Note: The writer is not a CPA or tax specialized. This article is for general information purposes, and needs to not be construed as tax advice. Readers are strongly encouraged to consult their tax professional regarding their personal tax situation.
This provides a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us an overall transfer pricing taxable income of $76,952.
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You have not committed fraud or willful xnxx. Are not able to wipe out tax debt if you filed an incorrect or fraudulent tax return or willfully attempted to evade paying taxes. For example, products and solutions under reported income falsely, you cannot wipe out the debt after you have caught.
If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your income tax bill is those approximately 3200 dollars.
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