In 2020 the personal tax credit for a married couple is:

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Prepare for the Qualified Financial Adviser Exam 2 with flashcards and multiple choice questions, complete with hints and explanations. Get exam-ready and increase your confidence with our comprehensive study materials!

Multiple Choice

In 2020 the personal tax credit for a married couple is:

Explanation:
Tax credits reduce the tax you owe, not the tax rate. For a single person in 2020 the standard personal tax credit is 1,650. When you’re married or in a civil partnership, you receive a combined personal tax credit of 3,300, which is effectively two individual credits added together. So the couple’s tax liability for the year is reduced by 3,300, making 3,300 the correct amount for the married couple’s personal tax credit in 2020.

Tax credits reduce the tax you owe, not the tax rate. For a single person in 2020 the standard personal tax credit is 1,650. When you’re married or in a civil partnership, you receive a combined personal tax credit of 3,300, which is effectively two individual credits added together. So the couple’s tax liability for the year is reduced by 3,300, making 3,300 the correct amount for the married couple’s personal tax credit in 2020.

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