answer: 1.income from salary is less than is rs.1.5 lacks ----40% of gross salary or 30000/- which ever is lower.
2.income from salary exceeds rs. 1.5 lacks but does not exceeds rs. 5 lacks --- rs.30000/-
3.income from salary exceeds rs. 5 lacks ---- rs. 20000/-
Standard deduction can be about 20%. The taxpayer can opt to have more than the minimum tax deducted.
Standard deduction amount, exemption amount, amounts of your income that are free of any federal income tax on your 1040 income tax return for the year.
If the amount of itemized deductions is more than your standard deduction the amount over your standard deduction amount would decrease your taxable income amount and this would decrease your federal income tax liability.
Standard deduction amount, exemption amount, amounts of your income that are free of any federal income tax on your 1040 income tax return for the year.
Property taxes can be itemized on the schedule A itemized deduction of the 1040, or if your standard deduction would be more than your itemized deduction, the amount can be used to increase your standard deduction amount on your federal income tax return.
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.
There are income requirements and deduction requirements you have to meet before you can deduct donations.
In the US, you would be the taxpayer and there is a standard deduction used in figuring out your net income for tax purposes.
A deduction on your income tax return would reduce your taxable income on your 1040 income tax return and reduce your federal income tax liability. An income tax deduction amount from your gross pay would be a prepayment of any future federal income liability you may have after your income tax return is completely at the end of the tax year and if enough is deducted from your gross pay you could end up receiving a refund of some of the withheld income tax amount.
It stands for Federal Income Tax. SIT stands for State Income Tax
No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
Between 2010 and 2011, the standard deduction for Singles increased from $5700 to $5800. For Married couples filing jointly, the standard deduction increased from $11,400 to $11,600.