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Revision as of 21:38, 7 January 2025

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Remember, a personal exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This causes you to be under the marginal tax rate of 25%. Therefore the money you save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and your spouse, which are multiplied by two and save $1825.

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