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37535171
Chapter 4- Individual Income Tax Overview, Dependents, and Filing Status
Description
This is a mind map for BUS 419 Chapter 4.
No tags specified
federal income tax
chapter 4
bus 419
mind map
business/economics
Mind Map by
Lucille Lamberson
, updated more than 1 year ago
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Created by
Lucille Lamberson
about 2 years ago
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Resource summary
Chapter 4- Individual Income Tax Overview, Dependents, and Filing Status
Exclusions
Realized income items that taxpayers permanently exclude from taxation
Deferrals
Realized income items that taxpayers include in gross income in a subsequent year
Gross income - for AGI deductions = AGI
AGI - from AGI deductions = taxable income
3 types of tax prepayments
Withholdings
Estimated tax payments the taxpayers makes for the year
Tax that the taxpayer over paid on the prior-year tax return that the taxpayer elects to apply as an estimated payment for the current tax year
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