ACC 547 WEEK 2 Getting Personal
ACC 547 WEEK 2 Getting Personal
Find your most recent individual tax return and analyze it with the following information in mind (you do not need to share with class):
- How was your gross income calculated?
- What “above-the-line deductions did you have?
- Did you itemize deductions or did you use the standard deduction? Why did you make that choice?
- How many personal exemptions did you have? How did that affect your tax return?
- Was your taxable income more or less than you thought it would be based on the information on page 1?
- How was your taxable income calculated? What rate?
- Did you have any tax credits? How did that affect the amount of tax you paid?
- Did you get a refund or did you owe tax? Why?
Create a 500- to 950-word document or you can set up up as a Q&A (substatntive responses) still meeting at least the minimum word count when you respond to the above.
