Which of the following tax formulas is correct? ...
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Accounting
Which of the following tax formulas is correct?
(Gross Income - exclusions - personal & dependency exemptions = AGI) (AGI - adjustments - the greater of the standard deduction or itemized deduction = Taxable Income)
(Gross Income - exclusions - Adjustments = AGI) (AGI - the greater of the standard deduction or itemized deduction - personal & dependency exemptions = Taxable Income)
(Gross Income - the greater of the standard deduction or itemized deduction - personal & dependency exemptions = AGI) (AGI - exclusions - adjustments = Taxable Income)
(Gross Income - exclusions - the greater of the standard deduction or itemized deduction = AGI) (AGI - personal & dependency exemptions - adjustments = Taxable Income)
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