ACCT 201 Lecture Notes - Lecture 7: Alimony, Community Property, Payment

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If you make ,000 or less in taxable income, tax rate tables are what you use. If you make ,000 or more in taxable income, tax rate schedules are what you use. Phaseouts for personal and dependency exemptions: 319. Gift loans: lender pays imputed taxes on interest that is not being charged, only if it is under ,000, because banks report over ,000. Difference between accounting and taxable income: accounting income is only recorded when earned, economic (tax) income is only recorded when received/ realized. i. e. You have ascended to wealth by obtaining a degree but you won"t get taxed until you put it to productive use. Accounting methods three primary methods for tax purposes: cash basis = cash in, cash out, accrual basis = accrue revenues and expenses, the accrual basis of accounting follows closely with financial reporting methods. The goal of financial reporting is to make the most money.

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