1c - Personal & Dependency Exemptions

1c Personal - OnlineLectureSeries Personal& ,CPA Income Less:Exclusions GrossIncome Less:DeductionsforAGI AdjustedGrossIncome(AGI Less:Thegreaterof

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Federal Individual Income Tax  Online Lecture Series Presented by Akore Berliner, CPA
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Taxable Income Formula Income  $x,xxx Less: Exclusions          (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 FIGURE 3–1
Background image of page 2
Filing Requirements General Rule:  Tax return must be filed  if  gross income is  ≥ the sum of the  standard deduction and  exemption   amount
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Exemption Amounts An Exemption is an  Exclusion from Income  Every taxpayer is allowed one “Exemption Amount” for  themselves (a Personal Exemption) and one for each  qualifying dependent (a Dependency Exemption) Amounts go up every year: 2007: $3,400 per exemption 2008: $3,500 per exemption Check www.irs.gov for current year exemption  amounts Some taxpayers are not entitled to a personal  Exemption i.e., Individual claimed as dependent by another taxpayer
Background image of page 4
Qualifying Dependents A dependency exemption is available for  Qualified Dependents only: 1. qualifying child
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/01/2012 for the course ACC 2546 taught by Professor Dean during the Summer '10 term at San Diego State.

Page1 / 19

1c Personal - OnlineLectureSeries Personal& ,CPA Income Less:Exclusions GrossIncome Less:DeductionsforAGI AdjustedGrossIncome(AGI Less:Thegreaterof

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online