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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.
Most retirement income is subject to state income tax in North Carolina, but residents with a taxable income of $47,150 or less are exempt. If your taxable income is between $47,151 and $238,200 ...
In July 2013, McCrory signed tax reform legislation that created a modified flat-tax system for the state by specifying a single income-tax rate and a larger standard deduction but eliminating the personal exemption. It also repealed North Carolina's estate tax. [83] In August 2013, McCrory signed into law the Regulatory Reform Act of 2013.
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.
Taxable income is gross income less exemptions, deductions, and personal exemptions. Gross income includes "all income from whatever source". Certain income, however, is subject to tax exemption at the federal or state levels. This income is reduced by tax deductions including most business and some nonbusiness expenses.
As a result of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, there is a temporary repeal of the PEP (personal exemption phase-out) limitations. With the ...
and North Carolina from 1849 to 1921 (when it was replaced by a modern individual income tax). The 1850s brought another few income tax abolitions: Maryland and Vermont in 1850, and Florida in 1855. During the American Civil War and Reconstruction Era , when both the United States of America (1861-1871) and the Confederate States of America ...
3. Dependents The best tax write-offs for individuals are not deductions, but exemptions. While deductions lower your taxable income, exemptions lower your taxes directly on a dollar-for-dollar ...