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Taxes and Tax Preparation
Income Taxes

How do you compute the personal income tax?

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2008-10-20 06:42:24
2008-10-20 06:42:24

GROSS INCOME

<ADJUSTMENTS>

= ADJUSTED GROSS INCOME

<STANDARD DEDUCTION>

OR

<ITEMIZED DEDUCTIONS

<EXEMPTIONS>

= TAXABLE INCOME

APPLYING THE TAX BRACKETS ON YOUR TAXABLE INCOME, YOU WILL COMPUTE THE FEDERAL INCOME TAX.

FEDERAL INCOME TAX

<TAX CREDITS>

OTHER TAXES

<PAYMENTS>

= TAX DUE OR REFUND.

This is the basic formula for US. Tax

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