1040 Preparation and Planning 7: Special Tax Computations (2015 Edition) (00679582, 2015 Edition)
This course looks at special tax computations. It examines AMT, which is designed to tax certain items (tax preferences) that would normally escape being taxed. The course reviews the self-employment tax, which allows self-employed individuals to participate in the Social Security program. It reviews which Individuals are subject to the self-employment tax and Schedule SE. The course covers the kiddie tax, which part of a child's net investment income may be subject to the kiddie tax, and how much of a child's Investment income is taxed at the parents' rate. Form 8615 is reviewed, as are the conditions when parents may elect to report the child's income on their return.