 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| n |
Taxable
income =Adjusted gross income –
|
|
|
Exemptions
- Deductions
|
|
|
|
n |
Exemptions ($3,300 for each exemption for 2006)
|
|
|
|
n |
Deductions (either standard or itemized, whichever is
|
|
|
higher)
|
|
|
|
n |
Standard
deductions in 2006
|
|
|
|
n |
Single
or Married filing separately: $5,150; Head of household:
|
|
$7,550;
Married jointly or qualifying widow(er): $10,300
|
|
|
|
n |
Typical
itemized deductions:
|
|
|
|
n |
Medical
expenses in excess of 7.5% of adjusted gross income
|
|
|
|
n |
State
and local income taxes
|
|
|
|
n |
Personal
property taxes
|
|
|
|
n |
Interest
on home mortgages (limitations)
|
|
|
|
n |
Charitable
contributions (limitations)
|
|