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Week 8 Assignment 1 FP101

Week 8 Assignment 1 FP101 - retirement account Assessment C...

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Title Effective Tax Management  Assessment A: Understanding Taxable Income and Taxes Owed  Meaning of taxable income and taxes owed  Taxable income is the amount of income you actually have to pay taxes on, according to the relavant rate schedule. Taxes  owed is the amount that you remove any tax credits, after you calculate your tenative tax.   Assessment B: Understanding Ways to Save on Federal Taxes  Some ways to save money on your federal income tax  Some ways to save money on your federal income tax is to: itemize your deductions, taxable gains, and contributing to a 
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Unformatted text preview: retirement account. Assessment C: Understanding the Steps to Filing a Federal Tax Return Steps to filing a federal tax return The steps to filing a federal tax return are as follows: 1. Sign and date your return 2. Assemble the return 3. Make a copy for your records 4. Mail the return © 2011 Toolwire, Inc. All rights reserved....
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