Chapter_17个人所得税PPT课件
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Income = Consumption + DNet Worth Maximum consumption taxpayers can enjoy
without spending down their wealth Anything received that can be used, either
Charitable contributions, home
loss), rents, royalties, Social payments, student loan
mortgage interest, state and
Security benefits, etc.
payments, tuition and fees,
Transfer paymentsBaidu Nhomakorabea including Social Security benefits, unemployment compensation, and welfare
Capital gains
Realized versus unrealized
Income in kind
17-6
Excludable Forms of Money Income
Interest on State & Local Bonds Some dividends Capital gains Employer contributions to benefit plans Some types of saving
local taxes, medical expenses
Tax Base
alimony paid, etc.
in excess of 7.5% of AGI, casualty and theft losses, non-
- “Above-the-line” Pdheasde-uoucttions
now or later, to purchase goods and services Subtract costs of earning income
17-3
Items Included in H-S Income
Employer pension contributions and insurance purchase
Tax Liability interest, dividends, capital gain moving expenses, educator (or loss), business income (or expenses, self-employed
loss), pensions, farm income (or health insurance premium
17-5
Evaluating the H-S Criterion
Equity – treats likes alike Efficiency – treats all forms of income the
same; decisions made on the basis of economic value not tax consequences
• Ttaaxxarabtlee Income rcaaDrtn.eCdds.eictfFtaocfiopr.r;sridtPtati-vhThliegdaimaeseineelndd-StPshoeastaourxalymtyrlwittaoeeoibrbtnvhiutltehiaytirenyteitcvruod’oessismdiAcnaeergMbteeldeATrmidMtl,,iiaTnbebilAiatysMeinT.
Tax liability before credexictesss of regular tax liability
- Tax credits
Regular tax liability
Pay tax or claim refund
17-2
Haig-Simons Income (Comprehensive Income)
CHAPTER 17
THE PERSONAL INCOME TAX
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved.
Computation of Federal Personal Income Wages and compensation, Trade or business expenses,
- Exemptions (1e0l%ec,tr1ic5%ve,h2ic5l%es,, health coverage 28ta%x, 3a3d%op,t3io5n%, )m; ortgage interest,
- Larger of standscrdtiehfaftietaliudrressra;mdbnseydpndefditlcieesniapagdlevinnudgecsntctioconatrnreibcuorteirodniit,,temized deductions
Imputed rent
17-4
Some Practical and Conceptual Problems
Computing income net of business expenses Computing capital gains and losses Computing imputed income from durables Valuing in-kind services
Adjusted
Gross Income Child twaixth, aindcdoitmioenal child tax, EITC, Six HorOdPinEaraynrdatLeisfetime Learning,
reimbursed employee expenses; Phase out with income; Differs by filing status
without spending down their wealth Anything received that can be used, either
Charitable contributions, home
loss), rents, royalties, Social payments, student loan
mortgage interest, state and
Security benefits, etc.
payments, tuition and fees,
Transfer paymentsBaidu Nhomakorabea including Social Security benefits, unemployment compensation, and welfare
Capital gains
Realized versus unrealized
Income in kind
17-6
Excludable Forms of Money Income
Interest on State & Local Bonds Some dividends Capital gains Employer contributions to benefit plans Some types of saving
local taxes, medical expenses
Tax Base
alimony paid, etc.
in excess of 7.5% of AGI, casualty and theft losses, non-
- “Above-the-line” Pdheasde-uoucttions
now or later, to purchase goods and services Subtract costs of earning income
17-3
Items Included in H-S Income
Employer pension contributions and insurance purchase
Tax Liability interest, dividends, capital gain moving expenses, educator (or loss), business income (or expenses, self-employed
loss), pensions, farm income (or health insurance premium
17-5
Evaluating the H-S Criterion
Equity – treats likes alike Efficiency – treats all forms of income the
same; decisions made on the basis of economic value not tax consequences
• Ttaaxxarabtlee Income rcaaDrtn.eCdds.eictfFtaocfiopr.r;sridtPtati-vhThliegdaimaeseineelndd-StPshoeastaourxalymtyrlwittaoeeoibrbtnvhiutltehiaytirenyteitcvruod’oessismdiAcnaeergMbteeldeATrmidMtl,,iiaTnbebilAiatysMeinT.
Tax liability before credexictesss of regular tax liability
- Tax credits
Regular tax liability
Pay tax or claim refund
17-2
Haig-Simons Income (Comprehensive Income)
CHAPTER 17
THE PERSONAL INCOME TAX
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved.
Computation of Federal Personal Income Wages and compensation, Trade or business expenses,
- Exemptions (1e0l%ec,tr1ic5%ve,h2ic5l%es,, health coverage 28ta%x, 3a3d%op,t3io5n%, )m; ortgage interest,
- Larger of standscrdtiehfaftietaliudrressra;mdbnseydpndefditlcieesniapagdlevinnudgecsntctioconatrnreibcuorteirodniit,,temized deductions
Imputed rent
17-4
Some Practical and Conceptual Problems
Computing income net of business expenses Computing capital gains and losses Computing imputed income from durables Valuing in-kind services
Adjusted
Gross Income Child twaixth, aindcdoitmioenal child tax, EITC, Six HorOdPinEaraynrdatLeisfetime Learning,
reimbursed employee expenses; Phase out with income; Differs by filing status