2007-08-07 22:58:05 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
They both come off of your taxable income before figuring your taxes, but are for different purposes. An exemption is given per person, for each person filing the return plus one for each dependent that they have. The standard deduction is an amount you get to subtract if you don't itemize your deductible expenses.
2007-08-08 02:57:56 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
They both reduce your taxable income so in that regard they are the same thing. Standard deductions do have an option for those with larger amounts however the exemption rate is fixed by the number of dependents.
2007-08-08 10:41:06 · answer #2 · answered by ? 6 · 1⤊ 0⤋
They are both deductions, but are two different things. One is based in certain expenses you have (comparing it to itemized deductions) and the other is based on the number of person in your household.
2007-08-08 11:48:10 · answer #3 · answered by Anonymous · 1⤊ 0⤋