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- Tax_ladder abstract "Tax ladder is a term sometimes used to refer to the formula for calculating a taxpayer's tax liability in a given year for United States federal personal income tax purposes. The term \"ladder\" is used because as your taxable income increases, you \"climb\" the ladder and your tax rate increases.The formula begins with the taxpayer's gross income, as defined by the Internal Revenue Code § 61(a). From gross income, the taxpayer may subtract the amount of any deductions listed in § 62(a) (\"above the line deductions\") to arrive at an adjusted gross income. The taxpayer then subtracts the appropriate amount for personal exemptions under § 151(d)(1) (as adjusted annually for inflation under § 151(d)(4)). Finally, the taxpayer subtracts either the appropriate standard deduction under § 63(c) or the total of itemized deductions under § 63(d) to arrive at the taxpayer's taxable income for that tax year.Taxable income serves as the base against which the taxpayer's tax rate is applied. After multiplying taxable income by the tax rate, the taxpayer may subtract the amount of any credits, then must add any additions to tax (such as the Alternative Minimum Tax). This calculation results in the taxpayer's tax liability, which is the actual amount the taxpayer owes for that tax year..".
- Tax_ladder wikiPageID "13910822".
- Tax_ladder wikiPageLength "2095".
- Tax_ladder wikiPageOutDegree "14".
- Tax_ladder wikiPageRevisionID "683309356".
- Tax_ladder wikiPageWikiLink Above-the-line_deduction.
- Tax_ladder wikiPageWikiLink Adjusted_gross_income.
- Tax_ladder wikiPageWikiLink Alternative_minimum_tax.
- Tax_ladder wikiPageWikiLink Category:Taxation_in_the_United_States.
- Tax_ladder wikiPageWikiLink Credit_(creative_arts).
- Tax_ladder wikiPageWikiLink Gross_income.
- Tax_ladder wikiPageWikiLink Inflation.
- Tax_ladder wikiPageWikiLink Internal_Revenue_Code.
- Tax_ladder wikiPageWikiLink Itemized_deduction.
- Tax_ladder wikiPageWikiLink Personal_exemption_(United_States).
- Tax_ladder wikiPageWikiLink Rate_schedule_(federal_income_tax).
- Tax_ladder wikiPageWikiLink Standard_deduction.
- Tax_ladder wikiPageWikiLink Tax_rate.
- Tax_ladder wikiPageWikiLink Taxable_income.
- Tax_ladder wikiPageUsesTemplate Template:Reflist.
- Tax_ladder subject Category:Taxation_in_the_United_States.
- Tax_ladder hypernym Term.
- Tax_ladder type Page.
- Tax_ladder comment "Tax ladder is a term sometimes used to refer to the formula for calculating a taxpayer's tax liability in a given year for United States federal personal income tax purposes. The term \"ladder\" is used because as your taxable income increases, you \"climb\" the ladder and your tax rate increases.The formula begins with the taxpayer's gross income, as defined by the Internal Revenue Code § 61(a).".
- Tax_ladder label "Tax ladder".
- Tax_ladder sameAs Q7689446.
- Tax_ladder sameAs m.03cm_m8.
- Tax_ladder sameAs Q7689446.
- Tax_ladder wasDerivedFrom Tax_ladder?oldid=683309356.
- Tax_ladder isPrimaryTopicOf Tax_ladder.