|
Personal and
dependency exemptions $3,000 each person
Phase-out
ranges: when adjusted gross income reaches
certain levels, personal and dependency exemptions are phased
out, effectively increasing the tax burden of individuals
in those income ranges. The 2002 phase-out ranges are:
|
Single
taxpayers
|
$137,300
- 259,800
|
|
Married
filing jointly (1)
|
$206,000
- 328,500
|
|
Married
filing separately
|
$103,000
- 164,250
|
|
Heads
of households
|
$171,650
- 294,150
|
(1)
includes surviving spouses
Standard
Deductions: in lieu of itemizing deductions, standard
deductions are available when more beneficial than itemized
deductions.
| Single
taxpayers |
$4,700 |
| Married
filing jointly (1) |
$7,850 |
| Married
filing separately |
$3,925 |
| Heads
of households |
$6,900 |
| Dependents
who need to file (but could be up to $4,700 depending
on the amount of their earned income) |
$750 |
Taxpayers who
are blind or age 65 and over may obtain an additional standard
deduction of $900 if married (whether filing jointly or
separately) or $1,150 if single or head of household. If
a taxpayer is both blind and over age 65, double these amounts.
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