 | Learning Objectives
(See related pages)
When you have completed this chapter, you should understand the following learning objectives (LO):
- Describe the expanded tax formula and the components of the major sections of Form 1040A and Form 1040.
- Determine the proper filing status.
- Calculate personal exemptions.
- Calculate dependency exemptions.
- Determine the standard deduction.
- Compute the amount of tax due to the Internal Revenue Service (IRS).
- Determine what interest and penalties the IRS can assess and in what instances certain penalties are applicable.
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