knowledge topics
Federal Tax Deductions and Credits for Employees
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- 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.
Glossary of Verbs (mouse over to see definition)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally

REFERENCES
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