Tax Sheet Exam 1

Tax Sheet Exam 1 - Tax Formula Income Gross Income AGI...

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Tax Formula Dependent Deductions Filing Requirements Phaseout of Exemptions Income Child - greater of 950 Req. If Ind. GI >=exempt. Amt + SD 1) AGI - Threshold = Excess Amount (Exclusions) or income + 300. limit 5700 Self Employed Individual 2) Excess / 2500 = reduction factor Gross Income RE - lesser of paid or 1000(j) must file if net earnings >=400 rounded up * 2 = phaseout % (Deductions FOR AGI) 3650 dependency regardless of GI amt 3) phaseout % * exemption amt = AGI QC - Relationship, Abode Dependents (req. if any of these) amt of exemptions phased out (Greater of: Total Itemized or Standard) Age, Support EI/GI>Standard Deduction 4) Amt of exempt phased out * 1/3 QR - Relationship, GI (<3650)UI/GI>950+Standard Deductions equals phaseout amount Taxable Income Support (1/2), Both UI/EI/GI of more than the larger 5) Exemption amt - phaseout amt Tax on Taxable Income Mult.Support - >10% test of 950 or the sum of earned income equals allowable exempt. Reductio x Credits-Fed Tax Witheld, Other F.Tax) Child Tax Credit - 1000. <17 plus 300 and any addtl SD's Child Tax Credit Tax Due (or refund) Tax Credit vs. Tax Deduct Gains/Losses from Property Tran 1,000 per child through 2009 under Itemized Deductions TC= reduce lia dollar for dollaAmt. Realized From Sale age of 17 (includes step/foster) Medical Expenses - excess of 7.5% AGITD = reduce taxable income less: Adjusted basis of the property Filing Status State and Local Income or Sales Taxes on which liability is based equals: Realized Gain (or loss) Surviving Spouse Real Estate Taxes Annuities ADJ BASIS OF PROP Joint Return Rates apply 2 yrs after D Personal Property Taxes Collect b4 st date = 10% pen Cost at date of acq. Head of Household Interest on Home Mortgage Exclude recovery of capital: add: capital additions maintain household for QC/QR Investment Interest (Inv/Expect R)*Pmt = Exclusio less: Depr. And other capital recovery Charitable Contributions (50% AGI) Comp=time*PMT*freq of PMTequals: ADJ BASIS at date of sale
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Tax Sheet Exam 1 - Tax Formula Income Gross Income AGI...

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