Location: Somewhere on Earth
Posted on: 27-10-12 22:49:58
I have very simple/basic tax question for people who were in USA or currently in USA and did their tax filing anytime in USA.
As in Canada, first $9,500 income is tax free (base amount) and then it goes taxable when doing tax, does USA has something similar as well? Any inputs will be highly appreciate in advance.
Location: Western Hemisphere
Posted on: 28-10-12 10:17:23
Yes, there is. I don't remember the amount. The tax calculations on the forms are structured a little different than what it is on the CRA forms. But it accounts for tax waiver for low income earners.
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Dimple2001
Yes, it's called standard deduction and the amount is based on your filing status. For 2012 the numbers are:
Single $5,950
Head of Household: $8,700
Married filing Joint: $11,900
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