37535171
Description
Mind Map by Lucille Lamberson, updated more than 1 year ago
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Created by Lucille Lamberson
over 1 year ago
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Chapter 4- Individual Income Tax Overview, Dependents, and Filing Status
- Exclusions
- Realized income items that taxpayers permanently exclude from taxation
- Realized income items that taxpayers permanently exclude from taxation
- Deferrals
- Realized income items that taxpayers include in gross income in a subsequent year
- 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
- Withholdings
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