Chapter 4- Individual Income Tax Overview, Dependents, and Filing Status

Descripción

This is a mind map for BUS 419 Chapter 4.
Lucille Lamberson
Mapa Mental por Lucille Lamberson, actualizado hace más de 1 año
Lucille Lamberson
Creado por Lucille Lamberson hace más de 2 años
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Resumen del Recurso

Chapter 4- Individual Income Tax Overview, Dependents, and Filing Status
  1. Exclusions
    1. Realized income items that taxpayers permanently exclude from taxation
    2. Deferrals
      1. Realized income items that taxpayers include in gross income in a subsequent year
      2. Gross income - for AGI deductions = AGI
        1. AGI - from AGI deductions = taxable income
          1. 3 types of tax prepayments
            1. Withholdings
              1. Estimated tax payments the taxpayers makes for the year
                1. 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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