2002 Tax Filing

The 2002 tax filling had some specific guidelines towards the filling of annual tax returns. This however should not be any course for alarm as it is usually adjusted every other year whenever the IRS finds the need to do so. In many cases, the adjustments are meant to counter the effects of inflation on the economy.

According to the 2002 tax filling requirements, the as follows, for single persons, the filling requirements are $7,700, the head of a household is required to file $9,900. If there is a married couple that wants to file jointly, the rate is $13,850, however if the couples decide to file separately, then the rate for each is $3,000 per couple. There are specific cases of widows and widowers. If the case is qualified then theirs will be $10,850 for the year.

In the light f all the above specifics, there are more detailed specifics regarding aged persons and other special cases. Let's take the case of an elderly person. Although some elderly people may be self reliant, others may fall under the list of dependants to some other tax payers. If the tax payer is at the age of 65 and above or his /her spouse I in that age group, then he/she will only be expected to file a return if she has some form of self employment that generates income in excess of $400.

The issue of personal exemptions

The personal exemption limit for 2002 was slated at $3,000, about $100 up from the previous year' figure. If a single tax payer's gross income is more than $135,300, then the may their claims on personal exemption. The case of a household head was settled at $171,650 while cases of married couples filling jointly as well as the qualified widowers/widows are exempt up to $206,000. Married couples who opt to file separately will file $103,000. In order to workout their tax deduction exemptions if any, they can refer to a specific worksheet issued by the IRS to determine their specific exemptions.

Standard deductions

Standard deductions for the 2002 were as follows, single persons' deductions were set at $4,700. Heads of households at $6,900, while qualified widows/widowers together with their married counterparts who file jointly had to settle for $7,850.Married couples who decided to file separately did it at $3,925. In this category, there was a special rate in the cases of people who have some forms of disabilities and for people of 65 years and above.