Johnny Johnson wrote:
> At 09:36 PM 4/12/2007, Johnny Johnson wrote:
>> At 09:22 PM 4/12/2007, Andrew Fildes wrote:
>>
>>> What is interesting to me there is that there is no tax-free
>>> threshold - if I earn $10 in a year in the US I'd owe the IRS a
>>> dollar? That's harsh. Here there's a threshold of somewhere around
>>> $6-7K where no tax is payable.
>>>
>> Same here in the US Andrew. There's something called a Personal
>> Exemption of $3,300 each for yourself, your spouse, and each
>> dependent. If you work things right you can even get something
>> called an Earned Income Credit where you pay no taxes at all but get
>> some money given to you.
>>
> Oh yeah, you also get a standard deduction of $5150 so the first $8450
> of a single persons income is tax free ($16,900 for a married couple
> with no children).
>
See what I mean about complexity, Andrew?
Moose
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