Difference between revisions of "Dealing With Tax Problems: Easy As Pie"

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Revision as of 13:15, 10 November 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 forces you to under the marginal tax rate of 25%. The actual money you'll save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and your spouse, which will be multiplied by two so you save $1825.

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