Deductions take many many forms and names. They depend on situations too and the type of income you have or how you earned it.
Your question is entirely too broad to have any list or comprehensive answer.
However, as a start:
Try the IRS website. www. IRS.GOV and type in "DEDUCTIONS" in their search engine. You might want to be more specific about the deductions you are looking or, i.e. deductions for homeowners deductions for day care deductions for business deductions for travel deductions for investing deductions for medical etc, etc ....
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For income tax purposes exemptions and deductions both decrease taxable income. Deductions are based on expenses actually paid, such as mortgage interest paid or charitable contributions. An exemption is an automatic dollar amount excluded from your income. In 2014, taxpayers get $3950 exemption for themselves, their spouses and each dependent claimed on their return.
Gross Income - Above the Line Deductions = Adjusted Gross Income - (Deductions +Exemptions)= Taxable Income
Gross Income - Above the Line Deductions = Adjusted Gross Income - (Deductions +Exemptions)= Taxable Income
taxable income :)
taxable income :)
its your taxable income
Comparatively when you have more income or less deductions/exemptions.
SS contributions are not a deduction from taxable income. The tax bracket schedule is on taxable income, that is after all inclusions and exemptions/deductions.
Taxable income is described as gross income or adjusted gross income minus any deductions or exemptions. Taxable income can also come from appreciated assets that have been sold or capitalized in that tax year.
You have to know what kind of income it is; any exemptions to be claimed; any credits available; age of the taxpayer; does anyone else claim the person who earned the income; are you talking about federal income tax?
"Taxable Income" above is really Regularly Taxed Income minus Adjustments, Deductions, and Exemptions. Payroll Tax (Social Security and Medicare), and Qualified Dividends and Long Term Capital Gains are separate calculations.
There are several different prescribed and allowed methods for calculating withholding...projecting an annualization of the income for example. The withhoolding rate applied then depends on that calculation, and your specific claimed deductions/exemptions, etc. You should talk to the payroll area and they can tell you exactly how and why it is calculated as it is.