CHAPTER 4 STUDENT F 2010

CHAPTER 4 STUDENT F 2010 - CHAPTER 4 INDIVIDUAL INCOME TAX...

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CHAPTER 4 INDIVIDUAL INCOME TAX OVERVIEW
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Tax Formula Income (broadly conceived) $x,xxx (x,xxx) Gross Income $x,xxx Less:Deductions for AGI (x,xxx) Adjusted Gross Income (AGI) $x,xxx Less:The greater of- Total itemized deductions or the standard deduction (x,xxx) (x,xxx) Taxable Income $x,xxx
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Tax Formula Tax on taxable income (see Tax Tables or Tax Rate Schedules) $ x,xxx Add: Other Taxes xx Less: Tax credits & Prepayments (xxx) Tax due (or refund) $ xxx
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Tax Calculations Tax Tables vs Tax Rate Schedules Preferential tax rate items Other taxes Tax Credits Tax Prepayments
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Tax Formula Income (broadly conceived) $x,xxx (x,xxx) Gross Income $x,xxx Less:Deductions for AGI (x,xxx) Adjusted Gross Income (AGI) $x,xxx Less:The greater of- Total itemized deductions or the standard deduction (x,xxx) (x,xxx) Taxable Income $x,xxx
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Income All Inclusive Realized vs Recognized Excluded vs Deferred
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Deductions for Individuals Individual taxpayers have two categories of deductions: Deductions for adjusted gross income (AGI) Above the line deductions Deductions from adjusted gross income Below the line deductions
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Deductions for Individuals Business deductions (§162) versus Production of income Deductions (§212) versus Itemized Deductions (various sections)
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This note was uploaded on 04/15/2011 for the course ACC 5170 taught by Professor Jones during the Spring '10 term at Wayne State University.

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CHAPTER 4 STUDENT F 2010 - CHAPTER 4 INDIVIDUAL INCOME TAX...

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