Income

$     xx,xxx

Less: Exclusions

(x,xxx)

= Gross Income

$     xx,xxx

Less: Deductions for adjusted gross income

(x,xxx)

= Adjusted Gross Income

$     xx,xxx

Less: the greater of –

Total itemized deductions

Or the standard deduction

 (x,xxx)

Less: Personal and dependency exemptions*

(x,xxx)

Less: Deduction for qualified business income**

(x,xxx)

= Taxable Income

$     xx,xxx

Tax on taxable income

$       x,xxx

Less: Taxes withheld/Tax credits

(xxx)

= Tax due (or refund)

$          xxx