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Personal exemption. 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.
Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.
The alternative minimum tax (AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges. [ 1 ][ 2 ]
The income amounts ("tax brackets") were reset by the Tax Cuts and Jobs Act of 2017 for the 2018 tax year to equal the amount that would have been due under prior law. [2] They are adjusted each year based on the Chained CPI measure of inflation.
The gross income threshold varies according to the individual’s filing status and age. For example, a single person younger than 65 must file a tax return if they earn more than $13,850.
The 2018 tax season (for the 2017 tax year) is underway, and the Internal Revenue Service is expecting 155 million returns by the time it's all over. 13 tax law changes you need to know before ...
Per the Tax Cuts and Jobs Act of 2017, Tax-exempt employers must report tax-free qualified transportation fringe benefits provided to employees on or after January 1, 2018, as unrelated business income.
At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9] Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board. The statewide base sales tax ...
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related to: gross income filing requirement 2016 california 2017 2018