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Personal Allowance

Can you please define the "personal allowance" given to individual taxpayers. What is the 2007 amount that can be deducted? Is this amount is more beneficial to a single person (no dependents) who earned $10,000 or a single person (1 dependent) who earned $10,000.

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Personal allowance is an amount deductible from an individual's AGI that is not taxed. The federal government allows each ...

Solution Summary

The solution defines personal allowance for an individual tax return, the 2007 amount and the taxpayer that benefits most from a personal deduction.