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What are the steps for calculating taxes?
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1. Determine your filing status.
2. Gather all relevant income documents, such as W-2s, 1099s and other relevant financial forms.
3. Calculate your gross income.
4. Calculate any deductions and credits that you are eligible for.
5. Calculate your taxable income by subtracting deductions and credits from gross income.
6. Refer to your local or federal tax code to determine the tax rate on the taxable income.
7. Calculate the amount of taxes due by multiplying the total taxable income by the appropriate rate.
8. Subtract any available tax credits from the amount of taxes due.
9. Complete and submit your tax return to the appropriate agency.