@ JaredS_CPA wrote:
. For example, the top of the 12% bracket is $40,525 for single filers. So, if your taxable income is $50,000 only $475 is taxed at 22%.
Was that a typo above? In your example with the 2021 bracket, you said "$475", but didn't you mean to say that $9,475 would be taxed at the 22% rate; i.e., $50,000-40,525?
As usual, the brackets increase slightly for 2022. This year the break point between the 12% and 22% tax bracket increases to $41,775 (single filer).
