Step 1: Determining Adjusted Groes Income Wages and salaries Profits from business or profession Commissions, fees...

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Step 1: Determining Adjusted Groes Income Wages and salaries Profits from business or profession Commissions, fees Employee awards Gross Income Interest Gains or losses on sale of investments Alimony Royalties Unemployment compensation Dividends Property rental Pensions Tips, bonuses Prizes, gambling winnings Step 2: Computing Taxable Income Less: Standard deduction and exemptions Less: Adjustments to income Equals: Adjusted gross income Equals: Taxable income Step 3: Calculating Taxes Owed Tax based on tax tables or tax schedules Less: Tax credits Plus: Other taxes Step 4: Making Tax Payments Step 5: Deadlines and Penalties Equals: Total tax due Less: Itemized deductions and exemptions Step 1: Determining Adjusted Groes Income Wages and salaries Profits from business or profession Commissions, fees Employee awards Gross Income Interest Gains or losses on sale of investments Alimony Royalties Unemployment compensation Dividends Property rental Pensions Tips, bonuses Prizes, gambling winnings Step 2: Computing Taxable Income Less: Standard deduction and exemptions Less: Adjustments to income Equals: Adjusted gross income Equals: Taxable income Step 3: Calculating Taxes Owed Tax based on tax tables or tax schedules Less: Tax credits Plus: Other taxes Step 4: Making Tax Payments Step 5: Deadlines and Penalties Equals: Total tax due Less: Itemized deductions and exemptions