The Tax Computation

Introduction	301
Itemized Deductions	302
The Standard Deduction	303
Special Standard Deduction Limitations for Dependents	304
Special Rules for Married Persons Filing Separate Returns	305
Individuals Not Eligible For the Standard Deduction	306
How The Tax is Computed	307
The Tax Rate Structure	308
Rounding Off to Whole Dollar Amounts	309

Early Attempts at Income Taxation	101
The Present Income Tax Law	102
Introduction – General Principles – Definitions	103
Classification of Taxpayers	104
Purpose of the Income Tax Return – Withholding and Estimated Tax	105
Accounting Period -The Taxable Year	106
Accounting Methods	107
The Cash Basis	108
The Accrual Basis	109
Change in Accounting Method	110
When to File the Income Tax Return	111
Penalties	112
Installment Payment of Tax	112A
Where and How To File Manual and Electronic Filing	113
Who Must File a Return	114
Joint Return of Husband & Wife	115
Separate Return of Husband & Wife	116
Who is considered as “Married”?	117
Special Provision for Married Persons Living Apart	118
Minors	119
The Tax Return Forms and Schedules	120
Payment of the Tax	121
Section II
Introduction	122
Gross Income	123
Deductions from Gross Income	124
Adjusted Gross Income	125
Deductions from Adjusted Gross Income	126
Taxable Income	127
Tax Credits	128
The Filing Requirements for Special Taxpayers	129

Syllabus

Introduction	301
Itemized Deductions	302
The Standard Deduction	303
Special Standard Deduction Limitations for Dependents	304
Special Rules for Married Persons Filing Separate Returns	305
Individuals Not Eligible For the Standard Deduction	306
How The Tax is Computed	307
The Tax Rate Structure	308
Rounding Off to Whole Dollar Amounts	309

Early Attempts at Income Taxation	101
The Present Income Tax Law	102
Introduction – General Principles – Definitions	103
Classification of Taxpayers	104
Purpose of the Income Tax Return – Withholding and Estimated Tax	105
Accounting Period -The Taxable Year	106
Accounting Methods	107
The Cash Basis	108
The Accrual Basis	109
Change in Accounting Method	110
When to File the Income Tax Return	111
Penalties	112
Installment Payment of Tax	112A
Where and How To File Manual and Electronic Filing	113
Who Must File a Return	114
Joint Return of Husband & Wife	115
Separate Return of Husband & Wife	116
Who is considered as “Married”?	117
Special Provision for Married Persons Living Apart	118
Minors	119
The Tax Return Forms and Schedules	120
Payment of the Tax	121
Section II
Introduction	122
Gross Income	123
Deductions from Gross Income	124
Adjusted Gross Income	125
Deductions from Adjusted Gross Income	126
Taxable Income	127
Tax Credits	128
The Filing Requirements for Special Taxpayers	129