In this video, we are going to talk about how to calculate federal income tax. In previous videos, I showed you the formula and we talked about deductions for AGI, deductions from AGI, credits, and so forth. To really understand, it is best to jump in with an example. Let's say we have a single taxpayer, meaning their filing status is single. There are other filing statuses such as married filing joint, which means two people are married and they file their tax return together. But for this example, we will focus on a single taxpayer filing as an individual. We will discuss different classes of filing status and head of household in another video. The filing status affects the individual class and also determines the standard deduction amount. In this case, the single taxpayer has no dependents like an elderly parent or children depending on them financially. For this example, we will assume it is the 2015 tax year, meaning the tax return will be filed in 2016. Now let's jump into the numbers to make it easier to understand. We will start with gross income, which includes wages and possibly investment income. For this individual, let's say the gross income is $27,000 for the year. The first deduction we will consider is the deduction for AGI. In this case, let's say the individual has a deduction of $1,500. This deduction is for student loan interest that they paid. So we subtract this deduction from the gross income, resulting in an adjusted gross income (AGI) of $25,500.
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