I am trying to estimate what I might owe in Federal Tax for 2008. (trying to do a long-term picture of my budget). I will be filing married jointly--my husband does not work, and between the two of us, the only income, at this point in time (until I find a teaching job) will be 15,360.
If I am able to take the standard deduction, am I correct in thinking that i will also be able to claim a certain amount for my husband and myself? (married, claiming two?)
2007-03-14 06:15:17 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
This year it's $10,300, and will be up a little next year but not much.
Even with this year's amounts of $10,300 for the standard deduction and $6600 for your two exemptions, you wouldn't owe any tax on income under $16,900 unless some of it was from self-employment, so if your income is $15,360 you wouldn't owe any income tax. If you get a teaching job and your income goes up, though, you would. Good luck.
2007-03-14 08:11:46 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
The standard deduction for MFJ for 2006 returns is $10,300. For 2007 returns it will be a little higher, adjusted for inlfation. People who use the filing status MFJ in 2006 are entitled to $3,300 per exemption and a married couple have at least two exemptions -- themselves -- in addition to any children they may have. Next year will be the same except the exemption amount will be a little higher, again adjusted for inflation. If your income will truly be only $15,360, you will most likely not owe any taxes and will be entitled to a full refund of any monies withheld from your wages. Your best bet is to claim "married" with 2 exemptions on your W4 for any new job. That way your taxes are sure to be covered if your income goes up and you may even get a nice refund.
2007-03-14 12:42:23 · answer #2 · answered by Paulie 1 · 0⤊ 0⤋
The Standard Deduction amount for Married Filing Joint for 2007 will be $10,700.00
There is no current information for the 2008 Tax year yet
1040ES http://www.irs.gov/pub/irs-pdf/f1040es.pdf
2007-03-14 06:26:37 · answer #3 · answered by Anonymous · 3⤊ 0⤋
It was 10700 in 2007, and 11400 in 2009? 2008 is somewhere in between!
2015-05-06 08:33:07 · answer #4 · answered by Margaret 1 · 0⤊ 0⤋