Subject: Re: [Homestead] . . . and the Home of the Complacent
Date: Wed, 8 Jun 2005 13:22:57 EDT
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
Re: [Homestead] . . . and the Home of the Complacent
, (continued)