Do taxable income tables show incomes and standard child deductions?


Quick Answer

The Internal Revenue Service's taxable income tables show net income, but no deductions are shown. The taxable income table applies to the amount after deductions are taken out.

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Full Answer

Taxable income tables show the amount of income that is allowable to be taxed. This income is the net income a person has earned. The gross income is the full amount the person has earned, and the net income is the amount the person receives after taxes are taken out of the initial paycheck. With the taxable income tables, this is the amount to be taxed by the government after deductions and being taken away from the generic return amount the government issues. If the amount of taxable income is less than the $10,150 credit the government gives for single people, then there is no taxable income. The credit is $20,300 for married couples.

To find out the standard deductions for children, the income tax deduction tables must be looked at. There are two methods for figuring the deductions, the tax bracket method and the percentage method. However once these deductions are figured up, take the amount of the deduction times the number of allowances the person has claimed. This is the amount to be taken from the taxable income line on the tax form 1040 and tax form 1040 EZ.

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