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A Guide To The Standard Deduction For Married Filing Jointly And Single Filers

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The standard deduction is a percentage off your income that your employer or the IRS will deduct from your gross pay to help reduce the amount of taxes you owe. This can be very helpful if you need to save money in order to cover other bills like housing and education, or saving for retirement – but it’s important not to miss out on your deductions if you’re married or filing as a single filer.

Understanding the Standard Deduction

The standard deduction is a tax deduction that can be claimed by individuals who are filing their taxes on their own. It’s an important deduction because it reduces the amount of money that you have to pay in taxes. standard deduction married filing jointly

There are two different types of standard deductions: the personal exemption and the family exemption. The personal exemption is $4,050 for each individual filer in 2018, which means that each filer can claim a $2,500 personal exemption. The family exemption is $6,500 per individual and couple filing jointly in 2018, which means that each filer can claim a $3,000 family exemption.

The standard deduction is also dependent on your income level. If your income is below certain thresholds, you’re eligible for a higher standard deduction than if your income is above those thresholds. For example, if your income is below $75,000 for single filers or $150,000 for married couples filing jointly in 2018, you’re eligible for the full standard deduction of $24,000. If your income is above those thresholds but below a certain amount ($110,000 for single filers or $245,000 for married couples filing jointly), you’re still eligible for the partial standard deduction of up to half of your Adjusted Gross Income (AGI). And finally, if your income is above those thresholds but above two million dollars ($2 million for single filers or $4 million for married couples filing jointly), you’re completely exempt from paying any

How to calculate your federal and state taxes

The standard deduction is the most basic deduction available to taxpayers. It allows you and your spouse to reduce your taxable income by a certain amount. There are several different ways to calculate your standard deduction:

If you are married filing jointly, you can claim a standard deduction of $12,700 for singles or $24,000 for couples filing jointly. If you are single, you can only claim a standard deduction of $6,350.

If you are married filing separately, you can each claim a standard deduction of $6,350.

What are the different tax brackets?

The following is a guide to the standard deduction for married filing jointly and single filers.

Standard Deduction: $6,350

Married Filing Jointly: The married filing jointly standard deduction is $12,700. This amount is reduced by $3,000 for each dependent child under the age of 18. If two or more people are married and file a joint return, the total standard deduction is reduced accordingly. nationaltaxreports.com

Single Filer: The single filer standard deduction is $5,950. This amount is reduced by $1,000 for each dependent child under the age of 18.

Conclusion

When you file taxes together with your spouse, you are able to take advantage of the standard deduction. This means that you can reduce your taxable income by a set amount, which can save you a lot of money in taxes. If you are filing separately, however, you will not be able to take advantage of the standard deduction and will have to figure out other ways to reduce your tax burden. We hope this guide has helped give you an overview of the different ways that married and single filers can reduce their tax bill. Let us know if there is anything else we can help you with!

 

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