How to calculate average, effective and marginal tax rates

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Reference no: EM133375244

Questions:

How to calculate average, effective and marginal tax rates
How to compare the pre-tax and after-tax returns of both taxable and tax-exempt bonds (e.g., implicit tax vs. explicit tax)
The definition of a "tax"
The different examples of progressive, regressive and flat tax systems
The sources of Federal tax revenue and the sources of state revenue
The different systems the IRS uses to select a return for audit.
When tax returns are due (both with and without extensions) for individuals and corporations
The different types of IRS audits
The difference between the 30-day and 90-day letters
The different types of primary authorities and which ones have the highest authoritative weights
The different kinds of court forums a taxpayer may file suit in after an audit (i.e., Tax Court, District Court, Federal Claims Court)
How the Golson rule and stare decisis work
How tax deductions affect taxpayers in higher tax brackets different than those in lower brackets
How to calculate when the Statute of Limitations ends for a tax return
How to work through the tax formula to determine Gross Income, Adjusted Gross Income, Taxable Income, Tax Liability, etc.
How the standard deduction differs among the filing statuses
How to determine if someone is a dependent of a taxpayer using both the Qualified Child test and the Qualified Relative test
When a taxpayer is able to use qualifying widow(er) as a filing status
How Multiple Support Agreements work
What the common types of "for" and "from" AGI deductions are
The difference in "realized" and "recognized" income

Reference no: EM133375244

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