Components of the Federal Income Tax

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

W-2 Income of an individual

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

Half of the self-employment taxes

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

Tips

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

Educator expenses (up to $300)

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

Interest on a regular savings account

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

Property taxes

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

Self-employed health insurance premiums

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

Self-Employed 1099 Net Business Income of an individual

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

Student loan interest (1098 E)

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes

WHERE DOES FOLLOWING TRANSACTION BELONG ON THE FEDERAL INCOME TAX:

Contributions to certain retirement accounts and

tax-deferred savings plans (such as a traditional IRA,

401K, 403B, PERA)

• Deductions

• Adjustments

• Nowhere

• Gross Income

• Prepaid Taxes