514 Q6

.PNG

School

College for Financial Planning *

*We aren’t endorsed by this school

Course

514

Subject

Accounting

Date

Jan 9, 2024

Type

PNG

Pages

1

Uploaded by MinisterChimpanzeePerson882

W—M Test Id: 276315768 Question #6 of 30 Question ID: 1247452 Which of the following is NOT a step in the tax calculation process? X A) Deduct the greater of itemized deductions or the standard deduction. v B) Subtract exclusions from AGI. X C) Subtract adjustments to income from total income to get adjusted gross income. X D) Calculate federal tax on federal taxable income. Explanation The following are involved in the income tax computation: subtracting adjustments to income from total income to get AGI, and deducting the greater of itemized deductions or the standard deduction from AGI to arrive at taxable income. Subtracting exclusions from AGI is not a step in the tax calculation process. Excluded amounts simply do not show up as income on the return. LO1.1.2 Previous Go to Summary Next
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