Learning Objective :
The learning objective of this course is to give a general overview of many of the federal income tax procedures for individuals. Users will achieve a better understanding of these procedures and how to apply them.
Prerequisite: None
Course level: Basic
Advanced preparation: None
Teaching method: Online study
Recommended hours: 10
Summary of Contents:
Section V: Standard Deduction and Itemized Deductions
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Standard Deduction Medical and Dental Expenses
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Taxes Interest Expense
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Contributions
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Nonbusiness Casualty and Theft Losses
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Car Expenses and Other Employee Business Expenses
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Tax Benefits for Work-Related Education
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Miscellaneous Deductions
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Limit on Itemized Deductions
Section V:Figuring Your Taxes and Credits
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How to Figure Your Tax
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Tax on Investment Income of Certain Minor
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Children Child and Dependent Care Credit
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Credit for the Elderly or the Disabled
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Child Tax Credit Education Credits
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Earned Income Credit
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Other Credits
Lesson and Objectives |
Reading
Assignment |
1. Standard deduction |
Part 5 |
The learning objectives for this lesson are to gain an understanding of:
- Standard deduction amounts
- Standard deduction for dependents
- Who should itemize
- Medical and dental expenses
- Taxes
- Interest expense
- Contributions
- Nonbusiness casualty and theft losses
- Car expenses and other employee business expenses
- Tax benefits for work-related education
- Miscellaneous deductions
- Limit on itemized deductions
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2. Figuring your taxes |
Part 6 |
The learning objectives for this lesson are to gain an understanding of:
- How to figure your tax
- Tax on investment income of certain minor children
- Child and dependent care credit
- Credit for the elderly or the disabled
- Child tax credit
- Education credits
- Earned income credit
- Other credits
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Sample Exam Questions:
1. Frank pays $300 for a ticket to a gala dinner at his church. He knows that the ticket has a fair market value of $50. He can deduct __________ as a contribution to his church.
a. $250
b. $300
c. $50
d. $0
2. Which of the following miscellaneous itemized deductions are subject to the 2% limit?
a. Gambling losses up to the amount of gambling winnings.
b. Amortizable premium on taxable bonds.
c. Federal estate tax on income in respect of a decedent.
d. Business liability insurance.
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