We don\u2019t want to over-inflate a balloon because it will pop.\u00a0 It\u2019s simply too much pressure. This law of physics expands to more than just balloons. Inflation applies to taxes too. Every year the IRS adjusts the tax brackets to ease the pressure of (over)inflation and help Americans impacted by the economy.<\/p>\r\n\r\n\r\n\r\n
All tax filers fall under a certain income bracket in correlation to their taxable income and their filing status. For tax year 2022, the tax rates have not changed, but the brackets have been modified due to inflation. \u00a0Therefore, you could wind up in a different tax bracket and pay a different tax rate than when you filed last year.<\/p>\r\n\r\n\r\n\r\n
The marginal tax rate has seven categories that correspond to a person\u2019s taxable income. Tax rates range from 10% to 37%, with higher income earners falling into a higher tax rate.<\/p>\r\n\r\n\r\n\r\n
For tax year 2022, these are the tax rates and brackets that will be used to calculate your tax liability. Don\u2019t want to do the math yourself? Let us do it for you. File with ezTaxReturn<\/a> today!<\/p>\r\n\r\n\r\n\r\n