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Which of the following statements are correct with regard to individual tax calculation? Select all that apply. Taxable Income = Adjusted Gross Income Deductions -
Which of the following statements are correct with regard to individual tax calculation? Select all that apply.
| Taxable Income = Adjusted Gross Income Deductions - Exemptions Tax Credits | |
| As one may not take both itemized deductions and a standard deduction, taxpayers generally choose the deduction that results in the lesser amount of tax owed. | |
| Personal exemptions do not vary with the filing status. | |
| Personal exemptions apply only to the person filing but not those reported as dependents. |
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