This course has been designed to explain what the federal income tax is and how it is computed. Upon completion of this course, you should be able to: Identify how the federal income tax differs from other types of federal taxes. Recognize the history and objectives of the federal income tax. Identify the steps in computing a taxpayer's federal income tax liability. Identify tax consequences for terms commonly used for the federal income tax, such as ""adjusted gross income,"" “qualifying child,” “tax credits,” “filing status,” and “kiddie tax.” Recognize how an individual's standard deduction and exemptions are determined. Identify differences in the tax for ordinary income, capital gains, and qualified dividend income. Identify deadlines for filing income tax returns and estimated taxes and how to obtain an extension of time for filing a return.