Annually the IRS issues tax brackets that adjust for inflation.
These tax rates for 2021 and will be in effect for taxes that you file in 2022.
This will have seven brackets:
Marginal RatesSingleMarried filing Jointly10%Under $9,950Under $19,90012%Over $9,950Over $19,90022%$40,525$81,05024%$86,375$172,75032%$164,925$329,85035%$209,425$418,85037%$523,600$628,300Source IRS
Standard Deductions Increased
To give it an inflation boost, standard deductions are increased.
Standard deduction…
