MGMT 132A Lecture Notes - Lecture 1: Standard Deduction, Form 1040, Qualified Dividend

• School: UC-Irvine
• Department: Management
• Course: MGMT 132A
• Professor: Machiavelli Chao

Document Summary

Mandatory payments to the government with no correlation to the amount to we pay. Progressive tax: the lower your income, the lower your tax rate. The higher your income, the higher your tax rate. Gross income deductions for agi = agi (adjusted gross. A. 2. c. agi itemized or standard deduction personal exemptions = Taxable income x tax rate = tax owed. Tax owed tax credits tax payments/withholding = tax. Gross income >= personal exemption amount (,900)+ the applicable standard deduction (married, single status) Single (not married) status determined on december 31 and what the status was for a majority of the year. Married filing separately = choosing to file their own tax. Requirements: no dependents, under age of 65 and not blind, taxable income < ,000. April 15th but can apply for an extension october 15th. If october 15th falls on a saturday, then they are due on the 17th. If it"s on sunday, then on the 16th.