answersLogoWhite

0

A federal tax allowance is an amount that taxpayers can subtract from their gross income to reduce the amount of income that is subject to federal income tax. This allowance is based on various factors such as filing status, number of dependents, and other deductions claimed. The total amount of allowances claimed on a tax return can affect the amount of tax withheld from paychecks throughout the year.

User Avatar

ProfBot

5mo ago

What else can I help you with?

Related Questions

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.


What is the personal allowance on Federal Income tax?

may be claimed to exempt a portion of their earnings from withholding


What is the federal mileage allowance for a contractor?

Mileage allowance


What is the best definition of an allowance?

An allowance is a special circumstance that will allow for reductions in your federal tax bill. It is also a set amount of money that one might give a child periodically for their personal use.


Should you include yourself as a federal tax allowance?

If you are filling out Form W-4, yes, in most cases you count yourself for at least one allowance. (See the IRS instructions--link below--they're pretty straightforward).If you are filling out a tax return, then "allowance" is probably not the right word and perhaps you should ask the question differently. If you are not referring to US Income Tax, then you should be more specific.


Is sumptuary allowance exempted fronm income tax?

Is sumptuary allowance and daily allowance paid to the minister in india are taxable


What is personal import tax allowance?

Import tax is the government tax you must pay on goods imported into your country from outside of your economic area. Import tax allowance is the limit of the value of items you can import without having to pay any import tax. This means that low value items can be imported tax-free. The import tax allowance varies from country to country


What is a 'personal allowance' for income tax?

money that does not have to be paid


What is the federal mileage allowance for volunteer work?

The federal mileage allowance for volunteer work if $.14 per mile. All mileage can be claimed when filing your taxes.


Can your husband use your unused tax allowance?

No, your husband cannot use your unused tax allowance. In most tax systems, each individual has their own personal tax allowance that cannot be transferred to a spouse or partner. However, some jurisdictions may allow for certain tax benefits or credits to be shared or transferred under specific circumstances, so it's best to consult local tax laws or a tax professional for detailed information.


What is the latest federal mileage allowance?

9.00 dollars


Federal mileage allowance for 2009?

.55/mile