Final answer:
Effective tax planning involves multiple considerations, but whether salaries are counted as gross income is not one of them, as salaries are always considered gross income in tax calculations. The key factors often include maximizing standard deductions, utilizing tax rate differences, analyzing dependency, and assessing deductibility of expenses for minimizing tax liability.
Step-by-step explanation:
Effective tax planning should consider a variety of factors to reduce taxable income and maximize financial efficiency. However, not every consideration is relevant to tax planning. Among the options provided, considering whether salaries will be considered gross income is not a factor to consider since salaries are always considered gross income for tax calculations. Rather, effective tax planning looks at options like maximizing the use of the standard deduction, taking advantage of tax rate differentials, considering dependency status, and considering the deductibility of expenditures.
Taxable income is calculated as the adjusted gross income minus any deductions and exemptions. While there are different tax rates for different income levels, including various credits and the alternative minimum tax, these principles are core to understanding how taxes are levied on individuals and corporations. The goal of minimizing tax liability often involves understanding a range of factors, such as marginal and average tax rates, as well as the complexities of the U.S. tax code.