Tax Rates Reflect Way Of Life: Difference between revisions

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Revision as of 01:24, 23 January 2025

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Remember, an individual exemption of $3650 is not 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 making you under the marginal tax rate of 25%. So the money you can lay aside on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For everyone spouse, to be multiplied by two that means you save $1825.

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