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WebJan 23, 2007 · The first $10,275 is taxed at 10%. The remaining $500 is taxed at 12%. If you earn $80,000: The first $10,275 is taxed at 10%. The next chunk of income up to $41,755 is taxed at 12%. The remaining balance over $41,755 is taxed at 22%. The standard deduction for a single filer is $12,950 for tax year 2024 and $13,850 in 2024. 7 8. WebMar 29, 2024 · To understand how allowances worked, it helps first to understand how tax withholding works. Whenever you get paid, your employer removes or withholds, a … dickson motors thamesville ontario
How Do I Choose the Right Tax Filing Status? - NerdWallet
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