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Dernière version du 12 novembre 2024 à 08:55

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A personal exemption reduces your taxable income so you get paying lower taxes. You most likely are even luckier if the exemption brings you together with lower income tax bracket. For the year 2010 it is $3650 per person, equal of last year's amount. That year 2008, the amount of was $3,500. It is indexed yearly for inflation.

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The 'payroll' tax applies at a small percentage of one's working income - no brackets. As an employee, fresh 6.2% of the working income for Social Security (only up to $106,800 income) and 1.45% of it for Medicare (no limit). Together they take much more 7.65% of your income. There is no tax threshold (or tax free) degree of income for this system.

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