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How much is the Personal Exemption per taxpayers in the Philippines?
Wiki User
∙ 13y ago
Personal Exemptions:
For single individual or married individual judicially decreed as legally separated with no qualified dependents………………………………………P 50,000.00
For head of family……………………………P 50,000.00
For each married individual *…………P 50,000.00
Note: In case of married individuals where only one of the spouses is deriving gross income, only such spouse will be allowed to claim the personal exemption.
Additional Exemptions:
* For each qualified dependent, a P25,000 additional exemption can be claimed but only up to 4 qualified dependents
The additional exemption can be claimed by the following:
* The husband who is deemed the head of the family unless he explicitly waives his right in favor of his wife
* The spouse who has custody of the child or children in case of legally separated spouses. Provided, that the total amount of additional exemptions that may be claimed by both shall not exceed the maximum additional exemptions allowed by the Tax Code.
* The individuals considered as Head of the Family supporting a qualified dependent
d. Add the amounts in (b) and (c), then deduct the total from the amount in (a) to arrive at your taxable Compensation Income (positive) or excess of Deductions over Taxable Compensation Income (negative).
eFPS BIR is still using for example 32k for married individual
Wiki User
∙ 13y ago
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How much is the personal dependent exemption on IRS personal income tax form?
3700
How much money did the IRS return to taxpayers last year?
300 billion
How much is the dependent exemption on New York state tax return?
1,000
How much is the IRS personal deduction?
For taxpayer using the single filing status the 2009 exemption amount is 3650 and the standard deduction amount is 5750 for a total amount of 9350 free of federal income tax for the tax year 2009.
Do you have to claim income a dependent made?
Not on your income tax return. But the dependent may want to file the dependents own income tax return claiming the dependents income on it.The dependent cannot claim the dependent own exemption on the dependent own income tax return and will have to make sure that the dependent indicates on the dependent income tax return that the dependent is eligible to be claimed as a dependent on another taxpayers income tax return.Go to www.irs.gov and use the search box for Publication 17 (2009), Your Federal Income Tax for Individualshttp://www.irs.gov/publications/p17/index.htmlGo to chapter 3 Exemption thenYour Own ExemptionYou can take one exemption for yourself unless you can be claimed as a dependent by another taxpayer. If another taxpayer is entitled to claim you as a dependent, you cannot take an exemption for yourself even if the other taxpayer does not actually claim you as a dependent.Then Exemptions for DependentsDependent not allowed a personal exemption. If you can claim an exemption for your dependent, the dependent cannot claim his or her own personal exemption on his or her own tax return. This is true even if you do not claim the dependent's exemption on your return or if the exemption will be reduced under the phaseout rule described under Phaseout of Exemptions, later.I believe the above is only partly correct as to what your really asking.For example, if you have a child that has income (by employment, by inherritance, etc), even though you may list them as a dependent, that persons income is TAXABLE at your rate. (In other words, because the adult has reasonable income and pays tax at say 25%, if he shifts income to, or his child has income of an amount that presumably would be taxed much less (tax on 10K annually being virtually 0 %), essentially that income must be included as yours to get taxed at the higher rate.See the many publications on "Kiddie Tax".
How much is the personal dependent exemption on IRS personal income tax form?
3700
How much do taxpayers pay in expenses created by crashes?
how much money do taxpayers pay in expenses created by crashes
How much does the department of homeland security cost taxpayers yearly?
The DHS costs taxpayers about $56,018,032 each year.
How much is the exemption for a new baby on your income tax refund?
For a qualifying child dependency exemption the amount is 3650 for each exemption for the year 2009
How much does it cost taxpayers for each living ex-president?
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I am doing my tax return and i am claming my lilttle brother who is in Mexico and i have only earned 2930 who much who i get in my tax return?
Each exemption reduced the taxable income by the amount of the exemption. For 2008, the exemption amount is $3,500. They are two types of exemptions personal exemptions and dependency exemptions. The personal exemption is for the tax payer and spouse. Dependency exemptions are for those who pass the IRS dependency test. According to the information provided you may not be able to claim a dependency exemption for your brother, therefore your refund will be whatever federal tax withholdings is shown in the W2 box 2, and if you are over 25 years of age and have a social security number you may qualified for an earned income credit in the amount of $224.00. Good luck
How much money did the IRS return to taxpayers last year?
300 billion
How much is it costing Taxpayers to keep Michelle Obama in London for the Olympics?
three million
How much is the dependent exemption on New York state tax return?
1,000
How much is the IRS personal deduction?
For taxpayer using the single filing status the 2009 exemption amount is 3650 and the standard deduction amount is 5750 for a total amount of 9350 free of federal income tax for the tax year 2009.
Do you pay income tax over 65?
Whether or not you pay income tax after the age of 65 depends on your individual circumstances, such as your sources of income and the amount. Some retiree income, like Social Security benefits, may be taxed at the federal level based on your overall income level. It is best to consult with a tax professional or the IRS for personalized advice.
Do you have to claim income a dependent made?
Not on your income tax return. But the dependent may want to file the dependents own income tax return claiming the dependents income on it.The dependent cannot claim the dependent own exemption on the dependent own income tax return and will have to make sure that the dependent indicates on the dependent income tax return that the dependent is eligible to be claimed as a dependent on another taxpayers income tax return.Go to www.irs.gov and use the search box for Publication 17 (2009), Your Federal Income Tax for Individualshttp://www.irs.gov/publications/p17/index.htmlGo to chapter 3 Exemption thenYour Own ExemptionYou can take one exemption for yourself unless you can be claimed as a dependent by another taxpayer. If another taxpayer is entitled to claim you as a dependent, you cannot take an exemption for yourself even if the other taxpayer does not actually claim you as a dependent.Then Exemptions for DependentsDependent not allowed a personal exemption. If you can claim an exemption for your dependent, the dependent cannot claim his or her own personal exemption on his or her own tax return. This is true even if you do not claim the dependent's exemption on your return or if the exemption will be reduced under the phaseout rule described under Phaseout of Exemptions, later.I believe the above is only partly correct as to what your really asking.For example, if you have a child that has income (by employment, by inherritance, etc), even though you may list them as a dependent, that persons income is TAXABLE at your rate. (In other words, because the adult has reasonable income and pays tax at say 25%, if he shifts income to, or his child has income of an amount that presumably would be taxed much less (tax on 10K annually being virtually 0 %), essentially that income must be included as yours to get taxed at the higher rate.See the many publications on "Kiddie Tax".
