Differences Between the Components of Taxable Income
Not what you're looking for?
What are the differences between the following components of taxable income? Provide at least one example of each.
o Deductions for AGI and deductions from AGI
o Gross income and AGI
o AGI and taxable income
o Tax deduction and tax credit
o Personal exemption and dependency exemption
385 words plus form to give a visual to response.
Purchase this Solution
Solution Summary
This solution discusses the language "from" and "for" in the context of the subtotals in computing taxes. The solution provides examples and a tax form showing all the deductions "from" and "for" for the student. 292 words.
Solution Preview
Basically, these items all indicate different steps in the process of figuring the tax liability. Here are the specifics asked for....
What are the differences between -- Deductions for AGI and deductions from AGI:
Deduction FOR AGI means you deduct it from income to get to AGI (like half of self-employment tax, Line 27).
Deductions FROM AGI means you deduct it from AGI to get to taxable income (like itemized deductions, ...
Education
- BSc, University of Virginia
- MSc, University of Virginia
- PhD, Georgia State University
Recent Feedback
- "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
- "Thank, this is more clear to me now."
- "Awesome job! "
- "ty"
- "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)