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2022 Tax Planning Guide
Alternative Minimum Tax
The Alternative Minimum Tax (AMT) was designed to help ensure that the highest-income tax payers pay their fair share of taxes, by limiting allowable deductions.
KIDDIE TAX
For 2020 and forward, the kiddie tax reverts to the previous method of using the parent’s marginal tax rate. Children who have both earned and unearned income are allowed a standard deduction of up to $1,150 of their unearned income or their earned income, plus $350, whichever is greater. However, the total deduction may not be more than the regular standard deduction amount.SOCIAL SECURITY TAX WAGE BASE INCREASED
Beginning in 2022, the maximum earnings subject to Social Security tax will rise to $147,000. Currently, the maximum of earnings taxed is $142,800.Currently, the employer and employee each pay half of the 12.4% Social Security tax due. Workers also pay a Medicare tax of 1.45% each year.
Self-employed workers must pay the full 12.4% Social Security tax, which could result in a maximum tax increase of $520.80 on earnings between $142,800 and $147,000.
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