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Provide a brief summary of how the federal income tax return is structured. Be sure to address...

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Accounting

Provide a brief summary of how the federal income tax return isstructured. Be sure

to address the relationship of AGI, personal exemptions,standard or itemized deductions, payments

made, balance owed, TI, and Tax. You may want to follow thegeneral format on the federal form 1040

as a guide.

Answer & Explanation Solved by verified expert
4.3 Ratings (946 Votes)
The individual income tax is the major source of federal revenues followed closely by Social Security and other payroll taxes As a revenue source the corporate income tax is a distant third Estate and gift and excise taxes play only minor roles as revenue sources The Structure of the Federal Individual Income Tax The individual income tax is based on earnings individuals accrue from a variety of sourcesIncluded in the individual income tax base are wages salaries tips    See Answer
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