Your adjusted gross income is more complicated because self-employed individuals receive certain income tax deductions not available to standard employees. Your adjusted gross income equals your total ...

Your tax ratio – also called a tax rate – determines the amount of personal income tax you pay each year. Information you give your employer determines how much comes out each pay period. Information ...

Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, certified VITA tax preparer, IRS annual filing season program participant, and tax writer. Assessable ...

Your effective tax rate is a good indicator of how well you’ve been managing your tax situation. It’s smart to calculate your effective tax rate each year to help you make adjustments to your ...

The alternative minimum tax (AMT) calculation determines whether a taxpayer must pay an additional amount beyond their regular income tax liability. To calculate AMT, taxable income is adjusted by ...

Various farm programs as established by the Farm Service Agency have various limits based on the farmer’s adjusted gross income (AGI). However, some of these programs also allow for either a double ...

Modified adjusted gross income, or MAGI, might sound like just more tax jargon, but knowing how to calculate your MAGI is key to determining your eligibility for several valuable tax benefits, ...

Depreciation recapture taxes gains from selling depreciated property as ordinary income, reclaiming prior tax benefits. If you’re a business owner, you’ve probably bought at least some property to use ...

Your annual income is the total amount of money a person or a business earns during the year. This includes all money generated through all income sources, such as salaries and wages, rental ...

Warning: This graphic requires JavaScript. Please enable JavaScript for the best experience. Updated July 13 at 2:49 p.m. Many families will soon receive their first ...