Income Taxes – Gross Income

Published 1/2023
MP4 | Video: h264, 1280×720 | Audio: AAC, 44.1 KHz
Language: English | Size: 413.10 MB | Duration: 0h 50m
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.

Homepage

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