Taxes and Tax Preparation
Income Taxes

Federal income tax exemptions?

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2008-08-12 07:37:21
2008-08-12 07:37:21

The deduction per exemption is $3,500 in 2008.

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GROSS INCOME <ADJUSTMENTS> = ADJUSTED GROSS INCOME <STANDARD DEDUCTION> OR <ITEMIZED DEDUCTIONS <EXEMPTIONS> = TAXABLE INCOME APPLYING THE TAX BRACKETS ON YOUR TAXABLE INCOME, YOU WILL COMPUTE THE FEDERAL INCOME TAX. FEDERAL INCOME TAX <TAX CREDITS> OTHER TAXES <PAYMENTS> = TAX DUE OR REFUND. This is the basic formula for US. Tax


SS contributions are not a deduction from taxable income. The tax bracket schedule is on taxable income, that is after all inclusions and exemptions/deductions.


You have to know what kind of income it is; any exemptions to be claimed; any credits available; age of the taxpayer; does anyone else claim the person who earned the income; are you talking about federal income tax?


federal income tax people


Yes but to itemize you will have use the schedule A of the 1040 income tax return and that does NOT have any affect on your exemptions that are entered on the 1040 federal income tax return page 1.


An Illinois 1040 is a state income tax return. It includes income, taxes, exemptions just as a Federal Income tax return. An Illinois resident who files can also either receive a refund or have to pay.


The federal personal income tax is an example of progressive tax.


The taxable amounts of the income from each income tax return will be taxed at the tax rates for the state and for the federal.


State Income Tax is an extension of the Federal Income Tax. The ability to collect a State income tax requires that the Indirect Excise Taxable event has occurred within the borders of such State with an income tax and that there is federally adjusted gross income. ** See my other responses on what is the income tax to understand the nature of the income tax ** State income taxes are not separate from the Federal income tax, but are merely an extension of the federal tax where otherwise federal income tax liability exists, the State collects a share, that's it.


Federal income tax is a direct tax on income and not an indirect tax. Direct taxes are paid directly to the government.


Generally, the following: Social Security: 6.2% Medicare: 1.45% Income tax withholding for federal and state it depends on how many exemptions you claimed when you filled out your W-4.


Not all income tax goes to the Federal reserve but all money that goes to the Federal reserve comes from income tax.


Each individual qualified taxpayer or qualified dependent that is listed on the federal 1040 income tax return has 1 exemption on that income tax return and for the tax year 2009 and 2010 tax year 1 qualified exemption amount on that tax return would be 3650.


Most but not all people need to file federal income tax forms. If you do not meet the minimum income requirement, then you do not have to file for federal income tax.


The federal income tax is progressive A tax that charges more for higher incomes


No, when filing for the federal income tax return, you do not attach the Schedule A for the state income tax return.


Federal income tax can increase staffing due to the need of a write off. Federal income tax can also encourage staffing limitations due to the employers tax.


People who are over 65 or blind are allowed to take an additional personal exemption on their federal income tax return. This does amount to a "break" of sorts. (If you're blind AND over 65, you don't get to take TWO additional personal exemptions, though.)


The authority to levy a federal income tax comes from


The 16th amendment established the federal income tax.


I don't know what that is, but income tax evasion is a federal crime.


Yes each qualified taxpayer and qualified dependent would be 1 exemption for each one on your 1040 federal income tax return when it is completed correctly.


this is a question when is the last day you can send in federal income tax


FIT= Federal Income Tax. S 0= Single 0 Exemptions (From W-4)


No the federal tax brackets would NOT be your average income tax rate on your income. Each separate federal tax bracket amount is your marginal tax rate for that amount of your taxable income that is in that bracket amount.



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