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Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
As you fill out your federal income tax return, even before you report your income, the IRS asks you to list your personal exemptions. It's important not to skip this step -- exemptions reduce ...
John had four personal exemptions—himself, his wife and two children. His total personal exemptions were 4 x $3,400 = $13,600. Taxable Income = $92,550 – $22,300 – $13,600 = $56,650. The tax on the Taxable Income is found in a Tax Table if the Taxable Income is less than $100,000 and is computed if over $100,000. Both are used.
For 2009, the personal income tax exemption amount is $3,650. That's per person, not per family. That amount applies so long as your adjusted gross income (AGI) falls under the phaseout amount.
The deduction for personal exemptions is not allowed. Instead, all taxpayers are granted an exemption that is phased out at higher income levels. [45] See above for amounts of this exemption and phase-out points. Due to the phase-out of exemptions, the actual marginal tax rate (1.25*26% = 32.5%) is higher for the income above the phase-out point.
Personal Exemptions for Workers and Dependents. ... In spite of the loss of many deductions, the standard deduction of $6,350 for individuals has nearly doubled, to $12,950, and risen to $25,900 ...
The United States Revenue Act of 1948 reduced individual income tax rates 5-13 percent, increased the personal exemption amount from $500 to $600, permitted married couples to split their incomes for tax purposes, made the distinction between community property jurisdictions and non-community property jurisdictions less relevant in the administration of the income, estate, and gift taxes, and ...
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