Consider the differences between the standard deduction
vs. itemized deduction given the filing status. In addition,
compare and contrast deductions for AGI and deductions from AGI
(itemized deductions).
Alice
Brian
Craig
Computation
Gross Income
$80,000
$80,000
$80,000
-
Adjusted Gross Income (AGI) Deductions
($8,000)
($4,000)
0
-
AGI
$72,000
$76,000
$80,000
(Gross Income) + (AGI Deductions)
Standard Deduction
($12,000)
($12,000)
($12,000)
Single Taxpayer
Itemized Deduction
0
($4,000)
($8,000)
Greater Deduction
(of Standard or Itemized Deductions)
($12,000)
($12,000)
($12,000)
Personal &...