Difference between revisions of "Declaring Bankruptcy When Will Owe Irs Due"

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Revision as of 17:25, 17 September 2024

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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 allows under the marginal tax rate of 25%. Therefore the money you can save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For appreciate spouse, which is to be multiplied by two that means you save $1825.

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