Rangers44
Employee Finance Expert

Get your taxes done using TurboTax

Hi Nicky_v

 

I understand your concern.

 

As the previous expert stated, the IRS no longer uses personal exemptions like 0, 1, 2 or greater.

 

To possibly make it simpler to understand and without knowing your pesonal situation, let's assume you are SINGLE and will not be ITEMIZING DEDUCTIONS for 2022.

 

At a minimum and I do mean minimum, your employer is going to look at your annual salary that is put into a payroll tax program and immeditaely deduct the 2022 Standard Deduction of $12950 from that amount.

 

For each tier of income above the $12,950, the program automatically compute income tax on the following levels of income:

 

10% - $0 to $9950

12% - $9950 to $40525

22% - $40526 to $86375

24% - $86376 to $164925

32% - $164926 to $209425

35% - $209426 to $523600

37% - Over $523600

 

The one thing you are not mentioning is whether you be contributing funds to the following:

 

401K

Medical, Dential, Vision

Cafeteria Plans

Insurance Policies

 

While not complete, the sum total of all those type of deductions will reduce the amount of federal or state income tax withheld.

 

For the most part, your salary will be divided over the payroll timeline of weekly, bi-weekly or monthly.

 

I hope more details are helpful.