Form 1040 - Income and Other Taxes  

Upon successful completion of this course, the user should be able to:

• use the tax tables and tax rate schedules to determine the tax on a 2020 individual income tax return,

• apply the kiddie tax provisions,

• calculate the alternative minimum tax (AMT) and identify adjustments and preference items as well as current AMT exemption and phaseout amounts,

• apply the self-employment tax,

• properly report Social Security and Medicare tax on tip income not reported to an employer,

• identify the additional taxes on qualified retirement plans and other tax-favored accounts and to whom they apply,

• identify the tax consequences of obtaining excess advance premium tax credits,

• differentiate between and calculate the Medicare tax on net investment income and the additional Medicare tax on earned income, and

• determine how and when other taxes are reported, such as recapture taxes and household employment taxes.