Week 2 individual assignment: Getting personal

  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 (what lines on the tax return was used)?
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?

Feel free to set up the assignment in Q&A format.  Go beyond just providing an answer. For example, if you provide an amount made up of multiple lines on the tax return explain each line of information.  If you are not familiar with a tax return have a copy of your return in front of you as you answer the above questions.  

Create a 350 to 700-word document responding to the above.  

Word Count: Make sure you are at least meeting the minimum word count.