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Individual Tax Part Four – Calculating Taxes

In parts One to Three of this series, participants learned how to calculate taxable income.  In this course, participants will learn how to calculate the various types of taxes that individual taxpayers may be liable to pay.  The course includes discussions on the following topics:

  • Alternative Minimum Tax
  • Self-Employment Tax
  • Additional Medicare Tax on Earned Income
  • Net Investment Income Tax
  • Additional taxes on IRA and Pension withdrawals
  • Repayment of the First-Time Homebuyer Credit
  • Employment Taxes for Household Employees

LEARNING OBJECTIVES

By the end of this course, Individual Tax Part Four– Calculating Taxes,  participants will be able to:

  • Calculate the total amount of income taxes an individual must pay with his return
  • Name the adjustments and preferences for the alternative minimum tax
  • Compute the alternative minimum tax
  • Establish who is subject to self-employment tax
  • Calculate net earnings from self-employment and the self-employment tax
  • Compute the additional Medicare tax on earned income
  • Identify the types of investment income subject to the net investment income tax
  • Calculate the net investment income tax
  • Compute the recapture of the first-time homebuyer credit
  • Figure employment taxes for household employees
  • Identify the different types of other taxes reportable on an individual tax return
  • Determine how to report these other taxes on the tax return and complete the applicable forms or schedules

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice