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2. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).

3. Tax bracket - Wikipedia

   en.wikipedia.org/wiki/Tax_bracket

   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 ...

4. Retirees 65 and Older Eligible for Extra Standard Deduction ...

   www.aol.com/retirees-65-older-eligible-extra...

   For tax year 2023, the additional standard deduction amounts for taxpayers who are 65 and older OR blind are: $1,850 for single or head of household. $1,500 for married taxpayers (per qualifying ...

5. Income tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Income_tax_in_the_United...

   The rate of tax at the federal level is graduated; that is, the tax rates on higher amounts of income are higher than on lower amounts. Federal individual tax rates vary from 10% to 37%. [7] Some states and localities impose an income tax at a graduated rate, and some at a flat rate on all taxable income. [8]

6. Filing Taxes: Will Itemizing Your Deductions Save You Money?

   www.aol.com/news/2013-02-21-filing-taxes...

   The Tax Policy Center estimates that about 70 percent of taxpayers take the standard deduction on their returns, which is worth anywhere from $5,950 to $11,900, and opt out of the whole process of ...

7. Tax Law Changes You Need to Know About for 2013 - AOL

   www.aol.com/news/2013-01-30-tax-law-changes-2013...

   By Bonnie Lee Happy New Year! I don't know what you did on New Year's Eve, but we all know what Congress did: they finally hammered down some tax legislation for 2013 and beyond. These last ...