Tax Rates Reflect Well Being: Difference between revisions

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Revision as of 13:11, 7 January 2025

Note: This writer is not CPA or tax commercial. This article is for general information purposes, and will not be construed as tax points. Readers are strongly encouraged to consult their tax professional regarding their personal tax situation.

Remember, a personal 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 will make you under the marginal tax rate of 25%. So the money you'll save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For every one in a spouse, that'll be multiplied by two in which means you save $1825.

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