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+ Other income
================
Total Income
- Adjustments to income (student loan interest, teacher out of pocket expenses)
================
Adjusted Gross Income (AGI)
- Standard OR Itemized (property taxes, state income tax, ad valorem tax, mortgage interest, charitable contributions) deductions
- QBI (Qualified Business Income) deduction
================
Taxable Income
Tax
- Non-refundable credits
+ Other taxes (early retirement draw penalty, HSA penalty, self-employment)
================
Total Tax
+ Withholding (1,000)
+ Other payments
+ Refundable credits
================
Total payments (1,000)
Total Tax
Total Payments
8,000 taxes
-10,000 credit (non-refundable)
========
0 taxes due
8,000 taxes
-10,000 credit (refundable)
========
2,000 refund
Gross wages
- federal taxes (withholding)
- state taxes (if the state has income tax)
- social security tax
- medicare tax
- health insurance
- 401k
=========
Net wages/pay
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