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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.