Taxes
How much can an individual make in 2015 in earned income without paying any federal income tax excluding all other tax credits and deductions? What about a head of the household with one child? What about a married couple with no kids?
How much can an individual make in 2015 in earned income without paying any federal income tax excluding all other tax credits and deductions? What about a head of the household with one child? What about a married couple with no kids?
6,300 – 9,250 – 12,600
Nice work Adam, but you are not quite there. You properly identified the standard deduction per group, but we also need to add in the personal exemption (two each for the head of household with a child and married couple) which is $4,000 in 2015. The totals should read $10,300, $17,250, and $20,600. Federal income STARTS once those individuals earn money beyond those accounts. Onward!