Find your most recent individual tax return and analyze it with the following information in mind (you do not need to share with class): How was your…

Find your most recent individual tax return and analyze it with the following information in mind (you do not need to share with class):

  1. How was your gross income calculated?
  2. What “above-the-line deductions did you have?
  3. Did you itemize deductions or did you use the standard deduction? Why did you make that choice?
  4. How many personal exemptions did you have? How did that affect your tax return?
  5. Was your taxable income more or less than you thought it would be based on the information on page 1?
  6. How was your taxable income calculated? What rate?
  7. Did you have any tax credits? How did that affect the amount of tax you paid?
  8. Did you get a refund or did you owe tax? Why?

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