Homestead mailing list

[Clansgian AT wmconnect.com]

Gene writes:

> I've not done my own tax return for quite a long time. I just checked the 
> 2004 tax tables and it looks like everyone pays some tax, about ten 
> percent, even with low income. Sigh. It's times like this that I feel old.
> 

Specifically, a married couple filing jointly has a standard deduction of 
$10,000 and an exemption for each of them of $3,200.  So they don't pay 
income 
tax on at least the first $16,400 of income.  Of course there's also a $3,200 
exemption for each dependent besided themselves, such as their children.  The 
tax tables are for the amounts ABOVE the standard deduction and all 
exemptions.

James