Cengage Income Tax Fundamentals 2025 – Chapter 2 Comprehensive Problem: Preparing a Tax Return
Автор: ERINNE M. PERRY
Загружено: 2025-09-17
Просмотров: 608
n this video, we walk through the Cengage Income Tax Fundamentals 2025 Chapter 2 comprehensive problem, focusing on preparing a 2024 federal income tax return. Using the example of Donna and Chris Hoser, we cover:
Identifying income sources (wages, dividends, sweepstakes prize, inheritance)
Understanding dependents and filing considerations
Gross income inclusions and exclusions
Using Schedule 1, Form 1040, and Schedule D
Applying the tax tables and calculating liability
How qualified dividends and capital gains are taxed at preferential rates
The completed return shows a tax liability of $4,153, with a $257 refund due after payments. This walkthrough provides step-by-step insight into how gross income is reported, adjustments are applied, and tax liability is determined when preferential tax treatment is involved.
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