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5 Cards in this Set
- Front
- Back
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Adjusted Gross Income =
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Gross Income
- AGI deductions |
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Taxable Income =
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Adjusted Gross income
- From AGI deductions |
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From AGI deductions include
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1) Greater of
a) Standard deduction b) Itemized deductions and 2) Personal and dependecy exemptions |
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Income Tax Liability =
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Taxable income
X Tax Rates |
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Total Tax =
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Income tax liability
+ Other taxes |
