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Federal Income Tax System
Overview
Analyze official rules and instructions of th Federal Income Tax System to determine an individual’s tax liability and complete a basic tax return.
Note: Completing a tax return requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order. Incorrect entries in this assessment will result in
incorrect entries in future assessments. Do not complete Assessment 2 until you have submitted and received faculty feedback for Assessment 1.
Federal Income Tax System
Using an official primary source to obtain answers to tax questions is an essential academic skill and step toward financial literacy.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Analyze the background of the federal income tax system.
o Provide evidence of requirements for a tax return from an official primary source.
o Determine whether filing a return is mandatory for a scenario.
o Determine filing status.
o Determine filing cost for an e-return.
Competency 2: Analyze the basics of individual income tax return preparation.
o Analyze official rules, instructions, and tax tables to determine the tax owed.
o Analyze official rules, instructions, and tax tables to determine the amount of a refund.
Federal Income Tax System
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Context
“The art of taxation consists in so plucking the goose to obtain the largest amount of feathers with the least possible amount of hissing.” — Jean-Baptiste Colbert, French Minister of Finance from 1665 to 1683 under the rule of King Louis XIV. If the scenario described in Colbert’s quote seems familiar, it is probably because it is repeated annually by the millions of U.S. citizens who are obligated to pay homage to the Internal Revenue Service by remitting many of their hard-earned
dollars because they underpaid Uncle Sam throughout the prior tax year. The federal tax system is a huge structural machine that seems more complex each year.
Try to keep the hissing down as we begin to pluck the feathers off the goose one at a time.
Reference
Quotegarden.com. (n.d.). Quotations about taxes. Retrieved from http://www.quotegarden.com/taxes.html
Question to Consider
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
Federal Income Tax System
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Until what age can a parent claim a child as a dependent?
How much money does a person have to earn to trigger the filing requirement?
Is it necessary to purchase tax software to calculate every return?
Resources
The following resources are required to complete the assessment.
Internet Resources
Access the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication.
IRS.gov is the homepage for the federal IRS Web site. Use the tabs at the top of the page to navigate the site. The Interactive Tax Assistant and Tax Trails are tools that walk you through a series of questions to find answers to taxn questions.
Download the appropriate forms and publications from the IRS Web site to ncomplete this assessment.
IRS.gov. (n.d.). Retrieved from http://www.irs.gov/
IRS. (n.d.). Interactive tax assistant. Retrieved from http://www.irs.gov/uac/Interactive-Tax-Assistant-(ITA)-1
IRS. (n.d.). Tax trails. Retrieved from www.irs.gov/Individuals/Tax-Trails%2d%2d%2dMain-Menu
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