Federal Income Tax Professor Lon Sobel Southwestern Law School Study Guide Fall 2010 Copyright © 2010 by Lionel S. Sobel SCALE – Federal Income Tax SCALE – Federal Income Tax Southwestern Law School FEDERAL INCOME TAX Syllabus‚ Course Requirements‚ and Grading Criteria Professor Lon Sobel SCALE II- Period 4 Fall 2010 PHONE: 213-738-6756 EMAIL: lsobel@swlaw.edu OFFICE: BW325 ___________________________ I. COURSE MATERIALS A. Required Text or Course Materials The assigned readings
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INVESTMENT DECLARATION FORM FOR FY 2012-13 Exemption and Deduction u/s 10‚ 24 & 80 Of Income Tax Act‚ 1961 | |Employee ID |AD2C014 | |Employee Name |Avinash Kumar Pandey |No of School going|No of Hostel | | |
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Task 1. What is the weekly pay‚ before deductions or expenses‚ at job 1? At Job2? JOB 1 – $50310/52 = $967.50 JOB 2 – 20.50 x 30 = $615 Task 2. How much are weekly payroll deductions at job1? At job2? JOB 1 – $967.50 – 12% = 851.40 967.50 – 851.40 = $116.10 JOB 2 – $615 – 12% = 541.20 615 – 541.20 = $73.80 Task 3. What are the weekly job-related expenses at Job1? At Job2? JOB 1 – $.35 x 45miles x 5 days = 78.75 78.75 + 50 = $128.75 + 116.10 = $244
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Canadian Tax Principles Chapter 1 Introduction To Federal Taxation In Canada Copyright © 2014‚ Clarence Byrd Inc. 1 Canadian Tax Principles Alternative Tax Bases • Federal Revenues $263.8 Billion – 2013/14 – Personal Income (49.8%) – Corporate Income (13.1%) – GST (11.3%) – EI Premiums (8.3%) Copyright © 2014‚ Clarence Byrd Inc. 2 Canadian Tax Principles Taxable Entities – Income Tax • • • Individuals Corporations Trusts Copyright © 2014‚ Clarence Byrd Inc. 3 Canadian Tax Principles
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Rajiv Gandhi Equity Saving Scheme (RGESS)‚ investors whose annual income is less than Rs 10 lakh can invest in it. You will be able to invest in this scheme up to Rs 50‚000 and get a deduction of 50 per cent of the investment So if you invest Rs 50‚000 (maximum amount you can invest)‚ you can claim a tax deduction of Rs 25‚000 (50 per cent of Rs 50‚000). The scheme is not for existing investors (Those who have a demat account are considered as existing investors as per RGESS but more about this
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$300K because presumably he has business deductions. Issue b) How is the $25‚000 treated for purposes of federal tax income? Applicable Law & Analysis: The $25‚000 is the reimbursement John for the expenses that were paid in advance for this client. Under Code§1.61-3(a)‚ the funds are considered as incidental income. John would have to maintain the receipts from the expenses that he has incurred so that the proceeds will have a balancing deduction. The expenses were necessary for his business
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Mediclaim vs Critical Illness Policies - What’s the Difference? There are various kinds of health insurance policies available in the market. The basic types are mediclaim policies (also called health insurance policies)‚ critical illness policies‚ hospitalization cash benefit‚ unit-linked health insurance plans and senior citizens’ health plans. A lot of people often get confused between general health plans (also called mediclaim policies) and critical illness policies. This post makes an attempt
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2011 For calendar year 2011‚ or tax Part III Partner’s Share of Current Year Income‚ Deductions‚ Credits‚ and Other Items 1 Ordinary business income (loss) 15 Credits Final K-1 Amended K-1 OMB No. 1545-0099 Jan Dec ‚ 2011 ‚ 20 103‚300 2 3 4 5 6a 6b 7 Net rental real estate income (loss) Other net rental income (loss) 16 Foreign transactions 11 Partner’s Share of Income‚ Deductions‚ ▶ See back of form and separate instructions. Credits‚ etc. Part I A B 3‚000 Guaranteed
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income is taxed at progressive rates on gross income after deduction of personal and additional exemptions but without deductions for expenses. Passive income: This income (i.e. dividends‚ certain interest‚ royalties‚ etc.) is subject to final withholding tax only. Business income and professional income: This income is taxed at progressive rates on net business income‚ or income from the practice of a profession‚ i.e. after deduction of certain specified expenses and any excess of personal and
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AMT burden; this can be done through state withholding estimates‚ property tax payments and converting to a Roth IRA plan. The Alternative Minimum Tax (AMT) was created in 1969 to ensure that ‘wealthier’ people who benefited from more itemized deductions and credits pay a minimum amount of tax. The AMT is calculated separately from an individual’s ‘1040 taxable income’ and disregards certain (primarily business-related) tax credits‚ thus increasing an individual’s tax liability. Generally speaking
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