History For The Federal Tax: Difference between revisions

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Remember, an individual 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'll save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you to your spouse, to be multiplied by two which means you save $1825.

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Make sure you know the exemptions applied to the join. For example, municipal bonds are generally exempt from federal taxes, and end up being exempt from state and local taxes in the case you can easily resident of your state.

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