Income Taxes | Gross Income

Income tax | Individual tax

What you'll learn

What is included vs excluded when calculating gross income

What type of interest income is included in gross income

What type of dividend income is calculated in gross income

How gross income is different from taxable income

Requirements

No tax or accounting experience is needed.

Description

Gross income is the total amount of money an individual or business earns before any deductions or taxes are taken out. Gross income includes all forms of earned income, such as salary, wages, tips, and bonuses, as well as unearned income, such as rental income, investment income, and dividends.This video takes a visual approach to calculating gross income and the overall impacts to taxable income. Whether you are learning about taxes for your personal finances, or studying for the CPA exam, this course will break the concepts down, provide detailed examples and solutions, and allow you to understand the intuition behind the topics. This course covers everything from included wages and earnings, to taxable portfolio income, and self-employment income. Additional nontaxable items covered include the following: Stock dividend - Stock dividends generally do not have any tax implications until the individual sells the shares of stock received. Therefore, only the basis of each share will change.Stock split - Stock splits will not generate a taxable event. Instead, the individual’s receipt of stock will only evidence the same ownership interest in the corporation that issued the stock.Return of capital - Return of capital is considered a non-taxable event and is not considered either a dividend or a capital gain distribution. The return of capital distribution will reduce the tax basis of an investment and can impact capital gains taxes when the investor eventually sells their shares of stock.

Overview

Section 1: Introduction

Lecture 1 Gross Income Overview

Lecture 2 Elements of Gross Income

Lecture 3 Wages

Lecture 4 Taxable Interest

Lecture 5 Retirement

Lecture 6 Business income

Lecture 7 Ordinary & Necessary Business Expenses

Lecture 8 Self-Employment Tax

Lecture 9 Rental Income

Lecture 10 Miscellaneous Gross Income Part I

Lecture 11 Miscellaneous Gross Income Part II

Lecture 12 Estimated taxes

This is meant for those interested in learning more about individual taxes.,CPA exam candidates.,Anybody who is an individual tax filer in the united states can benefit from this course.