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Start with your Adjusted Gross Income (AGI) from the Federal tax calculations on the last page (EXCEPT Colorado, Illinois, and Indiana start with Federal Taxable
Start with your Adjusted Gross Income (AGI) from the Federal tax calculations on the last page (EXCEPT Colorado, Illinois, and Indiana start with Federal Taxable Income) Less: Standard deduction (if any) Less: personal exemption (if any) Taxable Income for your state Remember, the most income tax rates are graduated and are shown by bracket. (Only a few states have flat tax rates.) Therefore, you must calculate your taxes using the graduated rates shown. USE THE TABLE to list the tax brackets and show your tax computations for each layer of Income. Tax Brackets shown on chart Increment being taxed x rate- Amount of Tax TOTAL STATE TAX State income tax #12 = $. per month for budget Other line Items on the budget: For HOUSING and TRANSPORTATION expense data, you can estimate apartment rentals, car payments, etc., from newspaper ads or on-line sources. You do not need to provide sources
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