Mind map
Chapter 4- Individual Income Tax Overview, Dependents, and Filing Status
Map content
Chapter 4- Individual Income Tax Overview, Dependents, and Filing Status
Exclusions
- Realized income items that taxpayers permanently exclude from taxation
Deferrals
- Realized income items that taxpayers include in gross income in a subsequent year
Gross income - for AGI deductions = AGI
AGI - from AGI deductions = taxable income
3 types of tax prepayments
- Withholdings
- Estimated tax payments the taxpayers makes for the year
- 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
Information
- Description
- This is a mind map for BUS 419 Chapter 4.
- Created by
- Lucille Lamberson
- Views
- 59
- Tags
- Rating