What was the standard deduction in 2013?

The applicable standard deduction rates for 2013 are $12,200 for married taxpayers filing jointly; $8,950 for head of household; $6,100 for individual taxpayers and $6,100 for married taxpayers filing separate.

What are the 2013 tax rates and brackets?

Table: 2013 Tax Rates and Brackets. Filing Status. Taxable Income. Rate. Single. $0 to $8,925*: 10%. $8,925* to $36,250: 15%.

How will the tax cut affect your paycheck in 2013?

Income tax isn’t the only concern for workers’ paychecks in 2013. With the elimination of the temporary cut to payroll taxes, employees earning less than $110,100 will go back to paying their full share of the tax. For someone earning $50,000, that’s $83 less in his take home pay each month than he would receive if the cut had been extended.

What are the 2013 inflation exemptions?

In 2013, inflation adjustments will result in an exemption level of $51,900 for single filers and $80,800 for joint filers, according to our calculations. *Erratum: Upon closer reading of the relevant statutes, we’ve determined that our method for adjusting the top of the 10% bracket wasn’t using the correct base year.

Do 2013 tax brackets apply to your first paycheck?

The first paycheck or consultancy fee you earn in 2013 falls under new rules, however. The 2013 income tax brackets apply to money you earn during that year, although you may not notice how this affects you until you file your income taxes in early 2014.

What was the standard deduction for 2014?

$6,200
The standard deduction will increase by $100 from $6,100 to $6,200 for singles (Table 2). For married couples filing jointly, it will increase by $200 from $12,200 to $12,400….Standard Deduction and Personal Exemption.

What is the personal exemption for a single person?

For 2020, the standard deduction is $12,400 for single filers and $24,800 for married couples filing jointly. For 2021, it is $12,550 for singles and $25,100 for married couples.

What is the federal exemption for a single person?

The amount of the exemption was the same for every individual and indexed for inflation. In 2017, the amount was $4,050 per person. Under current law, the personal exemption is $0 from 2018 through 2025, but it will be reinstated starting in 2026, assuming no legislative changes.

What was the standard deduction for 2015?

Standard Deduction and Personal Exemption

What was 2015 standard deduction?

What is the $4000 personal exemption?

Note that if you have any dependents, you can generally claim a dependent exemption for them if they meet the qualifying child or qualifying relative test. For 2015, the personal exemption amount is $4,000. Personal exemptions are claimed on Form 1040 lines 6a, 6b, and line 42.

Why was the personal exemption eliminated?

Key Takeaways. A personal exemption was available until 2017 but eliminated from 2018 to 2025. Taxpayers, their spouses, and qualifying dependents were able to claim a personal exemption. The personal exemption was eliminated in 2017 as a result of the Tax Cuts and Jobs Act.

What was the standard tax deduction for 2016?

Standard Deduction and Personal Exemption