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Which of the following equations represent the correct formula for computing a taxpayer’s taxable income? Check all that apply. Taxable income = Total income - Exclusions - Adjustments to income - Deductions - Exemptions Taxable income = Gross income - Adjustments to income - Deductions - Exemptions Taxable income = Adjusted gross income - (Deductions + Exemptions) Taxable income = Total income - Exclusions Taxable income = Adjusted gross income - Tax credits Taxable income = Total income + Deductions and Exemptions Taxable income = Gross income - Adjustments Taxable income = Gross income - Exclusions

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Answer:

The correct equations which represent the correct formular for computing a taxpayer's taxable income include the following:

1. Taxable income = Total income - Exclusions - Adjustments to income - Deductions - Exemptions  

2. Taxable income = Adjusted gross income - (Deductions + Exemptions)

3. Taxable income = Gross income - Exclusions

4. Taxable income = Adjusted gross income - Tax credits

Explanation:

The above formular's are the various equations for calculating or computing the taxpayer's taxable income.

Lanuel

The equations that represent the correct formula for computing a taxpayer’s taxable income include the following:

A. Taxable income = Total income - Exclusions - Adjustments to income - Deductions - Exemptions.

B. Taxable income = Gross income - Adjustments to income - Deductions - Exemptions.

C. Taxable income = Adjusted gross income - (Deductions + Exemptions).

Taxation refers to an involuntary and compulsory fee that are usually levied on individuals or business firms (entities) by the government, in order to generate revenues which are used in funding public institutions and activities.

Taxable income can be defined as an individual or a business firm's earnings (amount of income) that is used by federal or state authorities, as a base to determine the tax to be levied on them.

In conclusion, the equations that represent the correct formula for computing a taxpayer’s taxable income include the following:

  • [tex]Taxable\; income = Total \;income - Exclusions - Adjustments \;to\; income - Deductions - Exemptions[/tex]

  • [tex]Taxable\; income = Gross\; income - Adjustments\; to\; income - Deductions - Exemptions[/tex]

  • [tex]Taxable\; income = Adjusted \;gross\; income - (Deductions + Exemptions)[/tex]

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