In computing taxable income an individual Is allowed a deduction for each

In computing taxable income an individual is allowed

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In computing taxable income, an individual Is allowed a deduction for each personal exemption allowed o An exemption is allowed for each of the following Individual taxpayer and spouse Dependents of taxpayer
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Personal and Dependency Exemptions In Year of Death Personal exemption allowed on joint return for spouse who dies during the year. Phase-out of Exemptions (pg 9-16) Personal and dependency exemptions are phased out by 2% for each $2,500 (or fraction thereof) by which the taxpayer’s AGI exceeds the following threshold amounts o For a married taxpayer filing separately, the phaseout is 2% for each $1,250 Filing Requirements General Rule: Tax return must be filed if gross income is greater than or equal to the sum of the standard deduction and exemption amount A return must be filed if an individual had more than $400 in earnings from self- employment (regardless of other income) Tax return of an individual is due on or before April 15. May obtain a 6 month extension of time to file o Excuses a taxpayer from penalty for failure to file, not from penalty for failure to pay. Tax Rates Tax liability is computed using either the Tax Table method or the Tax Rate Schedule method
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  • Fall '14
  • fabioambrosio
  • Accounting, Taxation in the United States, spouse, Individual Retirement Account

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