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Your Income Taxes Breakdown TaxMarginal Tax Rate2021 Taxes*Federal22.00%$9,600FICA7.65%$5,777State5.97%$3,795Local3.88%$2,4924 more rows Dec 23, 2021
If youre at least 65 years old or blind, you can claim an additional 2022 standard deduction of $1,400 ($1,750 if using the single or head of household filing status).
Maryland has a 8.25 percent corporate income tax rate. Maryland has a 6.00 percent state sales tax rate and does not levy any local sales taxes.
In U.S. federal policy, the two main refundable tax credits are the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC).
The standard deduction amounts for the State of Maryland have changed as follows: The minimum Standard Deduction has changed from $1,550 to $1,600. The maximum Standard Deduction has changed from $2,350 to $2,400.
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The standard deduction is a specific dollar amount that reduces your taxable income. For the 2022 tax year, the standard deduction is $25,900 for joint filers, $19,400 for heads of household, and $12,950 for single filers and those married filing separately.
20 popular tax deductions and tax credits Child tax credit. Child and dependent care tax credit. American opportunity tax credit. Lifetime learning credit. Student loan interest deduction. Adoption credit. Earned income tax credit. Charitable donations deduction.
For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 in for 2020, up $200, and for heads of households, the standard deduction will be $18,650 for tax year 2020, up $300.
Maryland 2022 Standard Deductions MD Standard Deductions is calculated at 15% of gross income with a minimum of $1,600 (Single/MFS), $3,200 (MFJ/HOH), and a maximum of $2,400 (Single/MFS) or $4,800 (MFJ/HOH).
Maryland 2022 Standard Deductions MD Standard Deductions is calculated at 15% of gross income with a minimum of $1,600 (Single/MFS), $3,200 (MFJ/HOH), and a maximum of $2,400 (Single/MFS) or $4,800 (MFJ/HOH).

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