Difference between revisions of "Details Of 2010 Federal Income Taxes"

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Revision as of 17:55, 10 November 2024

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Remember, an individual 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 forces you to under the marginal tax rate of 25%. Therefore the money you save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For appreciate spouse, which is to be multiplied by two in which means you save $1825.

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