Areas of Practice: City-wide legal services to low-wage and immigrant workers. The Project handles employment matters in federal and state courts, the U.S. Equal Employment Opportunity Commission, the U.S. Department of Justice, and the New York City Commission on Human Rights.
Personal exemptions for both taxpayers and dependents provide that only a personâs income above some defined basic level is subject to tax. This helps ensure that the poorest households are not subject to the income tax. In 2016, the personal exemption is $4,050. In 2013, tax filers reported $9.1 trillion in adjusted gross income (AGI) and claimed $1.1 trillion in personal exemptions (although, as explained below, not all exemptions could be fully utilized to reduce tax liability).
The Personal Exemption Phase Out. Typically tax payers are allowed to claim an exemption for themselves and any other joint filer and dependent on their tax return. The personal exemption is a defined amount - $3,900 for 2013 - which is used to reduce their income before figuring the amount of tax they owe.he phase out of the personal exemption works like this. For every $2,500 of AGI (or portion) above $250,000 ($300,000 for married filing jointly), the $3,900 per-person personal exemption amount is reduced by 2%.