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Income Tax Changes for 2006
Posted 11/23/2005
The IRS has released the adjusted tax tables for 2006, which reflect increases in the standard deduction and personal exemption amounts, as well as other changes.
The personal exemption for 2006 is $3,300.
The standard deduction is $10,300 for married couples filing jointly; $7,550 for heads of households; and $5,150 for single taxpayers and for married taxpayers filing separately.
For 2006, the wage base for withholding social security (OASDI), is $94,200. There is no wage base limit for Medicare.
If you would like more information regarding the tax changes, please go to www.irs.gov.
The personal exemption for 2006 is $3,300.
The standard deduction is $10,300 for married couples filing jointly; $7,550 for heads of households; and $5,150 for single taxpayers and for married taxpayers filing separately.
For 2006, the wage base for withholding social security (OASDI), is $94,200. There is no wage base limit for Medicare.
If you would like more information regarding the tax changes, please go to www.irs.gov.
