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Revision as of 01:40, 15 September 2026
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However, if you earn over $100,000 a year, this deduction begins to phase out, until is actually also completely gone for taxpayers earning $150,000 and above annually. Remember, a personal exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This causes you to under the marginal tax rate of 25%. The actual money it can save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%).
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