Month: August 2023

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When preparing your taxes for the 2022 tax year, one thing you’ll need to know is your tax bracket. The IRS uses these tax brackets to identify your tax rate and determine how much you owe in taxes. This guide provides more information about these tax brackets and how they work. Keep in mind that this guide covers only general information. For more specific information regarding your personal taxes, it’s best to meet with a tax adviser.

“Closeup of a U.S. Tax Form with an emphasis on filing status — in this case, marked ‘single.’”

In This Piece

2022 Marginal Tax Brackets

To determine your tax bracket, you first need to know your filing status. There are currently five different IRS tax filing statuses: single, married filing jointly, married filing separately, qualified widow(er) and head of household. Additionally, the IRS divides these tax brackets into seven tiers that range from 10% to 37%, which are based on taxable income ranges.

2022 Tax Brackets for Married Filing Jointly and Qualifying Widow(er)s

Tax Bracket Taxable Income How Much You Might Owe (rounded to the nearest dollar)
10% $20,550 and under 10% of taxable income
12% $20,551 to $83,550 $2,055 plus 12% of taxable income over $20,550
22% $83,551 to $178,150 $9,615 plus 22% of taxable income over $83,550
24% $178,151 to $340,100 $30,427 plus 24% of taxable income over $178,150
32% $340,101 to $431,900 $69,295 plus 32% of taxable income over $340,100
35% $431,901 to $647,850 $98,671 plus 35% of taxable income over $431,900
37% $647,851 and over $174,253.50 plus 37% of taxable income over $647,850

2022 Tax Brackets for Individuals and Married Filing Separately

Tax Bracket Taxable Income How Much You Might Owe (rounded to the nearest dollar)
10% $10,275 and under 10% of taxable income
12% $10,276 to $41,775 $1,027.50 plus 12% of taxable income over $10,275
22% $41776 to $89,075 $15,213.50 plus 24% of taxable income over $89,075
24% $89,076 to $170,050 $29,502 plus 24% of taxable income over $172,750
32% $170,051 to $215,950 $34,647.50 plus 32% of taxable income over $170,050
35% $215,951 to $539,900 49,335.50 plus 35% of taxable income over $215,950
37% $539,901 or more $162,718 plus 37% of taxable income over $539,900

2022 Tax Brackets for Head of Household

Tax Bracket Taxable Income How Much You Might Owe (rounded to the nearest dollar)
10% $14,650 and under 10% of taxable income
12% $14,651 to $55,900 $1,465 plus 12% of taxable income over $14,650
22% $55,901 to $89,050 $6,415 plus 22% of taxable income over $55,900
24% $89,051 to $170,050 $13,708 plus 24% of taxable income over $89,050
32% $170,051 to $215,950 $33,148 plus 32% of taxable income over $170,050
35% $215,951 to $539,900 $47,836 plus 35% of taxable income over $215,950
37% $539,901 and over $161,218.50 plus 37% of taxable income over $539,900

How Tax Brackets Work

The United States uses a progressive tax system. In basic terms, this system increases a taxpayer’s tax liability as their taxable income rises. Simply put, the higher your taxable income, the higher the amount of taxes you can expect to pay.

There are four factors impacting these tax brackets: filing status, adjusted gross income, deductions and taxable income. Each of these factors is discussed below.

Filing Status

The IRS designates five different filing statuses:

  • Single: Taxpayers who aren’t married and weren’t married at any point in 2022.
  • Married Filing Jointly: Married couples who combine their income, deductions and credit by filing their tax return together.
  • Married Filing Separately: Married couples that choose to file their tax returns separately rather than jointly.
  • Qualified Widow(er): Widow(er)s who haven’t remarried and have a qualified dependent may be able to file as a qualified widow(er) for the two years following the year their spouse dies.
  • Head of Household: Unmarried taxpayers with a qualifying dependent.

You may qualify for more than one tax filing status. It’s important to evaluate your options and determine which status provides the greatest tax benefits.

