Estimated Income Tax Gross income (wages, salary, investment income, and other ordinary income) Less adjustments to...

Transcribed Image Text:

Estimated Income Tax Gross income (wages, salary, investment income, and other ordinary income) Less adjustments to income (see current tax regulations) 2,550 Equals adjusted gross income 2,550 Less standard deduction (use 2018 amounts) or Itemized deductions (whichever total is larger) Medical expenses (exceeding 10% of AGI) State/local income and property taxes Mortgage, home equity loan interest Contributions Casualty and theft losses Moving, job-related, and miscellaneaous expenses (exceeding 2% of AGI) Total itemized deductions Larger of standard or itemized deductions Equals taxable income Estimated tax (based on 2018 tax rates) Less tax credits Plus other taxes Equals total tax liability Less estimated withholding and payments Equals tax due (or refund) 3,900 3,900 3,900 (1,350) 0 0 < Prev 1 of 1 Next > 96,612 DEC 8 Estimated Income Tax Gross income (wages, salary, investment income, and other ordinary income) Less adjustments to income (see current tax regulations) 2,550 Equals adjusted gross income 2,550 Less standard deduction (use 2018 amounts) or Itemized deductions (whichever total is larger) Medical expenses (exceeding 10% of AGI) State/local income and property taxes Mortgage, home equity loan interest Contributions Casualty and theft losses Moving, job-related, and miscellaneaous expenses (exceeding 2% of AGI) Total itemized deductions Larger of standard or itemized deductions Equals taxable income Estimated tax (based on 2018 tax rates) Less tax credits Plus other taxes Equals total tax liability Less estimated withholding and payments Equals tax due (or refund) 3,900 3,900 3,900 (1,350) 0 0 < Prev 1 of 1 Next > 96,612 DEC 8