ACCT 2000 Chapter : Income Tax
Document Summary
Standard deduction or itemized deductions (whichever is greater) =taxable income x tax rates (or tax tables)-more you make the higher your tax rate. Credits and payments (tuition credit, child credit, child care credit, low. Head of household (single person caring for someone else-at least. Inclusions in gross income (taxable items of income) Amounts recovered after being deducted in prior years (tax benefit. Gross income- what is taxable and what is not? rule) Damages for personal injury (except for punitive damages) Keogh contributions (same as a retirement account for self-employed. Alimony payments (person paying-can be deducted; receiving-included as. Standard deduction is based on your filing status: Additional amounts for old age and blindness; receive one deduction for. Standard deduction each(,150 if mfj; ,450 if s) The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer may not exceed the greater of or the sum of.