Adjusted Gross Income

Your adjusted gross income is the difference between your total gross income and any qualifying adjustments. You can calculate your AGI by taking your total gross income for the year and subtracting any qualifying deductions. However, if you work with a tax preparer or use an online tax preparation service, these services will automatically calculate your AGI based on your answers to a series of questions regarding your finances.

It’s important to note that your AGI doesn’t determine your tax bracket. Instead, you can use your AGI to determine what tax deductions you may be eligible for. With this information, you can then calculate your taxable income, which is done by taking your AGI and subtracting all eligible deductions.

Deductions

Taxpayers have the option of taking either a standard deduction or itemizing their deductions. A standard deduction is a flat amount based on your specific filing status. Itemized deductions, on the other hand, require you to complete Schedule A and make a list of your qualifying deductions.

Using the standardized deduction is the easiest and most popular route. However, you may be able to decrease your tax liability by itemizing your deductions instead. It’s important to evaluate your specific situation to determine which option is best for you.

Here’s a look at the standard deduction amounts for the 2022 tax year.

  • Single: $12,950
  • Married Filing Jointly: $25,900
  • Married Filing Separately: $12,950
  • Qualifying Widow(er): $15,900
  • Head of Household: $19,400

Taxable Income

Once you calculate your AGI, you can subtract your standard or itemized deduction from your AGI to determine your taxable income. For instance, if you’re married and filing jointly with a combined income of $120,000 and you choose to take the standard deduction, your taxable income would be $94,100.

Examples of AGI and Federal Tax Brackets in Action

Now that you understand how to calculate your taxable income, let’s look at a few examples.

  • Jane has an AGI of $64,500 and is filing as head of household. She opts for the standard deduction of $19,400, bringing her taxable income to $45,100. Using the tables above
  • She owes 10% of the first $14,650, or $1,465.
  • Plus 12% on $30,450, the remainder of her income, or $3,654.
  • This brings her tax liability to $5,119 before any eligible credits.
  • Sarah and John have a combined income of $126,700 and their status is married filing jointly. They opt for the standard deduction of $25,900, which brings their taxable income to $100,800. Using the tables above:
  • They owe 10% of the first $20,550, or $2,055.
  • Plus 12% on $63,000, the amount of their income between $20,550 and $83,550, or $7,560,
  • Plus 22% on $17,250, which represents their income over $83,550, or $3,795.
  • This brings their total tax liability to $13,410.

Just because you have a big tax liability, it doesn’t necessarily mean you’ll owe a lot of money at the end of the year. In most cases, taxes are taken from every paycheck. You can deduct this amount from your total tax liability. For example, if Sarah and John, in the example above, paid $12,000 throughout the year from their wages, they’d only owe $1,410 when they file their taxes.

If, however, you do have a big tax liability, you may want to talk to a tax adviser, because how you pay your taxes could impact your credit score.

Tax Brackets and State Income Tax

States have the freedom to set their own personal income tax rules, which may or may not be similar to the federal tax system.

Of the 50 states, eight have no state personal tax:

  • Alaska
  • Florida
  • Nevada
  • South Dakota
  • Tennessee
  • Texas
  • Washington
  • Wyoming

An additional nine states use a flat rate system, where all taxpayers pay the same percentage of their income. These states are:

  • Colorado
  • Illinois
  • Indiana
  • Kentucky
  • Massachusetts
  • Michigan
  • North Carolina
  • Pennsylvania
  • Utah

The remaining 33 states, along with the District of Columbia, use a progressive tax scale similar to the one the IRS uses.

Maximize Your Tax Return

Understanding how the tax brackets for 2022 work can help you maximize your tax return and minimize your overall tax liability. You can use tax preparation software now to enter your anticipated information to estimate your tax liability now. Additionally, there are several ways you can file your taxes for free to help save you even more money.

Learn more about preparing your taxes with this tax guide.

