History Within The Federal Income Tax: Difference between revisions

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Revision as of 00:20, 5 October 2024

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Remember, a personal exemption of $3650 is not 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 allows you to under the marginal tax rate of 25%. Therefore the money it can save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For everyone spouse, which will be multiplied by two which save $1825.

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