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1、CHAPTER17THEPERSONALINCOMETAXComputationofFederalPersonalIncomeTaxLiabilityTaxBase“Above-the-line”deductionsAdjustedGrossIncome-ExemptionsLargerofstandarddeductionoritemizeddeductionsTaxableIncometaxrateTaxliabilitybeforecreditsTaxcreditsRegulartaxliabilityWagesandcompensation,interest
2、,dividends,capitalgain(orloss),businessincome(orloss),pensions,farmincome(orloss),rents,royalties,SocialSecuritybenefits,etc.Tradeorbusinessexpenses,movingexpenses,educatorexpenses,self-employedhealthinsurancepremiumpayments,studentloanpayments,tuitionandfees,alimonypaid,etc.Phase-outw
3、ithincomeCharitablecontributions,homemortgageinterest,stateandlocaltaxes,medicalexpensesinexcessof7.5%ofAGI,casualtyandtheftlosses,non-reimbursedemployeeexpenses;Phaseoutwithincome;DiffersbyfilingstatusSixordinaryrates(10%,15%,25%,28%,33%,35%);differsbyfilingstatus;specialratesfordivid
4、endsandcapitalgainsChildtax,additionalchildtax,EITC,HOPEandLifetimeLearning,electricvehicles,healthcoveragetax,adoption,mortgageinterest,retirementsavingscontribution,childanddependentcarecredit,creditfortheelderlyorthedisabled,D.C.First-Timehomebuyer’scredit,etc.;Phase-outwithincomeSt
5、artovertodetermineAMTtaxliabilityusingAMTbase.PaytentativeAMTliabilityinexcessofregulartaxliabilityPaytaxorclaimrefundHaig-SimonsIncome(ComprehensiveIncome)Income=Consumption+DNetWorthMaximumconsumptiontaxpayerscanenjoywithoutspendingdowntheirwealthAnythingreceivedthatcanbeused,eithern
6、oworlater,topurchasegoodsandservicesSubtractcostsofearningincomeItemsIncludedinH-SIncomeEmployerpensioncontributionsandinsurancepurchaseTransferpayments,includingSocialSecuritybenefits,unemploymentcompensation,andwelfareCapitalgainsRealizedversusunrealizedIncomeinkindImputedrentSomePra
7、cticalandConceptualProblemsComputingincomenetofbusinessexpensesComputingcapitalgainsandlossesComputingimputedincomefromdurablesValuingin-kindservicesEvaluatingtheH-SCriterionEquity–treatslikesalikeEfficiency–treatsallformsofincomethesame;decisionsmadeonthebasisofeconomicvaluenottaxco
