Sanjeev ghai IRS

Information about Sanjeev ghai IRS

Published on August 9, 2014

Author: omkar115050

Source: authorstream.com

Content

TAX PAYMENTS, OTHER TAXES, & FINISHING THE RETURN: TAX PAYMENTS, OTHER TAXES, & FINISHING THE RETURN REFERENCES.: REFERENCES. A. Tax Forms: 1040, Schedule SE, 6251, 4137, 5329, 5405, 8888, 8812, 8863, Schedule H, Schedule M. B. Internal Revenue Code of 1986, as amended (I.R.C.). C. Federal Income Tax Regulations (Treas. Reg.). D. IRS Publications: 1. Pub. 17, Your Federal Income Tax. 2. Pub. 926, Household Employer’s Tax Guide 3. Pub. 531, Reporting Tip Income INTRODUCTION: INTRODUCTION OTHER TAXES A. Self-employment Tax (Schedule SE It does not include rental income (unless taxpayer is a real estate dealer), dividends, or capital gains. Individuals that had net earning from self-employment over $400 are subject to the tax Net earnings from self-employment consists the gross income derived from any trade or business, less allowable deductions attributable to the trade or business and the taxpayer’s distributive share of the ordinary income or loss of a partnership engaged in a trade or business. Treas. Reg. § 1.1402(a)-1. FEDERAL INCOME TAX OVERVIEW: FEDERAL INCOME TAX OVERVIEW FEDERAL INCOME TAX OVERVIEW. COMPUTATION STEPS GROSS INCOME Wages, salaries, tips; Taxable interest; Dividends; State & local tax refunds; Alimony received; Business income & losses; Capital gains & losses; Other gains & losses IRA distributions; Pension & annuities; Rents & Royalties; Farm income; Unemployment compensation Social security benefits; Other income - ADJUSTMENTS Educator expenses; Reservists, artists, gov . official expenses; Health savings account deduction; Moving Expenses; IRA deduction; Student loan interest deduction; Tuition & fees deduction; One-half self-employment tax; SEP, SIMPLE & Qualified Plans; Self-employed health insurance; Penalty on early withdrawal of savings; Alimony paid ADJUSTED GROSS INCOME: ADJUSTED GROSS INCOME = ADJUSTED GROSS INCOME - DEDUCTIONS Standard Deduction or Itemized Deductions Medical & dental expenses; Taxes paid; Interest paid; Charitable contributions; Nonbusiness casualty & theft losses; Job expenses & misc. deductions - EXEMPTIONS Taxpayer; Spouse; Dependents; = TAXABLE INCOME TAX - TAX CREDITS Foreign tax credit; Child & dependent care credit; Credit for elderly or disabled; Education credits; Retirement savings contrib. credit; Child tax credit; Adoption Credit; Mortgage interest credit; Residential energy credit; General business credit; Prior year minimum tax credit; + TAXES Self-employment tax; Social security & Medicare tax on tip income; Additional tax on IRAs, etc.; Household employment taxes; PAYMENTS : PAYMENTS PAYMENTS Federal income tax withheld; Estimated tax payments; Earned income credit; Excess social security tax withheld; Additional child tax credit; First-time homebuyer credit; = FINAL TAX LIABILITY 2011 NUMEROLOGY (REV. PROC. 2011-12; CCH 2011 U.S. MASTER TAX GUIDE). : 2011 NUMEROLOGY (REV. PROC. 2011-12; CCH 2011 U.S. MASTER TAX GUIDE). A. There are six different marginal tax brackets for tax year 2011, and they are 10%, 15%, 25%, 28%, 33%, and 35%. 1. Single Individuals (other than Surviving Spouses and Heads of Households): Taxable Income Pay Marginal Tax Rate Over But Not Over $0 8,500 0 + 10% of amount over $0 8,500 34,500 $850 + 15% of amount over $8,500 34,500 83,600 $4,750 + 25% of amount over $34,500 83,600 174,400 $17,025 + 28% of amount over $83,600 174,400 379,150 $42,449 + 33% of amount over $174,400 379,150 $110,016.50 + 35% of amount over $379,150

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