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Individual tax calculation

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Lecture notes on Individual federal income taxes. Going over deductions, dependants, federal income tax calculation, additional taxes, filing statuses.

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  • October 8, 2024
  • 1
  • 2024/2025
  • Class notes
  • Elizabeth lyon
  • All classes
All documents for this subject (1)
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emilyvona
Additional Taxes
Kiddie tax-net unearned income of a
dependent child
-




is taxed at
parent's marginal
tax rate

-

2024 net unearned income = unearned income - 2 600
,



1) calculate taxable income (using standard deduction of
I
dependent taxpayer) net unearned income

2) net unearned income taxed&
parents marginal
tax rate
3) remainder taxable income taxed of
dependants
tax rate (10 % for first 11, 600 in 2024)
4) add from 203
tax
together liability
net unearned Kiddie tax
negative income
-


means
doesn't
apply.




additional medicare tax 9%
wages S
- -

tax on

of $200 000 (unmarried
self employment income in excess
,
$250 000 (married)
,
-

net investment income tax -
3 8 % tax
. on the lesser of
1) net investment income or

2) modified AGI over $200 000 (unmarried
,
$250 000 (married)
,

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