Note Sum Exam #1 Tax 考试总结.docx
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Note Sum Exam #1 Tax 考试总结.docx
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NoteSumExam#1Tax考试总结
Ch1:
AnIntroductiontoTax
-Tax:
ApaymentrequiredbyaGov’tagencythatisUnrelatedtoanyspecificbenefitorservicereceivedfromthegov’tagency
1.KeyComponents:
∙PaymentRquired
∙ImposedbyGove’tAgency(Federal,state,local)
∙TaxpayernotDirectlyBenefit
Ex:
PMTforDriverLicenseNo;
PMTrequiredbyGov’tforhouseappraisal–abasetovalueyourrealestateNo;
PaymentforHotelUseof1%ofbilltopayForCityProjectYes;
PMTforrentalcaruseof3%ofBilltoPayfortheRoadsYes;
TaxonTollRoadNo
2.GeneralPurpose:
ToFundtheoperationsoftheGov’t(RaiseRev);NotIntendedtoPunish/Preventillegalbehavior
∙Ex:
Sintax–ImposeHighSurchargesonAlcoholandTobaccoproducts
Shared-ResponsibilityPMTbyAffordableCareAct–ObamaCare(FinewouldbeChargesifindividualsnotcoveredbyHealthInsuranceTaxNotlimitedtowillfulviolationorpenaltiesforunlawfulacts;SolelycollectedbyIRSthroughthenormalmeansoftaxation)
3.CollegeStudentShouldPayTax?
∙ActuallyPayingTax:
SinTax,GasolineTax,Sales,Tax,Rent(IncludesRealEstatesTax),EmploymentTax&IncomeTax
∙StudentsBroughtupNewBusinesses&BoostupEconomy
-CalculationofTax:
1.TaxBase–WhatbeingactuallyTaxed&UsuallyexpressedinMonetaryterms
Ex:
Gasoline–Gallon
2.TaxRate:
∙Marginal:
AppliestoNextAdditionIncrementoftaxableincome
∙Average:
AverageleveloftaxationoneachdollarofTaxableIncome(MostlyforEvaluationPurpose)
∙Effective:
AveragerateoftaxationoneachdollarofTotalIncome(Taxable&Non-TaxableIncome)
-TaxRateStructure:
1.ProportionaltaxRate(FlatRate):
ConstanttaxRatethroughoutTaxBase
∙Ex:
SalesTax
2.ProgressiveTaxRate:
IncreasingMarginalTaxRateasTaxBaseIncreases
∙Ex:
FederalIncomeTax
3.RegressiveTaxRate:
DecreasingMarginalTaxRateasTaxBaseIncreases
∙Ex:
SocialSecurityTax–12.4%ofFirst$118,500;NoTaxApplicableAbove
-TypesofTax:
1.FederalTaxes:
∙IncomesTax:
Approx60%ofallTaxExpensescollectedinUS
1)LeviedonIndividuals,Corps,Estates,andTrusts
∙Employment&UnemploymentTax:
2ndLargestGroupofTaxes
1)IncludesSocialSecurityTax(OASDI)&MedicareTax(MHI)
vAdd-On:
SS&MediCarepaidbyEmployees&EmployerHalf&Half(SS–12.4%;Medi–2.9%);Self-Employment:
Totallybythemselves
2)Unemploymentfundbenefitsforindividualsterminatedfrjobsw/ocauses
∙ExciseTax:
3rdLargestGroupofTaxes
1)ForAlcohol,PhoneBill,Electricity,Airline,Tobacco
2)LeviedontheQuantityofproductsSold
∙Estate&GiftTax:
1)LeviedonFairMarketValueofWealthTransferredupondeath/bygift
2)EstateTax:
“DeathTax”–Nomorethan5.43Million;IfMarried,Double
3)GiftTax:
OnlyWayqualifiedforDeductionofGiftistoDonatetoCharity(Church,Hospital,School…);FamilyMembersdonoQualify
▪NoMorethan$14,000perrecipient;Otherwise,giftdonatorpayTax
▪IfdonatorMarried,thenamountdoubleperrecipient
▪Lifetimeexclusion5.43Mil
vAdd-On:
Ifyoumakeanytaxablegift,youMustFileForm709:
U.S.Gift(andGeneration-SkippingTransfer)TaxReturn;Evenyoudon’tactuallyowetaxcuzof$5.43MilLifetimeExemption
2.State&LocalTaxes
∙Sales&UseTaxes(TaxRateFLAT)
1)SalesTax:
Retailsalesofgoods&servicescollectedatptofsale
2)UseTax:
▪TaxBase:
