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Detail the tax formula for calculating federal income tax
Detail the tax formula for calculating federal income tax liability for the individual. Be sure to include examples of the items included in the formula. Discuss deductions for the individual taxpayer and be certain to include the following topics:
- Deductions for AGI
- Deductions from AGI
- Itemized vs. Standard deduction
Explain qualification of dependency as it relates to claiming dependent exemptions from taxable income.
Please use citations as well.
For the calculation of federal income tax liability following procedure must be followed:
A: All income should be added. This income can be W2 income that is the amount earned by the
This question was answered on: Feb 21, 2020
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