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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 ...
The Tax Cuts and Jobs Act of 2017 lowered individual income tax rates, boosted standard deductions and eliminated personal exemptions, among other changes. However, the Trump tax cuts are due to...
Some income, such as municipal bond interest, is exempt from income tax. Federal receipts by source as share of total receipts (1950–2014). Individual income taxes (purple), payroll taxes/FICA (azure), corporate income taxes (green), excise taxes (orange), estate and gift taxes (yellow), other receipts (blue). [11]
Personal Exemptions for Workers and Dependents Prior to 2017, taxpayers could subtract $4,050 from their taxable income for themselves and each dependent they claimed. That exemption has disappeared.
Taxes withheld include federal income tax, [3] Social Security and Medicare taxes, [4] state income tax, and certain other levies by a few states. Income tax withheld on wages is based on the amount of wages less an amount for declared withholding allowances (often called exemptions). [5]
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