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1、CHAPTER17ThePersonalIncomeTaxCopyright©2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinComputationofFederalPersonalIncomeTaxLiabilityTaxBase“Above-the-line”deductionsAdjustedGrossIncome-ExemptionsLargerofstandarddeductionoritemizedded
2、uctionsTaxableIncometaxrateTaxliabilitybeforecreditsTaxcreditsRegulartaxliabilityWagesandcompensation,interest,dividends,capitalgain(orloss),businessincome(orloss),pensions,farmincome(orloss),rents,royalties,SocialSecuritybenefits,etc.Tradeorbusinessexpen
3、ses,movingexpenses,educatorexpenses,self-employedhealthinsurancepremiumpayments,studentloanpayments,tuitionandfees,alimonypaid,etc.Phase-outwithincomeCharitablecontributions,homemortgageinterest,stateandlocaltaxes,medicalexpensesinexcessof7.5%ofAGI,casual
4、tyandtheftlosses,non-reimbursedemployeeexpenses;Phaseoutwithincome;DiffersbyfilingstatusSixordinaryrates(10%,15%,25%,28%,33%,35%);differsbyfilingstatus;specialratesfordividendsandcapitalgainsChildtax,additionalchildtax,EITC,HOPEandLifetimeLearning,electri
5、cvehicles,healthcoveragetax,adoption,mortgageinterest,retirementsavingscontribution,childanddependentcarecredit,creditfortheelderlyorthedisabled,D.C.First-Timehomebuyer’scredit,etc.;Phase-outwithincomeStartovertodetermineAMTtaxliabilityusingAMTbase.Payten
6、tativeAMTliabilityinexcessofregulartaxliabilityPaytaxorclaimrefundHaig-SimonsIncome(ComprehensiveIncome)Income=Consumption+DNetWorthMaximumconsumptiontaxpayerscanenjoywithoutspendingdowntheirwealthAnythingreceivedthatcanbeused,eithernoworlater,topurchaseg
7、oodsandservicesSubtractcostsofearningincomeItemsIncludedinH-SIncomeEmployerpensioncontributionsandinsurancepurchaseTransferpayments,includingSocialSecuritybenefits,unemploymentcompensation,andwelfareCapitalgainsRealizedversusunrealizedIncomein-kindImputed
8、rentSomePracticalandConceptualProblemsComputingincomenetofbusinessexpensesComputingcapitalgainsandlossesComputingimputedincomefromdurablesValuingin-kindservicesEvaluatingtheH-SCriterionEquity–treatslikesalikeEfficie
