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Individual Income Tax Refresher Course Part 7: Figuring the Tax (2005 Edition)

Sidney Kess

Taxpayers pay tax liabilities on their "taxable income." To determine that amount, adjusted gross income (AGI) is reduced by the greater of the standard deduction or itemized deductions.

Then the tax professional enters personal exemptions to arrive at the final taxable income used to calculate the taxpayer's actual tax payable or refund due.

This course reviews how to figure the tax reported on Form 1040. Topics covered include:

  • Exemptions
  • Qualifying Dependent Requirements
  • Using the Tax Table Versus Tax Rate Schedules
  • Thresholds for the Phase-out of Personal Exemptions
  • Calculating the Kiddie Tax for Minors
  • Calculating the Alternative Minimum Tax
  • Determining the Self-Employment Tax
  • The Nanny Tax for Household Employees

Course Details
Price:  $50.00
Field of Study:  Taxation
Prerequisites:  Individual Income Tax Refresher Course Part 6: Itemized Deductions
Level:  Update
Course was last updated on:  12/08/04
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Library:

Technical Requirements:
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Credit Available For: Units
CPE 3 CPE
QAS 3 CPE
CFP® (Accepted by the CFP Board) 3 CPE
Enrolled Agent (Accepted by the IRS) 3 CPE
Law (Accepted by the State Bar of California) 3 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

User Reviews
Reviewer: Jennifer M. submitted on 11/03/2005
Who can claim dependents; AMT info
Reviewer: Dennis S. submitted on 06/06/2005
Comprehensive tax related information.
Reviewer: Jonathan K. submitted on 04/28/2005
convenience
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