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College Math Lesson 5.7 - Income Tax Basics
Автор: Farrington Math
Загружено: 2021-02-28
Просмотров: 318
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Objective: At the end of this lesson, students will be able to find gross income, adjusted gross income, and taxable income.
Vocabulary: Gross Income –
Adjustments to Income –
Exemptions and Deductions –
Tax Credits –
Withholding –
Steps in a Basic Income Tax Calculation
Example: Kathryn earned wages of $38,600, received $750 in interest from a savings account, and contributed $1200 to a tax-deferred retirement plan. She is entitled to a personal exemption of $4050 and had deductions totaling $6350. Find her gross income, adjusted gross income, and taxable income.
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