About This Chapter
Preparing Individual Taxes - Chapter Summary
Get up to speed on the preparation of individual taxes with this helpful chapter. You'll cover topics including the definition of the alternative minimum tax, tax considerations for household employees, as well as tax considerations and forms for clergy members. This chapter is also designed to help you:
- Outline the forms needed for credit for prior-year minimum tax
- Explain the different types of income in respect of the decedent (IRD) property
- Define net investment income tax
- Discuss the tax forms needed for Medicare and Social Security
- Identify special types of individual income credits and taxes
- Describe the penalties for certain tax deposition issues
- Detail the process involved in filing claims for tax refunds
As you work through this chapter, our instructors are available to answer your questions if you get stuck along the way. You can also take the quiz that follows each lesson to test yourself and identify any areas that need further review. Studying is a flexible process with our learning tools, which are available to you 24 hours a day on your mobile device or computer.
1. Alternative Minimum Tax: Definition & Example
Despite having been around for more than 50 years, the alternative minimum tax has only recently been updated. In this lesson, learn exactly what it is and see an example of it at work.
2. Tax Considerations & Forms for Clergy Members
Members of the clergy may be eligible for exclusions of a portion of their income from certain taxes depending on their working conditions and religious beliefs. In this lesson we will review these considerations and the reporting requirements.
3. What is the Net Investment Income Tax?
In this lesson we will discuss the Net Investment Income Tax, with a focus on when individual taxpayers must pay the tax and how they go about calculating and reporting the amount of the tax.
4. Social Security & Medicare Tax Forms
Whether you're an employee or a contractor makes a big difference for your income, Social Security and Medicare taxes. Let's look at the tax forms for each, as well as the form that reports uncollected amounts when a worker is misclassified.
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Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Income & Asset Tax for Individuals
- Retirement Income Taxation
- Real & Personal Property Taxes
- Itemized Tax Deductions for Individuals
- Tax Credits for Individuals
- Advising Individual Taxpayers
- Specialized Tax Returns for Individuals
- Tax Considerations for Business Entities
- Tax Considerations for Business Partnerships
- Tax Considerations for Corporations
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Advising Business Taxpayers
- Specialized Tax Returns for Businesses
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards