Federal Taxation: Detail the tax formula for calculating federal income tax liability for the individual....
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Accounting
Federal Taxation:
Detail the tax formula for calculating federal income tax liability for the individual. Be sure to include examples of the items included in the formula. Discuss deductions for the individual taxpayer and be certain to include the following topics:
Deductions for AGI
Deductions from AGI
Itemized vs. Standard deduction
Explain qualification of dependency as it relates to claiming dependent exemptions from taxable income.
* Please include the reference.
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