$3,950
Exemption amount. It was $3,900 for 2013. It is $3,950 for 2014.
What was the personal exemption in 2014?
$3,950.00
Next year’s personal exemption will increase by $50 to $3,950….Standard Deduction and Personal Exemption.
| Filing Status | Deduction Amount |
|---|---|
| Single | $6,200.00 |
| Married Filing Jointly | $12,400.00 |
| Head of Household | $9,100.00 |
| Personal Exemption | $3,950.00 |
What was the standard deduction for 2012?
Standard Deduction Amounts
| Year | Married filing jointly and surviving spouses | Single filers |
|---|---|---|
| 2012 | $11,900 | $5,950 |
| 2013 | $12,200 | $6,100 |
| 2014 | $12,400 | $6,200 |
| 2015 | $12,600 | $6,300 |
What was the child tax credit in 2013?
If your children are under 17, don’t forget to claim the 2013 child tax credit. The credit allows up to $1000 (per qualifying child), to be subtracted from the income tax you owe. If you are taking the 2013 child tax credit, you may be able to claim the additional child tax credit and receive a tax refund.
What was the tax rate in 2013?
2013 Federal Income Tax Rates
| If your taxable income is over | But not over | The tax is |
|---|---|---|
| $8,925 | $36,250 | $892.50 + 15% |
| $36,250 | $87,850 | $4,991.25 + 25% |
| $87,850 | $183,250 | $17,891.25 + 28% |
| $183,250 | $398,350 | $44,603.25 + 33% |
What was the standard deduction in past years?
2013 Standard Deductions
| Filing Status | Standard Deduction | Increase from Previous Year |
|---|---|---|
| Married Filing Separately | $6,100 | 1.025% |
| Dependents | $1,000 | 1.05% |
| Qualifying Widow/Widower | $12,200 | 1.025% |
| Additional Amount if Blind or Age 65 or Older – Married | $1,200 | 1.043% |
What was the personal exemption in 2016?
In 2016, the personal exemption was $4,050. Thus, a married couple with three children received a maximum exemption of $20,250, or $4,050 for each of the five family members. However, the exemptions phase out for wealthier filers.
What was the exemption in 2012?
$5,120,000
Federal Estate and Gift Tax Rates, Exemptions, and Exclusions, 1916-2014
| Year | Estate Tax Exemption | Lifetime Gift Tax Exemption |
|---|---|---|
| 2011 | $5,000,000 | $5,000,000 |
| 2012 | $5,120,000 | $5,120,000 |
| 2013 | $5,250,000 | $5,250,000 |
| 2014 | $5,340,000 | $5,340,000 |
What will the standard deduction be in 2026?
Under the Tax Cuts and Jobs Act for the tax years beginning after December 31, 2017 and before January 1, 2026, the standard deduction has been increased for each filing status: $24,000 for married individuals filing a joint return, $18,000 for head-of-household filers, and $12,000 for all other taxpayers.
What is the exemption in income tax for assessment year 2013-14?
Exemption in Income Tax for Assessment Year 2013-14 (F.Y. 12-13) » Sensys Blog. Maximum Rs 1 ,00,000 is allowed. Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.
What is the basic exemption limit for income tax in India?
*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is INR 250,000 The category of women below the age of 65 years has been removed. Marginal relief may be available. • Surcharge is applicable @ 5 percent if total income is in excess of INR 10,000,000
What is 10(23C)(VI) of the Income Tax Act 1961?
Under 10 (23C) (vi) of the Income Tax Act, 1961, while computing total income of any person during the previous year, any income received by any person on behalf of any university or educational institution existing solely for educational purposes and not for purposes of profit may be approved by the prescribed authority can be excluded. 20.
