TAILIEUCHUNG - Lecture Taxation of individuals and business entities 2015 - Chapter 7: Individual income tax computation and tax credits

After studying this chapter you will be able to understand: Determine a taxpayer’s regular tax liability and identify tax issues associated with the process; compute a taxpayer’s alternative minimum tax liability and describe the tax characteristics of taxpayers most likely to owe the alternative minimum tax; calculate a taxpayer’s employment and self-employment taxes payable and explain tax considerations relating to whether a taxpayer is considered to be an employee or a self-employed independent contractor;. | Chapter 7 Individual Income Tax Computation and Tax Credits Learning Objectives Determine a taxpayer’s regular tax liability and identify tax issues associated with the process. Compute a taxpayer’s alternative minimum tax liability and describe the tax characteristics of taxpayers most likely to owe the alternative minimum tax. Calculate a taxpayer’s employment and self-employment taxes payable and explain tax considerations relating to whether a taxpayer is considered to be an employee or a self-employed independent contractor. Learning Objectives (cont’d) Describe the different general types of tax credits, identify specific tax credits, and compute a taxpayer’s allowable child tax credit, child and dependent care credit, earned income credit, American opportunity credit, lifetime learning credit, and earned income credit. Explain taxpayer filing and tax payment requirements and describe in general terms how to compute a taxpayer’s underpayment, late filing, and late payment .

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• Business entities
• Individual taxation
• Multijurisdictional taxation
• Transfer taxes
• Individual income tax computation
• Tax credits
• Urban market business entities
• Competitiveness of urban market business entities
• Market business entities
• Organization and management capacity
• Finance competence and business performance
• Essentials of taxation
• Business tax credits
• Corporate alternative minimum tax
• Limited liability entities
• Profits and distributions
• Entity legal classification
• Nontax characteristics
• Business income
• Accounting methods
• Operating partnerships
• Flow through entities
• The financial statements
• Business deductions
• Financial statements
• Loss limitations
• Property transactions
• Corporate taxation
• Nonliquidating distributions
• Corporate formation
• Taxable acquisitions
• Partnership interests
• Partnership distributions
• Operating distributions
• Post termination transition period
• Local taxes
• Income taxes
• Multinational transactions
• Taxing multinational transactions
• Wealth planning
• Tax rate structures
• Federal taxes
• Tax compliance
• Tax authorities
• Tax planning strategies
• Related limitations
• Individual income tax
• Filing status
• Gross income
• Recognize income
• Individual deductions
• Deductions for AGI