Annuity contracts generally involve the purchaser (the annuitant) paying a fixed amount for the right to receive a future stream of payments. Typically, the issuer of the contract is an insurance company and will pay the annuitant a cash value if the annuitant cancels the contract. The insurance company invests the amounts received from the […]

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When a married couple divorce or become legally separated, state law generally requires a division of the property accumulated during the marriage. In addition, one spouse may have a legal obligation to support the other spouse. The Code distinguishes between the support payments (alimony or separate maintenance) and the property division in terms of the […]

Section 61(a) of the Internal Revenue Code defines the term gross income as follows: Except as otherwise provided in this subtitle, gross income means all income from whatever source derived. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]

Capital assets include any property held by the taxpayer other than inventory, accounts receivable, and depreciable property or real estate used in a business. Thus, the sale or exchange of assets in these categories usually results in ordinary income or loss treatment. To arrive at a net capital gain, capital losses are taken into account. […]

The tax liability is computed using either the Tax Table method or the Tax Rate Schedule method. Most taxpayers compute their tax using the Tax Table . Eligible taxpayers compute taxable income. The basic Federal income tax rate structure is progressive, with current rates ranging from 10 percent to 37 percent. My website: https://farhatlectures.com/ Facebook […]

The amount of tax varies considerably depending on which filing status 34 the taxpayer uses. One’s filing status is determined for every tax year. There are five filing statuses, and all taxpayers will file a return based on the filing status selected: Single, Married, filing joint, Married, filing separately, Surviving spouse (qualifying widow or widower), […]

Generally, an individual must file a tax return if gross income equals or exceeds the applicable standard deduction. A married taxpayer filing a separate return is required to file a return if he or she reports any amount of gross income. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]

The child tax credit and the dependent tax credit are provided to individual taxpayers based on the number of their qualifying children and dependents. A $2,000 tax credit is allowed for each qualifying child. In addition, a $500 tax credit is allowed for each dependent of the taxpayer. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: […]