Term Adjustments Adjusted gross income Deductions Standard deduction Itemized deduction Exemption Itemized deduction example Capital...
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Accounting
Term Adjustments Adjusted gross income Deductions Standard deduction Itemized deduction Exemption Itemized deduction example Capital gains tax categories Steps to AGI Steps to taxable income Answer Description A. These are charitable contributions. B. This figure is based on tax bracket, 5% to 15% tax rate if held over 12 months. C. Many of these are based on a percentage of AGI. D. This is a claim made by the taxpayer for each person supported by the taxpayer's income. E. This term equals gross income less adjustments. F. Reduce AGI by the standard deduction and allowable exemptions. G. This can be either standard or itemized. H. Taken against gross income, they result in AGI. I. This is adjusted annually for changes in cost of living. 1. This is used to calculate limits for certain itemized deductions
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