Learning Objective :
The 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 I: The Income Tax Return
1. Filing Information
2. Filing Status
3. Personal Exemptions and Dependents
4. Decedents
5. Tax Withholding and Estimated Tax
Section II: Income
6. Wages, Salaries, and Other Earnings
7. Tip Income
8. Interest Income
9. Dividends and other Corporate Distributions
10. Rental Income and Expenses
11. Retirement Plans, Pensions, and Annuities
12. Social Security and Equivalent Railroad Benefits
13. Other Income
Section III: Gains and Losses
14. Basis of Property
15. Sale of Property
16. Selling Your Home
17. Reporting Gains and Losses
Section IV: Adjustments to Income
18. IRAs
19. Moving Expenses
20. Alimony
21. Education-Related Adjustments
Lesson and Objectives |
Reading
Assignment |
1. The income tax return |
Part 1 |
The learning objectives for this lesson are to gain an understanding of:
- Filing information
- Filing status
- Personal exemptions and dependents
- Decedents
- Tax withholding and estimated tax
|
|
2. Income |
Part 2 |
The learning objectives for this lesson are to gain an understanding of:
- Wages, salaries and other earnings
- Tip income
- Interest income
- Dividends and other corporate distributions
- Rental income and expenses
- Retirement plans, pensions and annuities
- Social security and equivalent railroad retirements benefits
- Other income
|
|
3. Gains and losses |
Part 3 |
The learning objectives for this lesson are to gain an understanding of:
- Basis of property
- Sale of property
- Selling your home
- Reporting gains and losses
|
|
4. Adjustments to income |
Part 4 |
The learning objectives for this lesson are to gain an understanding of:
- Individual retirement arrangements (IRAs)
- Moving expenses
- Alimony
- Education-related adjustments
|
|
Sample Exam Questions:
1. If you do not give your employer a completed Form W-4, your employer
a. Cannot permit you to work.
b. Must withhold 50% of your income until the form is completed.
c. Must withhold at the highest rate.
d. Will be penalized by the IRS.
2. Your father sold you stock for $8,000 and his cost basis is $10,000. Later, you sold the stock for $7,000. You would:
a. Recognize a loss of $3,000.
b. Recognize a loss of $2,000.
c. Recognize a loss of $1,000.
d. Use the adjusted basis to calculate the gain or loss.
|
