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OK online Form W-4p: What You Should Know

OK State W-4 Tax Form — The University of Oklahoma When filling out Form W-4P, be sure to have the correct state's withholding allowance information. (If you need additional help to fill out this form, contact the Department of Revenue at 1.800.432.4727 or the Tax Division at 1.800.636.3321.) Income is tax dependent on income earned. So the calculation of your AGI is based upon your AGI before deductions and credits.  Federal Income Taxes When you file your federal income tax, it will deduct your state and local taxes, your self-employment income tax, your Social Security and Medicare and any other Federal/State taxes you are subject to.  These deductions and credits will reduce your federal annual income for the amount shown, before subtracting federal tax credits (also called “excess tax credits”) that may be available and refunded depending on your filing status.  Taxes imposed on your gross income are called tax-adjusted gross income. Tax-adjusted gross income is calculated using the following formula:  tax-adjusted gross income = gross income before reduction by any tax-based deductions, credits, and exclusions, reduced by any net operating losses and tax-exempt interest.  In case of a net operating loss, the actual net income you've lost is shown before subtracting the amount of the loss. Income Tax Deductions You cannot deduct the following types of income for federal tax purposes The amount shown above for the income tax exclusion will increase with inflation. The inflation adjustment for income tax will continue to increase from year to year. Medical expenses for Medicare Part B Any income of the taxpayer attributable to certain life insurance contracts The excess over the dollar amounts shown for the Federal tax deduction for contributions to state, qualified retirement plans, and individual retirement accounts is deductible to the extent that it exceeds the taxpayer's adjusted gross income, reduced by the amount shown for the Federal deduction for contributions to State, qualified retirement plans, and qualified Individual Retirement Arrangements. Exceptions: Any amount of capital gain (real estate or investment) is not deductible Any amount of income from a trade or business is not includible in income. Tax Exempt Interest Any part of a mortgage, rent, or annuity received by a member of the armed forces of the United States as a loan is exempt from Federal income tax.

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