Income_Tax_Student_Fall_2011

Income_Tax_Student_Fall_2011 - Income Taxes Filing Status...

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Income Taxes
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Filing Status There are five filing statuses: Single Married filing Jointly Married filing Separately Head of Household Qualifying Widower
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Exemptions ($3,650 for 2010) Personal Dependency Qualifying Child: Relationship Test Age Test Residency Test Support Test Qualifying Relative Not a qualifying child Relationship/household Test Gross Income Test Support Test
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Income Tax Model Gross Income - Deductions for Adjusted Gross Income (aka “Adjustments”) = Adjusted Gross Income - Standard Deduction or Itemized Deductions (whichever is greater) - Exemptions = Taxable Income x Tax Rates (or Tax Tables) = Tax Liability + Other Taxes = Total Tax - Credits and Payments = Tax Due or Refund Due (Settle Up)
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Gross Income – What is taxable and what is not? Inclusions in Gross Income (Taxable items of income) Alimony Amounts recovered after being deducted in prior years(Tax benefit rule) Awards Bonuses
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This note was uploaded on 01/16/2012 for the course FIN 3716 taught by Professor Fang during the Fall '10 term at LSU.

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Income_Tax_Student_Fall_2011 - Income Taxes Filing Status...

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