What is the personal exemption for 2013?

$3,900
The personal exemption amount is $3,900. PEP (personal exemption phaseouts) apply. Standard Deduction Rates. The applicable standard deduction rates for 2013 are $12,200 for married taxpayers filing jointly; $8,950 for head of household; $6,100 for individual taxpayers and $6,100 for married taxpayers filing separate.

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Which is better filing single or married?

The IRS strongly encourages most couples to file joint tax returns by extending several tax breaks to those who file together. In the vast majority of cases, it’s best for married couples to file jointly, but there may be a few instances when it’s better to submit separate returns.

How much is the income tax in the Philippines?

Those earning an annual salary of P250,000 or below will continue to be exempted from paying income tax. Those earning between P250,000 and P400,000 per year will be charged a lower income tax rate of 15% on the excess over P250,000. Those with annual salaries from P400,000 to P800,000 will have withholding taxes of P22,500 plus 20%

What is the effective tax rate on P1 million income?

Paying P190,000 income tax on taxable income of P1 Million, the taxpayer is therefore charged an effective income tax rate of 19%. Take note that part 2 of the new TRAIN tax tables (shown below) will take effect beginning 2023. where: a = Basic Amount of Annual Income; b = Additional Rate; and c = Of the Excess over

What is the federal income tax rate for 2013?

2013 Federal Income Tax Rates: Single Individuals If Taxable Income is: Then Taxable Rate within that threshold $0.01 – $8,925.00 10% $8,925.01 – $36,250.00 15% $36,250.01 – $87,850.00 25% $87,850.01 – $183,250.00 28%

How much is the new train tax tables for the Philippines?

The salaried employee earning P1 Million will thus pay income tax of P190,000 under the new TRAIN tax tables. Paying P190,000 income tax on taxable income of P1 Million, the taxpayer is therefore charged an effective income tax rate of 19%. Take note that part 2 of the new TRAIN tax tables (shown below) will take effect beginning 2023.