2020-June 30, 2021)
Continental U.S. Tier 1 Tier 2
For each breakfast $1.40 $0.51
For each lunch or supper $2.63 $1.59
For each snack (up to 3 per day for each child) $0.78 $0.21
Alaska Tier 1 Tier 2
For each breakfast $2.23 $0.79
For each lunch or supper $4.26 $2.57
For each snack (up to 3 per day for each child) $1.27 $0.35
Hawaii Tier 1 Tier 2
For each breakfast $1.63 $0.58
For each lunch or supper $3.08 $1.86
For each snack (up to 3 per day for each child) $0.91 $0.25

2021 Miscellaneous

Miscellaneous 2021 Tax Rates
Business expensing limit: Cap on equipment purchases $2,620,000
Business expensing limit: New and Used Equipment and Software $1,050,000
Qualified Business Income threshold amount: $164,900 (single and head of household); $329,800 (married filing joint return)
Qualified Small Employer Health Reimbursement Arrangement limit: $5,300 (single coverage); $10,700 (family coverage)
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2019 tax liability
The standard mileage rate for business driving 56 cents
The standard mileage rate for moving driving 16 cents
The standard mileage rate for medical driving 16 cents
The standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station 16 cents
The standard mileage rate for charitable driving 14 cents
Child Tax Credit – Age 5 and under at the end of 2021 $3,600
Child Tax Credit – Age 6-17 at the end of 2021 $3,000
Unearned income maximum for children under 19 before kiddie tax applies $1,100
Capital gains tax rate for unrecaptured Sec. 1250 gains 25%
Capital gains tax rate on collectibles 28%
The maximum contribution for Traditional/Roth IRA $6,000 if under age 50
  $7,000 if 50 or older
Maximum employee contribution to SIMPLE IRA $13,500 if under age 50
  $16,500 if 50 or older
Maximum Contribution to SEP IRA 25% of eligible compensation
  up to $57,000
401(k) maximum employee contribution limit $19,500 if under age 50
  $26,000 if 50 or older
Estate tax exemption $11,700,000
Annual Exclusion for Gifts $15,000

Contact Us:

303 Convention Way, Suite 4
Redwood City, CA 94063
Tel: 650-361-1235
Fax: 650-361-1726
E-mail: info@llopezcpa.com

Hours:

Monday - Thursday: 10:00AM - 5:00PM
Friday: 10:00AM - 4:30PM
Closed Saturday and Sundays
lori@llopezcpa.com
www.llopezcpas.com