As a tax expert with extensive knowledge in tax laws and regulations, I am here to provide you with a comprehensive understanding of the minimum taxable income. The concept of minimum taxable income is crucial as it sets the threshold for when an individual is required to file a tax return and potentially pay taxes. It is important to note that tax laws vary by country and even within different states or jurisdictions within a country, so the specific amount can change. However, I will provide a general overview based on the information you've provided and some common principles.

In the United States, the Internal Revenue Service (IRS) sets a standard deduction, which is the amount of income that is not subject to federal income tax. For individuals, this amount can vary based on factors such as age, filing status, and whether or not the individual is blind. The standard deduction essentially reduces the taxable income, and only the income above this threshold is subject to taxation.

The concept of an "exemption" is also important. Historically, an exemption was a dollar-for-dollar reduction of the income subject to tax. However, with the changes to the tax code in the Tax Cuts and Jobs Act of 2017, personal exemptions were eliminated. Instead, the standard deduction amounts were nearly doubled for the tax years 2018 through 2025.

Using the example you provided from 2017, if you are under age 65 and single, the standard deduction for a single taxpayer was $6,350, and the personal exemption was $4,050. The sum of these two amounts, $10,400, is the minimum income level at which you would need to file a tax return. This means that if your income was below this threshold, you generally would not be required to file a tax return, and thus, you would not be taxed on that income.

However, it's important to remember that there are exceptions to this rule. For instance, if you have income from interest, dividends, or capital gains, regardless of the amount, you may be required to file a tax return. Additionally, other types of income, such as self-employment income, may also necessitate filing a return even if the total income is below the standard deduction.

Furthermore, state tax laws may have different requirements for filing a tax return, and these can be based on a percentage of the federal filing requirements or a fixed dollar amount. It's also worth noting that tax credits and deductions can lower your tax liability, and in some cases, they can reduce your taxable income to zero, meaning you may not owe any taxes even if your income is above the filing threshold.

In conclusion, the minimum amount you can be taxed on is not a straightforward figure and depends on various factors including your filing status, sources of income, and applicable tax laws. It's always recommended to consult with a tax professional or use reliable tax software to determine your specific tax situation.

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When determining whether you need to file a return, you don't include tax-exempt income. In 2017 for example, if you are under age 65 and single, you must file a tax return if you earn $10,400 or more, which is the sum of the 2017 standard deduction for a single taxpayer plus one exemption.read more >>