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Fundamentals of Taxation 2022 Edition

Fundamentals of Taxation 2022 Edition 15th Edition

By: Ana M. Cruz
ISBN-10: 1260734315
/ ISBN-13: 9781264209422
Edition: 15th Edition
Language: English
				
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Fundamentals of Taxation 2022

  • Chapter 1 Introduction to Taxation, the Income Tax Formula, and Form 1040
  • Tax Rate Structures
  • Marginal Tax Rates and Average Tax Rates
  • A Simple Income Tax Formula
  • The Components of a Basic Form 1040
  • Calculation of Income Tax (Form 1040, Line 16) and Health Care Tax
  • Tax Payments (Form 1040, Lines 25d, 26, and 32)
  • Appendix A: Tax Authority
  • Appendix B: IRS Rules for Paid Tax Preparers
  • Appendix C: Getting Started with TaxAct
  • Chapter 2 Expanded Tax Formula, Form 1040, and Basic Concepts
  • The Income Tax Formula and Form 1040
  • Filing Status (Form 1040, First Page)
  • Dependents (Form 1040, Page 1)
  • Standard Deduction (Form 1040, Line 12a)
  • Tax Due to IRS
  • Interest and Tax Penalties
  • Chapter 3 Gross Income: Inclusions and Exclusions
  • When and How to Record Income
  • Cash Method of Accounting
  • Taxability of Components of Gross Income
  • Items Excluded from Gross Income
  • Appendix: Tax Accounting for Savings Bond Interest Used for Education Expenses, Below-Market Interest Loans, Gift Loans, and Original Issue Discount Debt
  • Chapter 4 Adjustments for Adjusted Gross Income
  • Student Loan Interest (Schedule 1 of Form 1040, Line 21)
  • Health Savings Account Deduction (Schedule 1, Line 13)
  • Moving Expenses for Members of the Armed Forces (Schedule 1, Line 14)
  • Deduction for Half of Self-Employment Tax (Schedule 1, Line 15)
  • Self-Employed Health Insurance Deduction (Schedule 1, Line 17)
  • Penalty on Early Withdrawal of Savings (Schedule 1, Line 18)
  • Alimony Paid (Schedule 1, Line 19a)
  • Educator Expenses (Schedule 1, Line 11)
  • Chapter 5 Itemized Deductions
  • Deductible Medical Expenses (Schedule A, Line 4)
  • Deductible State and Local Taxes (Schedule A, Line 7)
  • Deductible Interest (Schedule A, Line 10)
  • Deductible Gifts to Charity (Schedule A, Line 14)
  • Deductible Casualty and Theft Losses (Schedule A, Line 15)
  • Other Itemized Deductions (Schedule A, Line 16)
  • Chapter 6 Self-Employed Business Income (Line 3 of Schedule 1 and Schedule C)
  • Income for a Schedule C Trade or Business
  • Ordinary and Necessary Trade or Business Expenses
  • Depreciation
  • Transportation and Travel
  • Business Use of the Home and Business Bad Debts
  • Hobby Loss Rules and Education Expenses
  • Self-Employment Tax
  • Appendix: General Depreciation System
  • Chapter 7 Capital Gains and Other Sales of Property (Schedule D and Form 4797)
  • Terms and Tax Forms
  • Classification of Assets
  • Sales of Ordinary Assets
  • Sales of Capital Assets
  • Sales of Business Property
  • Tax Issues for Special Types of Sales
  • Chapter 8 Rental Property, Royalties, and Income from Flow-Through Entities (Line 5, Schedule 1, and Schedule E)
  • Rental Property
  • Rental of Vacation Homes
  • Royalty Income
  • Flow-Through Entities
  • Chapter 9 Tax Credits (Form 1040, Lines 19, 20, 27 through 29, and 31, Schedule 3, Lines 1 through 14)
  • Credit for Child and Dependent Care Expenses (Schedule 3, Line 2 [Form 2441])
  • Credit for the Elderly or the Disabled (Schedule 3, Line 6d [Schedule R])
  • Education Credits (Form 1040, Line 29 and Schedule 3, Line 3 [Form 8863])
  • Foreign Tax Credit (FTC) (Schedule 3, Line 1 [Form 1116])
  • Child Tax Credit (Form 1040, Line 19 and 28)
  • Retirement Savings Contributions Credit (Saver’s Credit) (Schedule 3, Line 4 [Form 8880])
  • Adoption Credit (Schedule 3, Line 6c [Form 8839])
  • Earned Income Credit (EIC) (Form 1040, Line 27a)
  • Premium Tax Credit (Schedule 2, Line 2, or Schedule 3, Line 9)
  • Appendix A: Earned Income Credit (EIC) Table
  • Appendix B: Table 2 for Form 8962
  • Chapter 10 Payroll Taxes
  • Tax Issues Associated with Payroll and Form 1040
  • Federal Income Tax Withholding, Social Security, and Medicare Taxes on Wages and Tips
  • Reporting and Paying Payroll Taxes
  • Self-Employment Taxes, Unemployment Taxes, Form 940, Taxes for Household Employees, and Schedule H
  • Employer Payroll Reporting Requirements Including Forms W-2 and W-3
  • Supplemental Wage Payments, Backup Withholding, Form W-9, Estimated Tax Payments, and Form 1040-ES
  • Additional Information Regarding Legislation and Payroll
  • Appendix: Partial Wage Bracket Method Withholding
  • Chapter 11 Retirement and Other Tax-Deferred Plans and Annuities
  • Tax-Deferred Plans and Annuities: The Basics
  • Employer-Sponsored Retirement Plans
  • Individual-Sponsored Retirement Plans
  • Tax-Deferred Nonretirement Plans
  • Distributions from Tax-Deferred Pension Plans
  • Tax Treatment of Annuity Contracts
  • Appendix: Life Expectancy Tables
  • Chapter 12 Special Property Transactions
  • Like-Kind Exchanges
  • Involuntary Conversions
  • Installment Sales
  • Sale of a Personal Residence
  • Related-Party Losses and Wash Sales
  • Chapter 13 At-Risk/Passive Activity Loss Rules and the Individual Alternative Minimum Tax
  • At-Risk Rules
  • Passive Activity Losses
  • At-Risk and PAL Rules in Conjunction
  • Alternative Minimum Tax (AMT)
  • Appendix: Depreciation Tables
  • Chapter 14 Partnership Taxation
  • Formation of a Partnership
  • Partnership Ordinary Income or Loss
  • Separately Stated Items
  • Basis of the Partnership Interest
  • Partnership Distributions
  • Disposal or Liquidation of a Partnership Interest
  • Chapter 15 Corporate Taxation
  • Corporate Formation and Filing Requirements
  • Basis
  • Taxable Income and Tax Liability
  • Transactions with Shareholders
  • Schedules L, M-1, and M-3
  • Other Corporate Issues
  • Subchapter S Corporations
  • Appendix A: Amended Tax Returns (Form 1040X)
  • Appendix B: Comprehensive Problems
  • Appendix C: Concept Check Answers
  • Appendix D: IRS Tax Tables
  • Appendix E: IRS Tax Forms
  • Appendix F: 2021 Federal Income Tax Information
  • Index

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