Contribuciones

Taller 1

Contribución sobre Ingresos Federales
Acco 707

Anejo A
1. Define :
a. Gross Income- income realized in any form whether in money, property and services.
b.Exclusions - gifts, interest on state and local bonds, disaster relief payments, and federal income tax refund.
c. Inclusion’s- net income derived from business, interest, rents, royalties, dividends,pension, and distribution share of partnership gross income.
d. Deduction for adjusted gross income (AGI) - The term adjusted gross income refers to an amount of income used to determine a taxpayer’s total income tax liability.  The "adjustments" to gross income are created by allowable deductions that are part of the IRS tax code.
e. Deductions from AGI- Taxpayers can arrive at grossincome by adding up the following components:
• Wages
• Interest & Dividend Income
• Alimony received
• Business Income from Partnerships
• Taxable Pensions
• VariousSocial Security benefits
• Rental income
• Capital Gains
• Royalty Income
• Unemployment compensation
• Farm Income

f. Tax credits - The following list of deductions lowergross income and allow you to determine your adjusted gross income:
• Business Expenses
• Expenses related to rents & royalties
• Certain losses from the sale/exchange of property• Education and student loan interest expenses
• Alimony Payments
• Certain contributions to savings plans such as Keogh, and Traditional IRA
• Medical savings account contributions• 50% of self employment tax
• Health Insurance deduction for the self employed
g. Withholdings and other payments- Withholding tax is a government requirement for the payer of an item ofincome to withhold or deduct tax from the payment, and pay that tax to the government. In most jurisdictions withholding tax applies to employment income. Many jurisdictions also require withholding...