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Federal Taxation I: Individuals, Employees, and Sole ProprietorsUniversity of Illinois at Urbana-Champaign I believe taxation is the negotiation...

Recall that the itemized deductions are also called “from AGI” deductions or below the line deductions. They are...

Employees vs Self-Employed What differentiates an employee from a self-employed individual (also known as independent contractor)? Employee If...

Deductions are essentially the tax word for expense that can reduce the tax base. Deductions are disallowed unless a...

Gross Income Gross income is all income from whatever source defined, it includes income realized in any form...

Income Tax Formula This is an important formula, you’ll use throughout the course and beyond. The US tax...

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