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Submitted By: Dennis
Answered: September 17, 2013 8:30 am
Answered: September 17, 2013 8:30 am
What is the maximum AGI level subject to the 25% tax rate?
Tax rates are applied to taxable income, not to adjusted gross income (AGI). Taxable income is arrived at by subtracting your personal exemptions and the standard deduction or itemized deductions from AGI. The taxable income limits for the 25% tax rate depend on your filing status.
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Tax Glossary
Accrual method of accounting
A business method of accounting requiring income to be reported when earned and expenses to be deducted when incurred. However, deductions generally may not be claimed until economic performance has occurred.
