Personal Finance Tax Update
Personal Finance Tax Update
13th Edition
ISBN: 9780357438947
Author: E. Thomas Garman; Raymond Forgue
Publisher: Cengage Learning US
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Chapter 4.2, Problem 5CC
Summary Introduction

To indicate: The differences between standard deduction and personal deduction.

Concept Introduction: Standard deduction: It is the amount that flat deducted from the taxable income of a person. It is like deduction $ 30,000 or 40% on total income. 

Personal deduction: It is an amount that allowed as a deduction to a person against its income while calculating taxable income.

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