Source: credit.com

Apache is functioning normally

Cruising is a huge industry, so it makes sense that the Mediterranean Shipping Company (MSC) — which started out shipping cargo — got in on the venture in 1988 with the purchase of its first cruise ship. Since then, the company has been steadily growing, adding new ships and destinations to its thriving cruise line.

Although it’s headquartered in Switzerland, you’ll find MSC cruises all over the world, including throughout the United States. Let’s take a look at MSC’s cruises, where they sail and what to expect when you’re aboard.

About MSC cruises

Here’s a quick overview of some of MSC’s key features.

  • Package types: There are three levels of experience to choose from on MSC. Bella is the least expensive, while Fantastica allows you to get free in-room breakfast and select your room type. Aurea is MSC’s top-tier package and includes access to exclusive amenities, as well as additional discounts and dining privileges. 

  • Cabin types: On MSC ships you’ll find the standard cruise ship cabins, including interior, ocean view, veranda and various types of suites. 

  • Main U.S. routes: MSC has only a handful of departure ports from within the U.S. Most of its routes depart from Miami to the Caribbean and the Bahamas.   

  • Points currency and loyalty program: The loyalty program of MSC is called the Voyager’s Club. Points are earned for the cruises you take and the money you spend while on board. 

MSC cruise destinations

You can find MSC cruises all over the globe, including the Caribbean, Canada, New England, the Mediterranean, the Middle East, Northern Europe, South Africa, South America and Asia. There are also worldwide cruises that sail to several regions around the globe.

MSC’s worldwide cruises come in as the longest trips, with itineraries lasting as many as 127 nights. Meanwhile, the cruise line’s shortest options include weekend trips to the Bahamas sailing for just two nights.

MSC cruise prices

The reviews of MSC Cruises will likely mention the price of your trip, which is often cheaper than comparable trips on other popular cruise lines. Of course, the total cost will vary based on the trip duration, time of year and what kind of room you select. The least expensive options you’ll find are on short Mediterranean cruises, which can cost as little as $119 per person.

Prices are also affected by the dates that you’re traveling. A three-night cruise to the Bahamas can cost as little as $149 per person, but that same trip can cost up to $349 per person during periods of high demand.

As you’d expect, the most expensive cruises on MSC are the longest. For example, the 127-night World Cruise costs $21,929 per person.

What is the best MSC ship?

There are a total of 23 ships in MSC’s fleet. According to U.S. News, the best MSC ship is the MSC Bellissima. Launched in 2019, the ship boasts a full-sized bowling alley and multiple pools, along with an array of restaurants, a spa and live entertainment. The ranking was calculated using a mix of user reviews and health ratings.

What is the newest MSC ship?

The MSC World Europa, MSC’s newest ship, officially debuted at the end of 2022 in Qatar. This ship features more than 2,600 cabins, 33 restaurants and six swimming pools.

What’s included in an MSC cruise

MSC’s cruise packages are on par with other mid-tier cruise lines. No matter what package you purchase, all food and entertainment is included, as is access to the main parts of the ship. This includes pools, the buffet restaurant and a nightly seated dinner.

If you purchase a higher-end package, you’ll be able to enjoy more amenities. The Fantastica experience, for example, includes free room service delivery for breakfast. The top-tier Aurea package includes complimentary room service for all meals.

Neither Wi-Fi nor specialty drinks are included as part of the base price, but they can be purchased separately. The drink package has a range of options, including non-alcoholic drinks such as soda and different types of alcohol.

MSC loyalty program: Voyager’s Club

Voyager’s Club is the loyalty program for frequent MSC cruise passengers. There are four levels in the program, and each has its own benefits.

Voyagers Club levels

The Voyager Clubs levels are Classic, Silver, Gold and Diamond.

Classic

  • How to earn: Classic membership is earned by going on at least one MSC cruise or having a confirmed booking on an upcoming cruise. This tier is for members who have between 1 and 2,199 points.

  • Best benefits: 5% discount on future cruises, discounts on packages.

Silver

  • How to earn: Earn 2,200 to 4,299 points. 

