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Personal Allowance

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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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Solution Summary

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

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

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