1a - Introduction to Federal Individual Income Tax

1a - Introduction to Federal Individual Income Tax -...

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Introduction to Income Taxation Federal Individual Income Tax  Online Lecture Series Presented by Akore Berliner, CPA
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History of Federal Income Tax Initially enacted to finance war 1861 : First Federal individual income tax enacted,  Repealed after Civil War 1913 16th Amendment ratified Sanctioned both Federal individual and corporate income taxes
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History of Tax Current Tax Motives:  Social & Economic  Objectives are met via tax  legislation  Family Incentives Exemptions Home Ownership Incentives Mortgage Interest Real Estate Taxes
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Key Tax Terms Tax Base  Amount to which the tax rate is applied Tax Rate Applied to the  tax base  to determine the tax  liability May be proportional, progressive, or regressive
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Major Types of Taxes Income Taxes Employment Taxes (SS/ME) Property Taxes Transaction Taxes (Sales Tax, Excise  Tax) Estate Taxes (Death Tax) Gift Taxes State Income Taxes
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Income Taxes Federal State  (not Alaska, Florida, Nevada, South Dakota, Texas,  Washington, and Wyoming) Local Income  tax base  is  taxable income 
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