100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Becker CPA Regulation R1 Detailed Questions and Expert Answers $15.49   Add to cart

Exam (elaborations)

Becker CPA Regulation R1 Detailed Questions and Expert Answers

 9 views  0 purchase

Becker CPA Regulation R1 Detailed Questions and Expert Answers

Preview 4 out of 31  pages

  • August 10, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (3)
avatar-seller
Schoolflix
Becker CPA Regulation R1 Detailed Questions and
Expert Answers

M1-Individual taxation formula(1040) - ANS Gross Income

<Adjustments>

---------------------

Adjusted Gross Income

<Standard Deduction OR Itemized Deductions>

<Exemptions>

---------------------

Taxable Income B4 QBI Deduction

<QBI Deduction>up to 20 percent for only Pass thru entities

_______________________________

TAXABLE INCOME

Federal Inc Tax(regular or alternative minimum tax)

<Tax Credits>

Other Taxes(soc sec/self employment)

<Payments>

-------------------

Tax Due OR Refund



Gross Income Items - ANS wages

,interest inc

dividends

state tax refunds

alimony received(cannot include if divorced after 12/31/18)

business income

capital gain/loss

IRA income

pension/annuity

rental income/loss

k-1 income/loss(partnership/llc)

unemployment compensation

social security benefits

other income



Adjustment items - ANS Educator expenses

IRA

Student loan interest expenses

tuition and fee deduction

health savings account

moving expenses(Only Military moving)

one half self employment FICA

Self-employed health insurance

,self-employed retirement

interest withdrawal penalty

alimony Paid(cannot deduct if divorced after 12/31/18



Itemized deduction items (I.D) - ANS Medical (in excess of 7.5% of AGI)

taxes - state/local (income, sales & property up to $1000)

interest expense (home and investment)

charity (up to 60% of AGI)

casualty/theft attributable to federal disaster (in excess of 10% of AGI)



**You can opt for Std Deduction( form 1040EZ) instead of I.D



Who must file? - ANS General Rule:

Income is equal to or greater than:

-the regular standard deduction (except for married filing separately), plus

-the additional standard deduction for taxpayers 65+ or blind (except for married
filing separately)



Exceptions:

-individuals with net earnings from self employment are $400 or more

-individuals who can be claimed as dependents with: unearned income of more
than $1050, earned income of more than $6300, or total income which exceeds
the larger of $1000 or earned income plus $350

, When to file (individual taxpayers) - ANS April 15



Extension for individual tax payers - ANS October 15, BUT payments must be
MADE(must file form 4868 by April 15)



Taxpayers out of the country get automatic two-month extension (no filing
required for extension)



Filing Status: Single - ANS any taxpayer that does not qualify for another filing class
must use the single status by default

1. single at yearend

2. legally separated



End-of-Year Test - ANS December 31st decides the filing status



Filing status: Joint Return - ANS parties must be married at the end of the year,
living together in a recognized commonlaw marriage, or married living apart (but
not legally separated)



*if one spouse dies during the year, a joint return may be filed



Filing status: Married filing separately - ANS Taxpayers are legally married as of the
last day of the year. Generally no tax advantage to filing separately (usually a

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$15.49
  • (0)
  Add to cart