i pay about 40% income tax in orange county, ca, if i claim my parents how much less whould i pay?

Question

so i pay about 40% income tax, in orange county california, if i get my parents citizenships and claim them, that i support them, how much less would i pay in taxes????

if my parents are immigrants and are above the age of 50, is there a way of claiming them as my depents and whats my tax relief on that.

Answer 1

See page 20 of the 1040 instructions to determine if your parents qualify as 'Qualifying Relatives'. As long as they are legal residents, they don't have to be citizens to qualify. If you are allowed to claim them as dependents, you get one additional personal exemption for each of them. In 2006, each exemption reduces your taxable income by $3,300. This applies to Federal taxes. On your California return, the dependent exemption is $285. If your parents are dependents on your Federal return, they are dependents on your CA return.

Answer 2

You do comprehend that income taxes and Social protection taxes and Medicare taxes are all diverse? income tax is what you provide to the authorities for each and each of the facilities. maximum people finally end up no longer even paying this tax because they don't look making adequate or qualify for the earned income credit, which substances them extra funds than they ever paid into the federal income tax. Social protection taxes do not technically bypass to each and each of the facilities of the authorities. it really is unavoidable, (presented that you're self employed) it isn't what she is conversing about. This funds is supposedly going into an account for you that you need to three style of income once you retire. all of us it truly is employed will pay this tax no count number what. no you probable can replace that. And Obama needs to develop this tax. Medicare is an similar way as Social protection.

Answer 3

I"m not sure you can claim your parents as dependents.