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Principles of Taxation for Business and Investment Planning, 5/e
Sally M Jones, University of Virginia
The Individual Taxpayer
The Individual Tax Formula

Chapter 13 Objectives

After studying this chapter, you should be able to:

1. Explain how an individual's filing status affects the calculation of taxable income and determines the rates at which that income is taxed

2. List the four steps in the computation of individual taxable income.

3. Explain the relationship between the standard deduction and itemized deductions.

4. Compute an individual taxpayer's exemption amount.

5. Compute the regular tax on ordinary income.

6. Explain why a marriage penalty exists in the federal income tax system.

7. Explain why the marginal rate indicated in the rate schedule may not be the actual marginal rate at which the next dollar of income is taxed.

8. Describe the child credit and dependent care credit.

9. Recognize the circumstances that may trigger the individual alternative minimum tax.

10. Describe the individual tax payment and return filing requirements.





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