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How Much A Taxpayer Should Owe From Irs To Find Out Tax Debt Relief

131.00 £
Published date: 05/02/2025
  • Location: 76300, Town of Wellington, Scotland, United Kingdom


Note: The article author is not a CPA or tax quality. This article is for general information purposes, and need to not be construed as tax good advice. Readers are strongly encouraged to consult their tax professional regarding their personal tax situation.

Remember, a personal exemption of $3650 is not deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This makes you under the marginal tax rate of 25%. Therefore the money you will save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For the spouse, which is multiplied by two that means you save $1825.

It is instructed by CBDT vide letter dated 10.03.

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