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Describe the basic individual income tax formula. What is the difference between deductions for adjusted...

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Accounting

Describe the basic individual income tax formula. What is the difference between deductions for adjusted gross income (AGI) and deductions from AGI? Which type of deduction provides the greatest benefit to the taxpayer? Explain why this distinction is critical to individual income taxation. Provide an example of a tax deduction to support your response and explain how it affects taxable income.

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