One opportunity is to ask students to use Excel to compute or confirm the tax calculation using the tax rate schedules
. For this portion of the assignment, students can confirm the tax based on the tax return as prepared, considering tax on long-term capital gains and qualified dividends.
User-friendly tax rate schedules
, facts, figures and assorted data make this time-saving section a handy companion.
It was also proposed to simplify the tax on textile and fabric which is now covered under several entries in the tax rate schedules
, which means some are exempted from taxes while other are taxed at the 5 per cent rate.
Tax Rates" report (http://bit.ly/UwHEAD), which includes pro forma income tax rate schedules
, tax credit ranges, retirement savings caps, and many more projections.
The easiest way is to access the IRS tax rate schedules
and apply the applicable income tax rate to the income amount.
The spreadsheet allows planners to choose between two possible tax rate schedules
for individual taxpayers (any determination of whether a Roth conversion is advisable for a particular person must take into account all of that person's particular facts and circumstances).
Income tax before credits (regular tax computation)--This amount consisted of the tax liability on ordinary income, computed by using the tax table or applying the rates from one of the four tax rate schedules
, plus any additional tax (tax on lump-sum distributions from qualified retirement plans).
Given some rough knowledge of how people in various income groups live today, the data presented will show what kind of tax burden those people would have faced given the higher or lower and more or less progressive tax rate schedules
of past years.
The income tax rate schedules
can be found in Appendix B.
Tax rate schedules
for individuals include joint returns for married couples, head of household returns for single individuals with dependents and single returns.
A detailed Contents list and thorough Index make it easy to locate topics, and there are numerous usable sample tax forms, tables, and tax rate schedules
. www.wiley.com A more focused (207-page) look at the tax changes enacted in the four major tax acts of the last two years can be found in J.