Simple Tax Question - USA

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high vision
Member since: Jul 12

Posts: 95
Location: Somewhere on Earth
Post ID: #PID

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.

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

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

luckysaab
Member since: Aug 10

Posts: 58
Location:
Post ID: #PID

Posted on: 30-10-12 16:37:26

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

¬ls

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