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What is the standard deduction for 2007? What is the percentage rate for deduction long form? What amount of withholding should I have paid in?

2007-11-17 01:52:11 · 1 answers · asked by Down To Earth Classy Woman 1 in Business & Finance Taxes United Kingdom

1 answers

irs.gov

Standard deduction for 2007 is $5350 for single, $10,700 for married filing jointly

Not sure what you mean by percentage rate for deduction long form. Standard deduction is the same no matter which version of 1040 you file, and if you itemize, it's not a percentage, it's whatever your allowable deductions come to.

You should have paid in something close to whatever you end up owing. If you owe over $1000 you might be subject to a penalty for underwithholding.

2007-11-17 02:00:58 · answer #1 · answered by Judy 7 · 0 1

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