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Standard deduction. Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [ 1] but usually choose whichever results in the ...
Personal exemption. 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.
A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...
Each tax season, people look for tax deductions and credits to either lower their balance or increase their refund. One rather obscure deduction: A partner can be claimed as a dependent if they ...
Being exempt from federal withholding means your employer will not withhold federal income tax from your paycheck. When you claim certain deductions, they get subtracted from your annual gross ...
Under the recent tax law, the deductibility of state and local tax payments for federal income tax purposes is now limited to $10,000 -- or $5,000 for married taxpayers filing separately -- in a ...
Head of Household is a filing status for individual United States taxpayers. It provides preferential tax rates and a larger standard deduction for single people caring for qualifying dependents. To use the Head of Household filing status, a taxpayer must: Be unmarried or considered unmarried at the end of the year.
Definition of Head of Household. Head of household is a filing status the IRS uses to determine what tax bracket, tax credits and responsibilities apply to you during the course of a tax year. To ...
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