ACCT 2000 Study Guide - Filing Status, Life Insurance, Approximation
Document Summary
Filing status: know these and their standard deduction values, single 6,100, unmarried/legally separated or divorced and do not qualify for another filing status, married filing jointly 12,200, husband/wife usually advantageous to file together less combined tax, married filing separately 6,100, only advantageous under certain limited situations (i. e. high medical bills, head of household 8,950, unmarried with dependent children. Gross income: common inclusions in gross income (taxable items of income), compensation for services (w2, 1099s, tips, alimony, capital gains and losses (from sale of investments, dividends/interest, employee benefits/bonuses, gambling winnings, rents, retirement pay, scholarships (room & board, unemployment compensation, common exclusions from gross income. Men in black (mbi) gifted damages for personal injury, disability, and tuition scholarship ) (cs gifted inheritance and life insurance : child support payments, damages for personal injury, disability benefits, gifts, inheritance, life insurance proceeds, municipal bond interest (mbi, scholarships (tuition, books, & supplies)
