Exam (elaborations)
TAX4001 Laursen Fall2021 Exam II STUDY GUIDE 2024
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- Institution
Individual Income Tax Formula - Gross income (-) Deductions for AGI = AGI (-) 1) Deductions from AGI (greater of itemized or standard deduction) and 2) The deduction for QBI = Taxable Income x Tax rate = Gross tax liability (-) Tax credits and prepayments = Tax due or refund Gross In...
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