Financial Planning Body of Knowledge

The Financial Planning Body of Knowledge (FP-BoK) describes knowledge expected of CFP^® professionals and QAFP^TM professionals.

knowledge topics

Identify federal tax deductions and credits for employees.¹
Identify employment expenses that may be deducted against employment income.
- For salaried employees²
- For commission employees³
- For transportation employees⁴
- For forestry operations⁵
- For employed artists⁶
- For employed tradespersons⁷
Explain eligibility criteria for federal tax deductions and credits for employees.¹
Estimate the tax impact of claiming a federal tax deduction or credit for employees.

Define

To state exactly the meaning of
Identify

To be aware of / to recognize and correctly name / to locate an appropriate resource
Explain

To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
Compare

To note the similarities and differences between two or more things
Estimate

To determine an approximate value for
Calculate

To find the value using mathematics
Convert

To change from one form or purpose to another
Evaluate

To reach a conclusion or make a judgement through careful study
Interpret

To give the meaning of / to construe or understand / to translate orally

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