CHARLOTTE – What is new for Tax Season 2021/2022?

Hey Tax Payer.  The IRS has finally produced the updates for the 2021/2022 Tax Season Tax Rate.

So, Let’s Get To It…

Your tax rate will totally depends on your Adjusted Gross Income. The more income you earn, there is a set dollar rate the higher your tax rate will be on every extra dollar over the set dollar rate. Here is an example:

Single filers who make between $9,950 to $40,525; their tax will be $995 plus 12% tax on the amount that is over $9,950. Here is another example:

Married Filing Joint filers who make between $81,050 to $172,750; their tax will be $9,328 plus 22% on the amount that is over $81,050. Last example:

Head Of Household filers who make between $86,350 to $164,900; their tax will be $13,293 plus 24% on the amount that is over $86,350.

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*Source:  https://www.fool.com/taxes/what-are-the-key-irs-tax-changes-for-2021/