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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/-

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Q: How much is the standard income tax deduction?
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How much federal tax is withheld on income of 12900?

Standard deduction can be about 20%. The taxpayer can opt to have more than the minimum tax deducted.


What is a federal tax allowance?

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.


Why do people use deduction?

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.


What is a federal allowance?

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.


Where do you put property taxes on the tax form if you do not itemize deductions?

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.


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.


How much of a donation can be deducted from income tax?

There are income requirements and deduction requirements you have to meet before you can deduct donations.


How do you claim yourself on your taxes?

In the US, you would be the taxpayer and there is a standard deduction used in figuring out your net income for tax purposes.


What is the purpose of income tax deduction?

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.


What is FIT deduction?

It stands for Federal Income Tax. SIT stands for State Income Tax


Is earned income tax credit an itemized deduction?

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.


What is the change in the income tax rate between 2010 and 2011?

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.