If I earn $20,000 this year and I am single and I have no other dependents how much in total deductions?

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If I earn $20,000 this year and I am single and I have no other dependents how much in total deductions?

I thought it was about $7500 in total from the standard and single deduction together but I may be wrong?

2007-10-15 13:43:41 · 2 answers · asked by Mae B 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

For 2006, the standard deduction was $5150 and for one exemption add to that $3300.

(It will be a little bit higher when tax season comes.)

2007-10-15 14:31:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋

The standard deduction for a single taxpayer is $5,350 for 2007. You also get a personal exemption worth $3,400, bringing the total to $8,750 that isn't taxed.

2007-10-15 14:00:03 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