October 20, 2013

How much can an independent individual earn in 2013 without owing any federal income tax? Hint: Add up two numbers.

2 thoughts on “October 20, 2013”

  1. Katherine Graham says:


  2. Mike Finley says:

    You are mighty close, Katherine. How did you come up with that number? Here are the numbers for this year and where they come from.

    An individual can earn $10,000 this year without paying any federal income tax. This number comes from the $6,100 standard deduction and the $3,900 personal exemption that each person receives on their tax return. This means that until you start making beyond $10,000 you will incur no federal tax liability. You can do a quick google search each January to see the new numbers for that year. You can probably expect a number around $10,300 for the 2014 tax season. Knowledge is POWER!!!!

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