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REG > Formulas > Flashcards

Formulas Flashcards

1
Q

Adjusted Gross Income (AGI)

A

Gross Income - Adjustments

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2
Q

Taxable Income before Qualified Business Income (QBI) Deduction

A

AGI - Standard Deduction
or
AGI - Itemized Deductions

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3
Q

Taxable Income

A

Taxable Income before QBI Deduction - QBI Deduction

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4
Q

Tax Due or Tax Refund

A

-Federal Income Tax - Tax Credits + Other Credits - Payments

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5
Q

Individal Income Tax Formula

A

Gross Income
(Adjustments)
__________________
AGI
(Standardized Deductions or Itemized Deductions)
_________________________
Taxable Income before QBI Deduction
(QBI Deduction)
___________________________
Taxable Income

Federal Income Tax
(Tax Credits)
Other Payments
(Payments)
________________________
Tax Due or Tax Refund

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6
Q

Profit or Loss

A

Gross Business Income
(Business Expenses)

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7
Q

Net Rental Income (Loss)

A

Gross rental income
Prepaid rental income
Rent cancellation payments
Improvements in lieu of rent
(Rental expenses)
_____________________________
Net rental income (loss)

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8
Q

Qualified Business Income
(QBI)

A

20% x QBI

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9
Q

3-Step Process for Section 199A Qualified Business Income Deduction

QTB

A
  1. Calculate the tenative QBI deduction
  2. Calculate the overall limitation
  3. Choose the lesser of step 1 and step 2
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10
Q

3-Step Process for Section 199A Qualified Business Income Deduction

SSTB

A
  1. Calculate the tenative QBI deduction
  2. Calculate the overall limitation
  3. Choose the lesser of step 1 and step 2
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11
Q

5-Step Process for Section 199A Qualified Business Income Deduction

QTB

A
  1. Calculate the tenative QBI
  2. Calculate the full W-2 Wage (50%) and 25% of W-2 Wage + 2.5% Property Limitations and choose the greater of
  3. Choose the lesser of step 1 and step 2
  4. Calculate the overall QBI Limitation
  5. Choose the lesser of step 3 and step 4
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12
Q

5-Step Process for Section 199A Qualified Business Income Deduction

SSTB

A

No QBI Deduction

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13
Q

Kiddie Tax Rate Formula

How would you calculate the kiddie tax rate, if a child makes over $2,600? Is the tax rate the child’s marginal rate or parent’s marginal rate?

A

Parent’s Marginal Rate
Unearned Income -$2,600 - $450

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14
Q

Kiddie Tax Rate Formula

How would you calculate the kiddie tax rate, if a child makes between $1,301 and $2,600? Is the tax rate the child’s marginal rate or parent’s marginal rate?

A

Child’s rate
Unearned Income - $2,600

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15
Q

Kiddie Tax Rate Formula

How would you calculate the standard deduction for the kiddie tax rule if the child had earned income and unearned income?

A

The greater of $1,300
or
Earned income + $450

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REG (7 decks)

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