Individuals Tax

Filing Status
- S[Single]
- MFJ[Married Filing Jointly]
- MFS[Married Filing Separately]
- SS[Surviving Spouse]
- HH[Head of Household]

Exemptions

Personal Exemption

2000	1999	1998
$2,800	$2,750	$2,700

Spousal Exemption
Dependency Exemption

	exemption test		medical and dental expenses test
J	Joint return
M	Member of household or related
C	Citizenship	U.S.,Canada or Mexico
G	Gross income	below $2,800
S	Support	above 50%

Phase-out Threshold Amouts Schdule

gross income[AGI]

	2000	1999	1998
Joint Returns	$193,400	$189,950	$186,800
Head of Household	$161,150	$158,300	$155,600
Single Individual	$128,950	$126,600	$124,500
Married Filing Separately	$96,700	$94,975	$93,400

Filing Requirements
Realization & Recognition

Exclusions From Gross Income

Modified adjusted gross income

AGI + tax-exempt (interest) income

Life Insurance
Annuities
Gifts,Bequests,Inheritances
Certain Prizes , Awards
Scholarships , Fellowships
Gain on the Sale of Pricipal Residence
Amounts Receoved for Personal Injury
Interest on Tax-exempt government obligations

Social Security Benefits

% of benefits taxed	Provisional Income Amounts
	MFJ	Single	MFS
0%	$1 to $31,999	$1 to $24,999	n/a
50%	$32,000 to $43,999	$25,000 to $33,999	n/a
85%	$44,000 and more	$34,000 and more	$1 and more
85% +	$6,000	$6,000

Inclusion in Gross Income

7	Wages,salaries,tips,etc.Attach Form(s) W-2
8a	Taxable interest.Attach Schedule B if required.
8b	Tax-exempt interest.DO NOT include on line 8a
9	Ordinary dividends.Attach Schedule B if required.
10	Taxable refunds,credits,or offsets of state and local income taxes
11	Alimony received
12	Business income or (loss).Attach Schedule C or C-EZ
13	Capital gain or (loss).Attach Schedule D if required.
14	Other gains or (losses).Attach Form 4797
15a	Total IRA distributions.b Taxable amount
16a	Total pension and annuities
17	Rental real estate,royalties,partnerships,S corporations,trusts,etc.Attach Schedule E
18	Farm income or (loss).Attach Schedule F
19	Unemployment compensation
20a	Social security benefits.b Taxable amount
21	Other income.List type and amount.
22	Add amounts in the far right column for 7 through 21.This is your total income

Deductions for AGI Add lines 23 through 31a.

23	IRA deduction
24	Student loan interest deduction
25	Medical savings accunt deduction.Attach Form 8853
26	Moving expenses.Attach Form 3903
27	One-half of self-employment tax.Attach Schedule SE
28	Self-employed health insurance deduction.
29	Keogh and self-employed SEP aand SIMPLE plans.
30	Penalty on early withdrawal of savings.
31a	Alimony paid.b Recipient's SSN
32
33	Subtract line 32 from line 22.This is your adjusted gross income

