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2. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).

3. Personal exemption - Wikipedia

   en.wikipedia.org/wiki/Personal_exemption

   e. Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.

4. Taxation in the United States - Wikipedia

   en.wikipedia.org/wiki/Taxation_in_the_United_States

   Share of income tax paid by level of income. The top 2.7% of taxpayers (those with income over $250,000) paid 51.6% of the federal income taxes in 2014. Taxable income is gross income less adjustments and allowable tax deductions. Gross income for federal and most states is receipts and gains from all sources less cost of goods sold. Gross ...

5. Confused About Tax Deductions? Here's A Simple Guide To How ...

   www.aol.com/news/how-do-tax-deductions-work...

   This deduction reduces your taxable income by a certain amount, depending on your tax filing status. ... This new credit allows you to claim up to $500 per non-child dependent that you support ...

6. 7 Dependent Tax Deductions You May Not Know About - AOL

   www.aol.com/news/7-dependent-tax-deductions-may...

   The American Rescue Plan boosted 2021 tax returns for millions of working families. However, the 2022 tax year will be a return to the norm, and dependent tax deduction rules are no exception. A ...

7. How Can I Reduce My Taxes? Your Tax Questions, Answered - AOL

   www.aol.com/lifestyle/reduce-taxes-tax-questions...

   Unlike a tax deduction, tax credits reduce your tax bill on a dollar-for-dollar basis. And if the credit brings your taxes to zero, 40% of whatever remains of the credit amount can be refunded to ...