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Federal tax reform. ... Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract from their ... 2008 [20] $5,450 ...
If all itemized deductions are added up and it is less than the standard deduction, the standard deduction is taken. In 2007 this was $5,350 for those filing individually and $10,700 for married filing jointly. Personal exemption is a tax exemption in which the taxpayer may deduct an amount from their gross income for each dependent they claim ...
For example, the payroll tax system (FICA), a 12.4% Social Security tax on wages up to $117,000 (for 2013) and a 2.9% Medicare tax (a 15.3% total tax that is often split between employee and employer) is called a regressive tax on income with no standard deduction or personal exemptions but in effect is forced savings which return to the payer ...
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For the vast majority of tax filers, the standard deduction is the way to go. ... add up to more than the current standard deduction of $13,850 for a single filer and $27,700 for a married couple ...
The federal tax filing deadline for individuals has been extended to May 17, 2021. Quarterly estimated tax payments are still due on April 15, 2021. For additional questions and the latest ...