Chapter 3: Computing the Tax
a. Tax Formula
i. Tax Formula for Individuals
Less: Deductions for adjusted gross income
Adjusted gross income
Less The greater of
Total itemized deductions
Or standard deduc
Chapter 1: Learning Objectives
After completing Chapter 1, you should be able to:
LO.1 Demonstrate why taxation is important.
LO.2 Describe some of the history and trends of the Federal income tax.
LO.3 Assess some of the criteria for selecting a tax stru