Calculate: Your Income Tax

: Wages, salaries, tips, and bonuses from your job.

: Interest from bank accounts, dividends from stocks, and capital gains from selling assets. calculate your income tax

: Rental income, gambling winnings, and distributions from retirement accounts. 📉 Step 2: Determine Your Adjusted Gross Income (AGI) : Wages, salaries, tips, and bonuses from your job

You must decide between taking a fixed "standard" deduction or listing specific "itemized" expenses. Choose whichever is higher to lower your taxable income the most. Filing Status Deduction Amount Single / Married Filing Separately Married Filing Jointly Head of Household dividends from stocks

You can reduce your gross income by taking "above-the-line" deductions. These are available even if you don't itemize.