A Very Good Taxes - Part 1: Difference between revisions
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Latest revision as of 20:45, 12 October 2025
How many of us count our tax burden? The truth is, hardly if any. In the eyes of the government, not all income sources are treated equally. For example, when the working for your boss as an employee and you duly pay your taxes at the end of the 12 month period. This has been going on for few years. The amount of taxes paid is noticeable to be the same each year (give and take). Therefore, it will appear as though all that earned income will be taxed equally each time.
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A personal exemption reduces your taxable income so you end up paying lower taxes. You may well be even luckier if the exemption brings you any lower tax bracket. For the year 2010 it is $3650 per person, just like last year's amount. In the year 2008, sum of was $3,500. It is indexed yearly for air pump.
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