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re: Explain federal tax brackets to me...
Posted on 7/16/22 at 5:05 pm to finchmeister08
Posted on 7/16/22 at 5:05 pm to finchmeister08
quote:The standard deduction or itemized deduction (see horsesandbulls post) is factored in to reach your taxable income. In the most basic sense, you take gross income, less the deduction (again, itemized or standard depending on your situation), and the result is your taxable income. There are other "above the line" deductions, but that should answer your question.
At what point would the standard deduction be calc’d into the equation?
1
Posted on 7/16/22 at 6:19 pm to Niner
quote:
In the most basic sense, you take gross income, less the deduction (again, itemized or standard depending on your situation), and the result is your taxable income.
yeah, this is what i needed. thanks.
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