Suppose your gross income is $100,000 this year and you qualify for a standard deduction of $12,950. Let's say your effective tax rate is 22%.(your effective tax rate is the percentage of your taxable income that you pay in taxes) How much do you save on your tax by applying the standard deduction? $12,400 $2,849 $20,000 $2,000s income is $100,000 this year and you qualify for a standard deduction of $12,950. Let's say your effective tax rate is 22%.(your effective tax rate is the percentage of your taxable income that you pay in taxes) How much do you save on your tax by applying the standard deduction?

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