Formula for individual Income Tax Income from whatever source derived XXXXXX Minus: Exclusions (xxx) Gross Income Minus: Deductions for Adjusted Gross Income (xXX) Adjusted Gross Income(AGi) s x, XXX Minus: Deductions from adjusted gross income Greater of itemized deductions or the standard deduction (xX) Personal and dependency exemptions Taxable income XXXX Times: Tax rate or rates(from tax table or schedule) Gross tax Minus: Credits and prepayments (x) Net tax payable or refund dueFormula For Individual Income Tax Income from whatever source derived Minus: Exclusions Gross Income Minus: Deductions for Adjusted Gross Income Adjusted Gross Income(AGI) Minus: Deductions from adjusted gross income: Greater of itemized deductions or the standard deduction Personal and dependency exemptions Taxable Income Times: Tax rate or rates (from tax table or schedule) Gross tax Minus: Credits and prepayments Net tax payable or refund due $ xxx,xxx (xxx) $ xx,xxx (xxx) $ x,xxx (xx) (xx) $ x,xxx .xx $ xx (x) $ xx