2010 CCH Comp Topics Ch03 - Click to edit Master subtitle...

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Unformatted text preview: Click to edit Master subtitle style CCH Federal Taxation Comprehensive Topics Chapter 3 Individual Taxation An Overview 2009 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com CCH Federal Taxation Comprehensive Topics 22 of 39 Chapter 3 Exhibits 1. Federal Tax Formula 2. Gross Income 3. Examples of For AGI Deductions 4. Personal and Dependency Exemptions 5. Dependency ExemptionsQualifying Child 6. Dependency ExemptionsQualifying Relative 7. Dependency ExemptionsMarried Dependents 8. Dependency Exemptions Multiple Support Agreement 9. Dependency Exemptions Divorced Parents Post 1984 Chapter 3, Exhibit Contents CCH Federal Taxation Comprehensive Topics 33 of 39 Chapter 3 Exhibits 10. Limit on Personal Exemptions 11. Itemizing v. Standard Deduction 12. Examples of Itemized Deductions (Deductions From Adjusted Gross Income) 13. Additional Examples of Itemized Deductions 14. Limit on Itemized Deductions 15. Standard Deduction Filing Status 16. Additional Standard Deduction 17. Criteria for Abandoned Spouse 18. Criteria for Surviving Spouse 19. Criteria for Head of Household Chapter 3, Exhibit Contents CCH Federal Taxation Comprehensive Topics 44 of 39 Chapter 3 Exhibits 20. Tax Returns of Dependents 21. Tax Returns of DependentsThe Kiddie Tax 22. Kiddie Tax 23. Self-Employment Tax 24. Filing Requirements 25. Tax Tables v. Tax Rate Schedule Chapter 3, Exhibit Contents CCH Federal Taxation Comprehensive Topics 55 of 39 Federal Tax Formula Gross Income Deductions FOR Adjusted Gross Income = Adjusted Gross Income Greater of Standard Deduction OR Itemized Deductions Personal Exemptions = Taxable Income Step 1: Compute taxable income Chapter 3, Exhibit CCH Federal Taxation Comprehensive Topics 66 of 39 Federal Tax Formula Taxable Income x Tax Rate = Tax Liability (Total Tax) Tax Credits and Prepayments + Alternative Minimum Tax (if any) + Employment Taxes (if any) = Net Tax Due or Refund Step 2: Compute tax due (or refund) Chapter 3, Exhibit CCH Federal Taxation Comprehensive Topics 77 of 39 Gross Income u Gross income includes all items of income from whatever source unless specifically excluded. u Examples of gross income include wages, salaries, tips, interest, dividends, alimony received, business income, rental income, royalties, pensions, and annuities. Chapter 3, Exhibit CCH Federal Taxation Comprehensive Topics 88 of 39 Examples of For AGI Deductions Trade or business expenses Student loan interest One-half of self-employment tax Alimony payments Certain moving expenses IRA deductions 100% of medical and insurance premiums for self-employed taxpayers, their spouses, and dependents Chapter 3, Exhibit CCH Federal Taxation Comprehensive Topics 99 of 39 Personal and Dependency Exemptions In computing taxable income, an individual is allowed a deduction for each personal exemption allowed....
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2010 CCH Comp Topics Ch03 - Click to edit Master subtitle...

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