Tax Ch 1 (2010) - Business 3 Income Tax Accounting Chabot...

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Business 3 Income Tax Accounting Chabot College Spring Semester 2010 Mrs. Hunting
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Types of Taxes Income Tax Individuals Corporations Partnerships Fiduciaries Sales Tax Property Taxes Real Personal Excise Taxes Payroll Taxes FICA SDI FUTA SUTA Import/export duties
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Course Coverage Federal Income Tax Individuals Taxable income Deductions Tax credits Proper forms Capital gains & losses Rental income Proprietorships Cost of goods sold Inventory Expenses Depreciation Home office
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Income Tax Fundamentals Chapter 1
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Goals of Tax Laws (Primary goal to raise revenue) Economic Cause desired economic effect Direct or indirect influence Examples: Investment tax credit Accelerated depreciation Social Influence social behavior Make tax more “fair” Examples: Deduction for charitable donations Credits for dependent children
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Tax & Reporting Entities Individuals Corporations Partnerships Fiduciaries (Trusts & Estates)
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Basic Tax Format for Individuals Gross Income (Exclusions) Gross income inclusions (Adjustments) A djusted G ross I ncome (Deductions – Std. Or Itemized) (Exemptions) Taxable Income
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Basic Tax Format, cont. TAX from table or schedule (non-refundable Credits) NET – not less than zero (refundable Credits & Payments) Refund or Amount Due
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Exemptions - $3,650 each for tax year 2009 (one per person) Taxpayer Spouse on joint return Dependents
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Phase out of Exemptions
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