Tax 4001 Study guides, Class notes & Summaries

TAX 4001 Exam 2 Questions with Complete Solutions

Tax Formula Correct Answer-Income (broadly defined) - Exclusions _____________________ Gross Income - Deductions (for AGI) ______________________ Adjusted Gross Income - Deductions (from AGI) (greater of either Total Itemized or Standard Deduction !and! - Personal Exemptions - Dependency Exemptions ______________________ Taxable Income [Tax Calculation] __________________________ Tax on Taxable Income - Tax Credits ______________________ Tax Due / (Tax Refund)

TAX 4001 Exam 1 Questions with Complete Solutions.

TAX 4001 Exam 1 Study Guide questions with complete solutions.

Substantiation requirements for taxpayer to get deductions - taxpayer has burden of proof for proving all expenses adequate records of expenses must be maintained Can deductions FOR AGI be claimed if taxpayer does not itemize? - Yes - itemized deductions are a type of deduction FROM AGI AGI as a function - Income - Exclusions - Deductions for AGI Deductions from AGI (specifically _________ deductions) must _________ the Standard Deduction to provide any tax benefit - itemized exceed ...

TAX 4001 Chapter 5 Questions with Complete Solutions.

TAX 4001 Chapters 1-5 Exam Questions with Complete Solutions

Debbie is a limited partner in ADK Partnership. Her partnership Schedule K-1 reports $19,000 ordinary business income, $2,000 long-term capital gain, and $830 dividend income. Which of these items are subject to self-employment tax? None of the items are subject to SE tax because Debbie is a limited partner. $19,000 ordinary business income $19,000 ordinary business income and $2,000 long-term capital gain All income reported on a partner's Schedule K-1 are subject to self-employmen...

TAX 4001 Exam #1 Questions with Complete Solutions

FGCU TAX 4001 Final Exam Study Guide Florida Gulf Coast University