ac371 spring 2008 exam 1 study guide

ac371 spring 2008 exam 1 study guide - AC371 Spring 2008...

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AC371 Spring 2008 Exam 1 – Topics of Focus Chapter 1 th amendment Key tax terms: tax base, income, deductions, exclusions Tax rates: progressive vs. regressive vs. proportional (see examples and homework problems assigned) Tax rates: marginal vs. average vs. effective (see examples and homework problems assigned) Tax credit vs. tax deduction Chapter 3 **Tax Formula on page 3-12**: computation of AGI and taxable income You will be asked to compute AGI and taxable income for a given taxpayer; see examples in book and assigned homework problems. Expect a few of these. Exhibit 3-3, Exhibit 3-4, Exhibit 3-5, Exhibit 3-6: pay attention to those in particular that were emphasized in class examples or in assigned homework problems; do not attempt complete memorization. For AGI deduction vs. from AGI deduction (itemized); why AGI is important. Two % cutback rule for itemized – you will be given phase-out thresholds.
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This note was uploaded on 04/08/2008 for the course AC 371 taught by Professor Mckinney during the Spring '08 term at Alabama.

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ac371 spring 2008 exam 1 study guide - AC371 Spring 2008...

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