Income Tax
The filing status requires a gross income at least $12,950 to be required to file a return.
What is Single < 65 years of age?
An individual, other than the taxpayer or their spouse, who entitles the taxpayer to claim an exemption.
What is a dependent?
unmarried with no dependents.
What is single?
An independent contractor, a person who carries on a trade or business as a sole proprietor, an active member of a partnership, or a person who is in business for themselves in any other way.
What is self-employment income?
The filing status where the client is required to file a return if gross income is $21,150.
What is HOH, 65 or older?
Amounts an employer pays directly to an employee or the employee’s care provider for the care of the employee’s qualifying dependent while the employee works, or the fair market value of care in a daycare facility provided or sponsored by the employer.
What is dependent care benefits?
What is HOH?
Income received for services, such as wages, salaries, tips, net earnings from self-employment and professional fees, and any other income received as pay for work actually performed. Earned income also includes taxable scholarship and fellowship grants. A tax on licenses
What is earned income?
The gross income a tax payer can earn if both tax payer and spouse are over 65 for MFJ?
What is $28,700?
Dependent Taxpayer
Test Joint Return Test
Citizen or Resident Test
What are the general tests for dependency?
The tax return status used to determine a taxpayer’s filing requirements, standard deduction, applicable tax, and whether the taxpayer is allowed to claim certain other deductions and credits.
What is Filing status?
Investment income (such as interest, dividends, and capital gains) and other income that is not generated by personal service (such as unemployment compensation, taxable Social Security benefits, pensions, annuities, and alimony).
What is unearned income?
Taxpayer filing MFS must earn to be required to file a tax return.
What is $5?
Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent (or similar statement), signed by the custodial parent.
What is form 8832?
filed when a couple are married legally and file their return together.
What is MFJ?
Gross income minus any adjustments to income, any allowable exemptions, and either itemized deductions or the standard deduction.
What is taxable income?
What does QSS stand for?
Qualifying Surviving Spouse.
To determine who will be allowed to claim a qualifying child when more than one taxpayer claims the same child.
What is the tie breaker rule?
unmarried taxpayer with 4 dependents.
What is HOH?
Cash, property, and services received from all sources unless specifically excluded under the tax code.
What is income?