theretailpriceofgoodsowned,possessed,orconsumedwithinastatethatwereNOTpurchasedwithinthestate
▪Purpose:
ToDiscouragetaxpayertobuygoodsoutsidethestate&avoidsalestaxwithinthestate
∙PropertyTax:
2%(AdValoremTax)
1)TaxBase:
FairMarketValueoftheproperty
2)RealPropertyTax:
ApplyonLand&StructurespermanentlyAttached
3)PersonalPropertyTax:
OnAllTypesofProperty(Tangible&Intangible)
▪Tangible:
Auto,Boats,PrivatePlanes,BusinessInventory,Equipment,Furniture
▪Intangible:
Bonds,Stocks,IntellectualProperty
∙IncomeTax:
EqualtotheFederalTaxableIncomeCalculations
∙ExciseTax:
ImposeexcisetaxonitemssametoFederalExciseTax
3.ImplicitTaxes:
IndirectTaxesthatresultfromaTaxAdvantagethegov’tgrantstocertaintransactions
∙NotDirectlyPaidtoGov’t
∙ResultedIncomeReducedBefore-taxReturn
∙“Tax-Favored”Asset:
IncometheassetproducediseitherexcludedfromthetaxbaseorsubjecttoaLowertaxrateorresultinotherTaxBenefitsuchasLargeTaxDeductions;ResultinHigherAfter-Taxprofits
-HowtoEvaluateDiffTaxSystems:
1.Sufficiency:
ForecastingaggregatesizeofTaxRev
∙Static:
ForecastrevOnlybasedonExistedTransactionsSimplicity
∙Dynamic:
PredictPossibleresponsesbyTaxpayerstoNewtaxLaws
1)IncomeEffect:
TaxRateUP,PeopleWorkHardertoMaintainsameafter-taxInc
2)SubstitutionEffect:
TaxratesUP,peoplePreventfromresultingMoreworkinghrsSwitchtoOnlineStockTrade
2.Equity:
HowTaxBurdenshouldbeDistributed
∙HorizontalEquity:
InSimilarIncome,PaySameLevelTax
∙VerticalEquity:
WithGreaterIncome,PayMoreTax
3.Certainty:
when,where&howtodeterminetax
4.Convenience:
Taxsysshouldbedesignedw/oburdentaxpayers
∙Ex:
FileOnline,TaxAutomaticallyFromPaycheck
5.Economy:
MinCompliance&AdminCostsrelatedtothesystem
-Add-On:
Bondsissuedbythefollowingareexemptfromfederalincometax
1.Stateandpoliticalsubdivisions(countyorcity)
2.DistrictofColumbia
3.U.S.possessionsandpoliticalsubdivisions
4.Portauthorities
5.Toll-roadcommissions
6.Utilityserviceauthorities
7.Communityredevelopmentagencies
8.Qualifiedvolunteerfiredepartment
9.Amountsindicatedonbrokerstatementsastax-exemptinterest
-Add-On:
J.M.KaynesVs.F.A.Hayek
1.Kaynes’Point:
Investment>SavingsInflation
∙MoreSpendingDecreaseUnemployment
∙LowerTaxBoostUpCircularofFlow
2.Hayek’sPoint:
∙SubstantialProduction–EasymoneytoBoostupEco
∙LowertheEfficiencyonArbitrarilyFlowtheMoneytoCertainIndustry
∙LetpeopleDecidewhereshouldthemoneygo
CH4:
IndividualIncomeTaxOverview,Exemptions,andFilingStatus
-IndividualIncomeFormula
→Line7~21onForm1040
∙AGI–AdjustedGrossIncome(Line37onForm1040)
∙Personal&DependencyExemptions:
AnyChildrenorDependentsundertheHouseholdorTP’sNameMoreEquitable
-RealizedIncome:
MeasurableChangeinPropertyRights/EconomicProfit;
∙AllshouldbeincludedinGrossIncomeUnlessSpecificallyExcluded/deferred
-RecognizedIncome:
AmountreportedonTaxReturn
∙GrossIncome
-ExcludedIncome:
IncNeverIncludedinTaxableIncome
∙Ex:
MunicipalBondInterest;GainonSaleofPersonalResidence(Conditional:
Single-$250,000;Married-$500,000);LifeinsuranceProceeds
-DeferredIncome
IncomeIncludedinaSubsequenttaxyr
∙Ex:
Installmentsales;Like-kindexchanges(SimilarMerchandizeExchange)
-Add-OnNote:
Howarerealizedincome,grossincome,andtaxableincomesimilar,andhowaretheydifferent?
1.Realized>Grossincome>Taxableincome
2.GrossIncome=RealizedIncome–Exclusions&Deferrals
3.GrossIncome–TheIncomethatTPactuallyreportontheirTaxReturns&PayTaxesOn
4.TaxableInc=GrossIncome–For&FromDeductions
5.TaxableIncistheBasedUsedtoComputeTaxDuebeforeapplicableCRs
-DetermineTaxRatesonDifferentIncome/Loss
1.TaxExempt:
NoTax
2.TaxDeferred:
NoTaxinCurrentYr(Mayresultinsometaxeffectinnextyr)
3.Ordinary:
OrdinaryFederalTaxRateSchedules
4.QualifiedDividends
DEFINITION
∙IfDividendsIncomemeetrequirementasQualifiedDividends,then:
0%WithOrdinaryTax%of10%,15%
15%WithOrdinaryTax%of25%,28%,33%,35%
20%WithOrdinaryTax%of39.6%
∙IfDividendsIncomeDoesNotmeetrequirement,thentaxedasOrdinaryIncome
5.CapitalGainorLoss:
NotQualifiedasCapital,if:
1)A/RfromSaleofGoods&Services
2)Inventory/OtherAssetsHeldforSale
3)AssetsusedinTradeorBusiness,includingSupplies
Thus,Personal-Useassets,personalvehicle/residence,QualifiedasCapitalAssets
∙NetGains:
1)NetLong-termCapitalGain:
ifTPownedcapitalMorethanAYearfromselling
0%WithOrdinaryTax%of10%,15%
15%WithOrdinaryTax%of25%,28%,33%,35%
20%WithOrdinaryTax%of39.6%
2)NetShort-termCapitalGain:
ifTPownedcapitalLessorEqualtoAYr;
UseOrdinaryTaxRate
∙NetLosses:
NoLimitonYrofHeld;
Max$3,000reportedas“forAGIDeductible”
LossesinExcessof$3,000carriedForward
1)LossesonPersonal-UseAssetNotDeductible
-Deductions:
GrossInc–ForAGIDeductions=AGI–FromAGIDeductions=TaxableIncome
1.ForAGIDeductions:
“DeductionsAbovetheLine”–Line:
AGI
MoreValuablethanfromAGIDeductions
∙
∙BusinessExp
∙LossesonDispositionofAssetsUsedintrade/business
∙ContributionstoQualifiedRetirementAccts
AlimonyPaid
∙HealthInsuranceDeductionforself-employedTP
∙MovingExp
∙Rental&RoyaltyExp
∙CapitalLosses(Limitedto$3,000fortheyr)
∙One-HalfofSelf-employmenttaxespaid
2.FromAGIDeductions:
“DeductionsBelowtheline”–DeductedfromAGItoDecideTaxableIncome
∙IncludesStandardDeductions,ItemizedDeductions,andExemptions
∙ChooseEitherItemizedDeductionsorStandardDeductions,whicheverisHigherBeingDeduction
∙ItemizedDeductions:
1)Medical&DentalExp
2)Taxes:
State&LocalIncometaxes,realestatetaxes,personalpropertytaxes,andothertaxes
3)InterestExp:
Mortgage.Homeequity,andinvestmentinterestexp
4)GiftstoCharity
5)Casualty&TheftLosses:
DeductibleifExceed10%ofAGI
6)JobExp&CertainMiscellaneousDeduction
7)GamblingLosses,etc
∙StandardDeduction:
1)$12,600-Marriedfilingjointly
2)$12,600-Qualifyingwidoworwidower
3)$6,300-Marriedfilingseparately
4)$9,250-Headofho
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