Deductions From AGI

	Medical and Dental Expenses
1	Medical and dental expenses
2	Enter amount from 1040,line 34
3	Multiply line 2 above 7.5%
4	Subtract line 3 from line 1.If line 3 is more than line 1,enter -0-.
	Taxes You Paid
5	State and local income taxes
6	Real estate taxes
7	Personal property taxes
8	Other taxes.
9	Add lines 5 through 8
	Interest You Paid
10	Home mortgage interest and points reported to you on Form 1098
11	Home mortgage interest not reported to you on Form 1098.If paid to the person from whom you bought home,see page A-3 and show that person's name,identifying no,and address
12	Points not reported to you on Form 1098.
13	Investment interest.Attach Form 4952 if required.
14	Add lines 10 through 13
	Gifts to Charity
15	Gifts by cash or check.If you made any gift of $250 or more see page A-4.
16	Other than by cash or check.If you made any gift of $250 or more see page A-4.You Must attach Form 8283 if over $500.
17	Carryover from prior year
18	Add lines 15 through 17
	Causualty and Theft Losses
19	Causuality or theft losses.Attach Form 4684.
	Job Expenses and Most Other Miscellaneous deductions
20	Unreimbursed employee expenses-job travel,union dues,job education,etc.You MUST attach Form 2106 or 2106-EZ if required.
21	Tax preparation fee
22	Other expenses-investment,safe deposit box,etc.
23	Add lines 20 through 22
24	Enter amount from Form 1040,line 34.
25	Multiply line 24 above by 2%
26	Subtract line 25 from line 23.If line 25 is more than line 23,enter -0-
	Other Miscellaneous Deductions
27	Other-from list on page A-6.
	Total Itemized Deductions
28	Is Form 1040,line 34,over $124,500(over $62,250 if married filing separately)? NO.Your deduction is not limited.Add the amounts in the far right column for line 4 through 27.Also,enter on Form 1040,line 36,the larger of this amount or your standard deduction. YES.Your deduction may be limited.See page A-6 for the amount to enter.

Standard deductions

Taxpayer Status	2000	1999	1998
MFJ and SS	$7,350	$7,200	$7,100
S	$4,400	$4,300	$4,250
HH	$6,450	$6,350	$6,250
MFS	$3,675	$3,600	$3,550
MFS,Spouse itemizes	$0	$0	$0

Itemized deductions

Itemized deductions
medical expenses	above AGI 7.5%
taxes
interest expenses
charitable contributions	50%,30,20% of AGI Carryover 5 years.
casualty losses	above AGI 10%
miscellaneous deduction	above AGI 2%

AMT[Alternative Minimum Tax]
1. Regular Taxable Income
2. +NOL Deduction
3. +-Adjustments
  1. standard deduction
  2. medical expenses 10 % floor instead of 7.5%
  3. miscellaneous itemized deductions from Schedule A subject to the 2% threshold
  4. taxes from Schedule A
  5. refund of taxes
  6. home mortgage not due to acquisition
  7. investment interest expenses
  8. depreciation on tangible property placed in service after 1986
  9. circulation & research & experimental expenditures paid or incurred after 1986
  10. mining exploration & development costs paid or incurred after 1986
  11. long-term contracts entered into after February 28,1986
  12. pollution control facilities placed in service after 1986
  13. installment sales of certain property
  14. adjusted gain or loss
  15. incentive stock option
  16. certain loss limitation
  17. tax shelter farm activities
  18. passive activities
  19. beneficiaries of estates & trusts
4. +Tax Preferences
  1. private activity bonds tax-exempt interest
  2. percentage depletion
  3. pre-1987 real property accelerated depreciation
  4. pre-1987 leased personal property accelerated depreciation
  5. intangible drilling costs
5. =AMTI[Alternative Minimum Taxable Income]
6. -Exemption
  
  Filling Status Exemption Phase-out
  
  Married,filling jointly $45,000 $150,000-$330,000
  
  Single or Head of household $33,750 $112,500-$247,500
  
  Married filling separately $22,500 $75,000-$165,000
- AMT Rate
  1. 26 % -$175,000
  2. 28 % $175,000-
- Tax Credit =>only Foreign Tax
Tax Credits
1. Child Care Credit
2. Credit for the Elderly and Permanently Disabled
3. Foreign Tax Credit
4. Child Credit
5. EIC[Earned Income Credit]
6. General Business Credit
7. Adoption Business Credit
8. Adoption Expences Credit
9. Education Credit
Estimated Tax Payments
- Required payment
  - 90 % of the current year's tax
  - A safe harbor percentage(100% <= -$150,000)
- Due Dates
  - 15th day of the 4th,6th,9th month
  - 15th days of the 1st month of the following year

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Filling Status	Exemption	Phase-out
Married,filling jointly	$45,000	$150,000-$330,000
Single or Head of household	$33,750	$112,500-$247,500
Married filling separately	$22,500	$75,000-$165,000