The Tax Cuts and Jobs Act eliminated the
personal exemption and raised the standard deduction to help simplify the federal tax code, said Governor Ricketts.
IRC section 642(b) extends
personal exemptions to estates and trusts; therefore, the
personal exemption remains deductible by an estate ($600) and trust ($100 or $300).
The
personal exemption, which has been part of the tax code (Section 151) and has existed in some form since 1862, has been eliminated.
1) Increased the basic
personal exemption from P20,000 for a single individual, P25,000 for a head of a family, and P32,000 for a married individual to P50,000 for each individual, whether single, head of a family, or married.
Personal Exemptions: The
personal exemption amount for single, separate and head of household taxpayers increased from $108 to $109 for the 2015 tax year.
The first bracket after the standard deduction and
personal exemption is 10 percent.
The court heard the judges' detention case Monday and accepted his plea for
personal exemption of appearance for today's hearing.
PHASEOUT OF
PERSONAL EXEMPTION AND ITEMIZED DEDUCTIONS
The Ministry of Finance will put into effect the amendments to the income tax law, including increasing the limit for
personal exemption from EGP 4,000 to 7,000 annually
The first has been referred to as the PEP, or
personal exemption phase-out, rule.
Personal exemption reductions: Reinstated were limitations on itemized deductions and
personal exemptions for taxpayers with taxable incomes greater than $250,000 ($300,000 for married couples).
There is also the revival of the "Pease" limitation on itemized deductions and the
personal exemption phase-out for taxpayers whose taxable income exceeds $250,000 for single taxpayers and $300,000 for married taxpayers.
