History Within The Federal Income Tax: Difference between revisions
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Revision as of 01:15, 25 February 2025
A disgruntled ex-employed call the state, reported my family's glass business for sales tax evasion. One of several local state sales tax auditors called to schedule some time to pore through our books.
Remember, a personal exemption of $3650 isn't 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%. The actual money it will save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and your spouse, that can be multiplied by two anyone save $1825.
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