Trying to describe that you are a human and not a robot when accessing websites is becoming harder and harder. It all started as a simple, small button with the words “I’m not a robot” on it. The need to prove what this button was capable of, kicked in and developers started to alter it […]

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Signage outside the Internal Revenue Service (IRS) headquarters in Washington, D.C.
Bloomberg | Bloomberg | Getty Images

The IRS announced higher federal income tax brackets and standard deductions for 2022 amid rising inflation.

The consumer price index surged by 6.2% in October compared to the previous year, the biggest jump in more than three decades.

As price hikes continue, the IRS has boosted the income thresholds for each bracket, applying to tax year 2022 for returns filed in 2023.

These brackets show how much someone pays for federal taxes on each portion of their income after subtracting deductions and credits.

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Standard deduction

The standard deduction, claimed by most taxpayers, will also increase for 2022, rising to $25,900 for married couples filing jointly, and to $12,950 for single filers.

Other adjustments

The IRS also made other inflation adjustments, such as changes to the alternative minimum tax, a parallel system for higher earners, and an increased estate tax exemption.

Moreover, there’s a boost for the earned income tax credit, a write-off for low- to moderate-income families, and higher flexible spending account limits, among other changes.

Workers may also save more to 401(k) plans in 2022, according to last week’s announcement. But there won’t be a higher limit for individual retirement accounts.

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Along with the rapidly growing speed of DeFi or Decentralized finance, a decentralized finance system expediting transactions without any intermediary involvement, a particular form of insurance is in demand to offset the probable risks that may happen to DeFi users financial safety. So what is DeFi insurance actually, and what should we do when there […]

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