Ch 2: Income & Asset Tax for Individuals

About This Chapter

We offer the study resources you need to prepare for a test that covers income and asset tax for individuals. Among these resources are bite-sized lessons, mini-quizzes and a practice exam, all of which can help improve your comprehension and ability to excel on the test.

Income & Asset Tax for Individuals - Chapter Summary

Gain greater insight into the basics of income and asset tax for individuals using this chapter's fun lessons. Feel confident in your ability to describe the tax treatment of debt forgiveness and foreign-sourced income, define rental and gambling income and explain how passive and non-passive incomes differ. Exploring this chapter will also enable you to:

  • List and describe special types of income and discuss how they are taxed
  • Define residual income, interest income and dividend income
  • Share the meaning and purpose of a constructed receipt of income
  • Identify and discuss tax considerations as they relate to pass-through entities
  • Describe various types of itemized deduction recoveries
  • Explain the reporting requirements of a 1099-MISC
  • Discuss the limits and deductions of self-employment tax
  • Exhibit knowledge of health insurance and HSA tax issues for self-employed individuals

Study income and asset tax for individuals whenever and wherever your schedule permits from any location with an Internet connection. Lessons are available around-the-clock and can be viewed using any tablet, smartphone or computer. Multiple-choice quizzes and a practice exam can quickly and easily check your understanding of this chapter. Any questions you have about topics covered in the lessons can be submitted to our experts using the Dashboard.

6 Lessons in Chapter 2: Income & Asset Tax for Individuals
Test your knowledge with a 30-question chapter practice test
What Is Residual Income? - Definition, Model & Formula

1. What Is Residual Income? - Definition, Model & Formula

Residual income is a highly attractive way to earn money. This lesson discusses two definitions of residual income and gives many examples of how residual income is earned.

Interest Income: Types, Distinctions & Taxation

2. Interest Income: Types, Distinctions & Taxation

In this lesson, we will explain the types of interest income such as interest from corporate bonds, savings accounts, and municipal bonds. We will also discuss how interest income is taxed.

What is a Constructive Receipt of Income?

3. What is a Constructive Receipt of Income?

In this lesson, we will discuss what constitutes constructive receipt of income and address issues related to the timing and distribution of business income.

Tax Treatment of Debt Forgiveness

4. Tax Treatment of Debt Forgiveness

In this lesson, we will discuss the tax treatment of debt forgiveness and the exclusions and exceptions that may apply under the Internal Revenue Code.

What is a 1099-MISC? - Definition & Reporting Requirements

5. What is a 1099-MISC? - Definition & Reporting Requirements

As an enrolled agent, a 1099-MISC form is a type of form that you'll come across fairly regularly. In this lesson, you'll learn what it is used for and when people are supposed to report it on their income taxes.

Self-Employment Tax: Definition, Limits & Deductions

6. Self-Employment Tax: Definition, Limits & Deductions

This article is a simple explanation of self-employment tax, who is subject to it, how it's reported, and how it's calculated. This article will also discuss tips and suggestions on managing the payment of this self-managed tax.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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