CHAPTER 16 Notes - CHAPTER 16 NOTES TAX 4001 2011/2012...

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CHAPTER 16 NOTES TAX 4001 2011/2012
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Major Concepts Individual Tax Formula Deductions FOR and FROM AGI Standard Deduction Rules Personal and Dependency Deduction Rules Filing Status Kiddie Tax Gross Income and Exclusions Itemized Deductions
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Major Concepts Continued Tax Credits Phase Out Rules (General Concepts)
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Individual Tax Formula Income Less: Exclusions Gross Income Less: Deduction for AGI AGI (Adjusted Gross Income) Less the Greater of: Itemized Deductions Standard Deduction Less: Taxable Income Tentative Tax on Taxable Income Less: Tax (or Refund) Due (See Form 1040 for details)
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FOR vs. FROM AGI Deductions FOR AGI Ordinary & necessary business expenses One-half of SE tax Alimony Paid Moving Expenses Capital Loss Deduction Certain Retirement Plan contributions FROM AGI Itemized Deductions or Standard Deduction Personal and Dependency Deductions
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Standard Deduction Rules Varies by Filing Status Single or Married Filing Separate: $5,800 for 2011 Married Filing Joint and Surviving Spouse: $11,600 for 2011 (2 X Single Rate) Head of Household: $8,500 for 2011 Additional Standard Deductions One for age 65 or over One for blindness Single and Head of Household: $1,450 for 2011 All others: $1,150 for 2011 Limitations for Individuals Claimed as Dependents
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This note was uploaded on 09/16/2011 for the course TAX 4001 taught by Professor Hampton,m during the Fall '08 term at University of Central Florida.

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CHAPTER 16 Notes - CHAPTER 16 NOTES TAX 4001 2011/2012...

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