A Status Taxes - Part 1: Difference between revisions
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Revision as of 17:04, 15 October 2024
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Remember, an individual exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This gives you under the marginal tax rate of 25%. Therefore the money it will save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and the spouse, which is to be multiplied by two an individual save $1825.
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If your salary is below $16,750 then you will have to pay around 10% of greenbacks tax. However if you would definitely be a single person and living a bachelor life user profile have to pay more interest as the limit get only $8,375. Thus wives and husbands are definitely in returns.
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