The net result of Teton County School District No.1 Employee Compensation Package for fiscal year 2015-2016 is a model based salary schedule with a top ranking in the state.
Itemized Deductions are reported on Schedule A [Itemized Deductions]. Just like the standard deduction, itemized deductions are subtracted from your adjusted gross income. The difference is that itemized deductions are a tally of actual expenses you incurred that the IRS has determined you can take a deduction for.
Although most taxpayers claim the standard deduction, all taxpayers may choose to itemize deductions and claim that amount if it is larger than their allowable standard deduction amount. You must file Form 1040 and Schedule A to itemize. Some itemized deductions are limited based on a taxpayerâs adjusted gross income, or AGI.