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It's important not to skip this step -- exemptions reduce your taxable income. For 2009, the personal income tax exemption amount is $3,650. That's per person, not per family.
It's important not to skip this step -- exemptions reduce your taxable income. For 2010, the personal income tax exemption amount is $3,650, the same as in 2009. That's per person, not per family.
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
A W-2 form is a crucial document you need when filing your taxes.This form contains all the relevant information about your income that you’ll need when preparing your tax return.
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.
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
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