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Components of Personal Income Tax 1995
INCOME FROM ALL SOURCES
 
MINUS
 
 EXEMPT INCOME
Nontaxable Social Security and Railroad Retirement • Insurance Proceeds • Gifts and Bequests • Welfare Payments • IRA and Keogh Interest Earnings • Interest on Government Obligations • Scholarships (used for tuition)
 
EQUALS
 
 GROSS INCOME
Salaries and Wages • Interest • Dividends • State Income Tax Refunds • Alimony Received
• Business • Farm • Capital and Other Gain or Loss • Rents • Royalties • Partnership Income or Loss • Estates and Trusts • Subchapter S Distributions • Unemployment Compensation • Taxable Social Security Annuities and Retirement Plan Distributions • Other Income
 
MINUS
 
 ADJUSTMENTS TO INCOME
IRA, Keogh, and SEP Contributions • Self-Employed Health Insurance Deduction • Forfeited Interest • Moving Expenses • Alimony Paid • One-half of Self-Employment tax
 
EQUALS
 
 FEDERAL ADJUSTED GROSS INCOME
 
MINUS
 
 FEDERAL INCOME EXEMPT FROM STATE TAX
Oregon Income Tax Refunds • Social Security Benefits • Federal Income Tax
• U.S. Bond Interest • Other Subtractions
 
PLUS
 
 STATE INCOME EXEMPT FROM FEDERAL TAX
Interest on State and Municipal Bonds of Other States • Federal Election on Interest and Dividends of a Minor Child • Other Additions
 
MINUS
 
 DEDUCTIONS
Oregon Standard Deduction or Federal Itemized Deductions minus State Income Taxes Itemized plus Special Medical Deductions
 
EQUALS
 
 OREGON TAXABLE INCOME
 
MULTIPLIED BY
 
 TAX RATES
 
PLUS
 
INTEREST ON CERTAIN INSTALLMENT SALES
 
EQUALS
 
 TAX BEFORE CREDITS
 
MINUS
 
 TAX CREDITS
Exemption • Child and Dependent Care • Political Contribution • Elderly or Permanently Disabled • Credit for Income Tax Paid to Other States • Retirement Income• Other Credits
 
EQUALS
 
 TOTAL TAX LIABILITY