Why Ought I File Past Years Taxes Online: Difference between revisions

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Revision as of 08:55, 6 March 2025

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Remember, an individual 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%. So the money you can lay aside on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and your spouse, to be multiplied by two an individual save $1825.

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