  • Best benefits: $50 onboard credit per person on cruises booked at least nine months before departure, double points for cruises booked more than 12 months in advance.

Gold

  • How to earn: Earn 4,300 to 9,999 points.

  • Best benefits: One hour of complimentary thermal area access, priority disembarkation, complimentary photos. 

Diamond

  • How to earn: Earn 10,000+ points.

  • Best benefits: Complimentary tasting dinner, one free dance lesson, complimentary slippers and bathrobe, priority embarkation and disembarkation.

How to earn Voyager Club points

There are two ways to earn Voyager Club points. First, you’ll earn a set amount of points for taking a cruise — the specific amount will depend on the length of the cruise and the experience level you choose. Second, you’ll earn points for the activities you pre-purchase and for any onboard expenses that you incur.

Frequently asked questions

Does MSC have free Wi-Fi?

Wi-Fi is not included in MSC’s basic fare. There are different packages available to those who are sailing which can be purchased before you travel or during your cruise. MSC doesn’t publish its Wi-Fi package pricing online, but for example, you can expect to pay around $270 for a two-device upgraded Wi-Fi package on a seven-day cruise with MSC Seascape.

Is MSC all-inclusive?

MSC cruises are not entirely inclusive, though they do provide a lot with your base package. This includes your cabin, food, live entertainment, port stops and coffee, tea and water. They don’t include specialty drinks such as soda or alcohol, nor do they include Wi-Fi or any port excursions you’d like to go on.

How much is the MSC drink package?

MSC Cruises reviews will let you know that MSC allows passengers to add on a drink package to their cruise. The price will vary depending on your actual cruise, as well as the type of package that you choose. There are five types of packages available: Easy, Easy Plus, Premium Extra, Alcohol-free and Minors.

Expect to pay anywhere from $20 to $88 per day for any drink packages that you purchase.

Does MSC require a COVID vaccine or test?

Whether or not you’ll need a COVID vaccine or COVID test while sailing on MSC cruise lines will depend on where you’re going. For cruises leaving from the United States, you don’t need either. However, you will need to provide other personal information, such as your name, address and date of birth.

(Top photo courtesy of MSC)

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

Apache is functioning normally

The Property Management Market will likely see a USD 49.45 billion increase, with a CAGR of 2.73% between 2022 and 2027. Several factors influence this growth, including:

  • Adherence to industry and government regulations for property listings; 
  • The growing importance of customer-centric business operations;
  • And increased awareness of the benefits of property management software. 

A recent market research report released by Technavio – “Global Property Management Market 2023-2027” – provides a detailed analysis of market segmentation based on Application (construction and real estate, government, retail, hospitality, and others), Deployment (cloud-based and on-premise), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

Technavio has announced its latest market research report titled Global Property Management Market 2023-2027

The report also includes historical market data from 2017 to 2021, offering insights into industry drivers, trends, challenges, and changes. TKey drivers and trends contributing to the growth and transformation of the Property Management Market include:

  • Improved adherence to industry and government regulations for property listings;
  • The adoption of customer-centric strategies by property management firms through technologies like AI, chatbots, and machine learning;
  • And the increasing use of blockchain technology and smart contracts for secure and transparent real estate transactions. 

Cloud deployment models remain popular due to their user-friendly nature, cost-effectiveness, agility, and advanced security features. 

However, some challenges hinder the growth of the Property Management Market. These challenges include:

  • The need for specialized expertise in emerging technologies like AI and blockchain;
  • The risk of data breaches and cyberattacks as property management processes become more digitized;
  • The complexity created by varying regulations and practices across different regions and countries;
  • And resistance from some property managers and clients to adopting new technologies due to unfamiliarity or concerns about disruption. 

Despite these challenges, the Property Management Market presents significant growth opportunities. Businesses can utilize the insights in the report on market trends, drivers, challenges, and regional dynamics to refine their marketing strategies and gain a competitive advantage in the industry.

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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.

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Source: realtybiznews.com