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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
Carryback
A tax technique for receiving a refund of back taxes by applying a deduction or credit from a current tax year to a prior tax year. For example, a business net operating loss may be carried back for two years.
