Reflection
Introduction
In this summer course, we took something called taxation which is all about calculating taxes for individuals and businesses. I was worried and I kept thinking because I heard lot of senior students who already took this course saying that it is a bit hard and complicated. They made me start believing that it is hard, but I decided to give it a try because I might be able to understand it and prove that they were wrong.
Before taking this course, I thought there is only one tax system that is applied on both of individuals and businesses in the whole world, but after taking this course it turns out that I was totally wrong. Taxation seems to be distinctive between individual’s category and businesses category in many …show more content…
In child tax credit, taxpayer will have to pay an amount of money depending on his/her adjusted gross income (AGI) beside the number of child’s he/she has. However, it could change from time to time depending on the year of tax credit besides the situation of taxpayers either if they were single, married, or divorced. The final amount is going to be deducted from the taxpayer which he/she must pay.
Furthermore, I learnt that in education credits we have two elective nonrefundable tax credits which are American opportunity credit (AOC) and lifetime learning credit (LLC). I learned that AOC is applied only for individuals who are under 19 old besides those who go to college and their age is 24 old. This category gets $2,500 credit for each person while LLC gets 20% credit. As I mention above, most of the things depend on the AGI of the taxpayer. Credits starts to phase out when the taxpayer AGI is reaching the limits …show more content…
Things became clearer to me and I was able to understand day after day. I tried my best so I went through exercises that we already solve in the class and I kept solving those exercises many times and try to figure out my mistakes to avoid making them again.
My group project experience
Luckily that I did not have any conflict with my group members and we were cooperating and supporting each other to complete the project perfectly. I was asking for my friend’s consultation whenever I am confused or I had a question. The only thing that made me worried is the submission time since it was too short. I had to maximize my effort in searching about information.
Conclusion
To sum up, I have learned many incredible things regarding taxation and I am glade that I could differentiate now between taxes that are applied to individuals and companies and businesses. I cannot wait to see that taxation is being applied in UAE 2018 since I will be able to apply what I have learned in real life besides getting more knowledge about taxes. Having this opportunity of taking taxation course will help me and many other students to guarantee having jobs in near future. In fact, it will open my mind and many other students’ minds to the world to understand the big effect of taxes on individuals and
Introduction
In this summer course, we took something called taxation which is all about calculating taxes for individuals and businesses. I was worried and I kept thinking because I heard lot of senior students who already took this course saying that it is a bit hard and complicated. They made me start believing that it is hard, but I decided to give it a try because I might be able to understand it and prove that they were wrong.
Before taking this course, I thought there is only one tax system that is applied on both of individuals and businesses in the whole world, but after taking this course it turns out that I was totally wrong. Taxation seems to be distinctive between individual’s category and businesses category in many …show more content…
In child tax credit, taxpayer will have to pay an amount of money depending on his/her adjusted gross income (AGI) beside the number of child’s he/she has. However, it could change from time to time depending on the year of tax credit besides the situation of taxpayers either if they were single, married, or divorced. The final amount is going to be deducted from the taxpayer which he/she must pay.
Furthermore, I learnt that in education credits we have two elective nonrefundable tax credits which are American opportunity credit (AOC) and lifetime learning credit (LLC). I learned that AOC is applied only for individuals who are under 19 old besides those who go to college and their age is 24 old. This category gets $2,500 credit for each person while LLC gets 20% credit. As I mention above, most of the things depend on the AGI of the taxpayer. Credits starts to phase out when the taxpayer AGI is reaching the limits …show more content…
Things became clearer to me and I was able to understand day after day. I tried my best so I went through exercises that we already solve in the class and I kept solving those exercises many times and try to figure out my mistakes to avoid making them again.
My group project experience
Luckily that I did not have any conflict with my group members and we were cooperating and supporting each other to complete the project perfectly. I was asking for my friend’s consultation whenever I am confused or I had a question. The only thing that made me worried is the submission time since it was too short. I had to maximize my effort in searching about information.
Conclusion
To sum up, I have learned many incredible things regarding taxation and I am glade that I could differentiate now between taxes that are applied to individuals and companies and businesses. I cannot wait to see that taxation is being applied in UAE 2018 since I will be able to apply what I have learned in real life besides getting more knowledge about taxes. Having this opportunity of taking taxation course will help me and many other students to guarantee having jobs in near future. In fact, it will open my mind and many other students’ minds to the world to understand the big effect of taxes on individuals and