第17章 个人所得税（课件）- 《财政学（第十版）》同步教学（人大版）

THE PERSONAL INCOME TAX Chapter 17 1 Computation of Federal Personal Income Tax Liability Start with Tax Base Wages and compensation, interest, dividends, capital gain (or loss), business income (or loss), pensions, farm income (or loss), rents, royalties, Social Security benefits, etc. Subtract by “Above-the-line” deductions Trade or business expenses, moving expenses, educator expenses, self-employed health insurance premium payments, student loan payments, tuition and fees, alimony paid, etc. Equals Adjusted Gross Income Subtract Exemptions Phaseout with income Compare Larger of: Standard Deduction or Itemized Deductions Charitable contributions, home mortgage interest, state and local taxes, medical expenses in excess of 10% of AGI, casualty and theft losses, non-reimbursed employee expenses; Differs by filing status Phaseout with income Equals Taxable Income Apply Tax Rate Seven ordinary rates (10%, 15%, 25%, 28%, 33%, 35%, 39.6); differs by filing status; special rates for dividends and capital gains Equals Tax Liability Before Credits Subtract Tax Credits Child tax, additional child tax, EITC, HOPE and Lifetime Learning, electric vehicles, health coverage tax, adoption, mortgage interest, retirement savings contribution, child and dependent care credit, credit for the elderly or the disabled, D.C. First-Time homebuyer’s credit, etc. Phaseout with income Equals Regular Tax Liability Start over to determine AMT tax liability using AMT base. Pay tentative AMT liability in excess of regular tax liability Then Pay Tax or Claim Refund Incur additional compliance, administration, and efficiency costs 17-2 2 Haig-Simons Income (Comprehensive Income) Income = Consumption + DNet Worth Maximum consumption taxpayers can enjoy without spending down their wealth Anything received that can be used, either now or later, to purchase goods and services Subtract costs of earning income 17-3 3 Items Included in H-S Income Employer pension contributions and insurance purcha