What was the standard deduction for married filing jointly in 2016?
$12,600
For 2016 the standard deduction for heads of household will also rise to $9,300 (up from $9,250 in 2015) but the other standard deduction amounts will remain the same: $6,300 for singles and $12,600 for married couples filing jointly.
What was the standard deduction for a married couple in 2015?
The standard deduction will increase by $100 from $6,200 to $6,300 for singles (Table 2). For married couples filing jointly, it will increase by $200 from $12,400 to $12,600. The personal exemption for 2015 be $4,000.
What are the 2017 tax brackets for married filing jointly?
Taxpayers for 2017 fall into one of seven brackets, depending on their taxable income: 10%, 15%, 25%, 28%, 33%, 35% or 39.6%….How We Make Money.
| Tax rate | Single | Head of household |
|---|---|---|
| 39.6% | $418,401 or more | $444,551 or more |
| Tax rate | Married filing jointly or qualifying widow | Married filing separately |
How much is the personal exemption for 2016?
$4,050
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 is the standard deduction for 2017 MFJ?
$12,700
The standard deduction rises to $6,350 for single, $9,350 for head of household, and $12,700 for married filing jointly.
What is standard deduction for married filing jointly?
$25,100
The standard deduction amounts for 2021 are: Married Filing Jointly or Qualifying Widow(er) – $25,100 (increase of $300) Head of Household – $18,800 (increase of $150) Single or Married Filing Separately – $12,550 (increase of $150)
What is the formula for calculating taxable income?
Taxable Income Formula = Gross Sales – Cost of Goods Sold – Operating Expense – Interest Expense – Tax Deduction/ Credit.