51 Tax Forms Problem ProConnect Tax Lance H and Wanda B D.pdf
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51. Tax Forms Problem ProConnect Tax Lance H, and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501 . Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2021, the Deans had the following receipts: Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child support-the alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred $90,000 to her in settlement of the personal injuries she sustained.The Deans had the following expenditures for 2021: The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employer's pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution. The Deans' household includes the following, for whom they provide more than half of the support:Penny graduated from high school on May 9, 2021, and is undecided about college. During 2021, she earned $8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father who died on December 20, 2021. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was witheld. The Deans received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. Determine the Federal income tax for 2021 for the Deans on a joint return by completing the appropriate forms. They do not own and did not use any virtual currency during the year, and they do not want to contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax..
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Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, S.pdf
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501.
Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is
employed part-time as a paralegal for a law firm. During 2021, the Deans had the following
receipts: Wanda was previously married to John Allen. When they divorced several years ago,
Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never
issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and
child support - the alimony payments were to terminate if Wanda remarried. In July, while going
to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly
at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses
(including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred
$90,000 to her in settlement of the personal injuries she sustained.
The Deans had the following expenditures for 2021: The life insurance policy was taken out by
Lance several years ago and designates Wanda as the beneficiary. As a part-time employee,
Wanda is excluded from coverage under her employer's pension plan. Consequently, she
provides for her own retirement with a traditional IRA obtained at a local trust company.
Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to
make the political contribution. The Deans' household includes the following, for whom they
provide more than half of the support:
Penny graduated from high school on May 9, 2021, and is undecided about college. During
2021, she earned \$8,500 (placed in a savings account) playing a harp in the lobby of a local
hotel. Wayne is Wanda's widower father who died on December 20, 2021. For the past few
years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900
(Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was
withheld. The Deans received the appropriate coronavirus recovery rebates (economic impact
payments); related questions in ProConnect Tax should be ignored. Determine the Federal
income tax for 2021 for the Deans on a joint return by completing the appropriate forms. They
do not own and did not use any virtual currency during the year, and they do not want to
contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be
refunded to them. Suggested software: ProConnect Tax..
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, S.pdf
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501.
Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is
employed part-time as a paralegal for a law firm. During 2021, the Deans had the following
receipts: Wanda was previously married to John Allen. When they divorced several years ago,
Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never
issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and
child support - the alimony payments were to terminate if Wanda remarried. In July, while going
to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly
at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses
(including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred
$90,000 to her in settlement of the personal injuries she sustained.
The Deans had the following expenditures for 2021: The life insurance policy was taken out by
Lance several years ago and designates Wanda as the beneficiary. As a part-time employee,
Wanda is excluded from coverage under her employer's pension plan. Consequently, she
provides for her own retirement with a traditional IRA obtained at a local trust company.
Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to
make the political contribution. The Deans' household includes the following, for whom they
provide more than half of the support:
Penny graduated from high school on May 9, 2021, and is undecided about college. During
2021, she earned \$8,500 (placed in a savings account) playing a harp in the lobby of a local
hotel. Wayne is Wanda's widower father who died on December 20, 2021. For the past few
years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900
(Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was
withheld. The Deans received the appropriate coronavirus recovery rebates (economic impact
payments); related questions in ProConnect Tax should be ignored. Determine the Federal
income tax for 2021 for the Deans on a joint return by completing the appropriate forms. They
do not own and did not use any virtual currency during the year, and they do not want to
contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be
refunded to them. Suggested software: ProConnect Tax..
51 Lance H and Wanda B Dean are married and live at 431 Y.pdf
51. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501 .
Lance works for the convention bureau of the Tax Forms local Chamber of Commerce, and
Wanda is employed part-time as a Problem paralegal for a law firm. During 2021, the Deans had
the following receipts: ProConnect" Tax Wanda was previously married to John Allen. When they
divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle.
(Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was
obligated to pay alimony and child support - the alimony payments were to terminate if Wanda
remarried.In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus.
Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid
her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner
also transferred $90,000 to her in settlement of the personal injuries she sustained. The Deans
had the following expenditures for 2021: The life insurance policy was taken out by Lance several
years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded
from coverage under her employer's pension plan. Consequently, she provides for her own
retirement with a traditional IRA obtained at a local trust company. Because the mayor is a
member of the lcal Chamber of Commerce, LancePenny graduated from high school on May 9,
2021, and is undecided about college. During 2021, she earned $8,500 (placed in a savings
account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father who died
on December 20, 2021. For the past few years, Wayne qualified as a dependent of the Deans.
Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social
Security and Medicare tax was withheld. The Deans received the appropriate coronavirus
recovery rebates (economic impact payments); related questions in ProConnect Tax should be
ignored. Determine the Federal income tax for 2021 for the Deans on a joint return by completing
the appropriate forms. They do not own and did not use any virtual currency during the year, and
they do not want to contribute to the Presidential Election Campaign Fund. If an overpayment
results, it is to be refunded to them. Suggested software: ProConnect Tax..
Lance H and Wanda B Dean are married and live at 431 ProCo.pdf
Lance H. and Wanda B. Dean are married and live at 431 ProConnect Tax Yucca Drive, Santa Fe,
NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and
Wanda is employed part-time as a paralegal for a law firm. During 2021 , the Deans had the
following receipts:Salaries, 60,000 dollars for Lance, 42,000 dollars for Wanda. 102,000 dollars.
Interest income. City of Albuquerque general purpose bonds. 1,000 dollars. Ford Motor Company
bonds. 1,100 dollars. Ally Bank certificate of deposit. 400 dollars. Total 2,500 dollars. Child support
payments from John Allen. 7,200 dollars. Annual gifts from parents. 26,000 dollars. Settlement
from Roadrunner Touring Company 90,000 dollars. Lottery winnings. 600 dollars. Federal income
tax refund, for tax year 2020. 400 dollars. Wanda was previously married to John Allen. When they
divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle.
(Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was
obligated to pay alimony and child support - the alimony payments were to terminate if Wanda
remarried.In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus.
Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid
her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner
also transferred $90,000 to her in settlement of the personal injuries she sustained.Medical
expenses, not covered by insurance. 7,200 dollars. Taxes. Property taxes on personal residence
3,600 dollars. State of New Mexico income tax, includes amount withheld from wages during
2018. 4,200 dollars. Total 7,800 dollars. Interest on home mortgage, first National Bank. 6,000
dollars. Charitable contributions. 3,600 dollars. Life insurance premiums, policy on Lance's life.
1,200 dollars. Contributions to traditional IRA, on Wanda's behalf. 5,000 dollars. Traffic fines. 300
dollars. Contribution to the reelection campaign fund of the mayor of Santa Fe. 500 dollars.
Funeral expenses for Wayne Boyle. 6,300 dollars. The life insurance policy was taken out by
Lance several years ago and designates Wanda as the beneficiary. As a part-time employee,
Wanda is exeluded from coverage under her employer's pension plan. Consequently, she
provides for her own retirement with a traditional IRA obtained at a local trust company. Because
the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the
political contribution.The Deans' household includes the following, for whom they provide more
than half of the support:Penny graduated from high school on May 9, 2021, and is undecided
about college. During 2021, she earned $8,500 (placed in a savings account) playing a harp in the
lobby of a local hotel. Wayne is Wanda's widower father who died on December 20 , 2021. For the
past few years, Wayne qualified as a dependent of the Deans. Federal incont tax wit.
Tax Return Problem Cases ACCT 440 Spring 2016 Inst.docx
Tax Return Problem Cases
ACCT 440
Spring 2016
Instructions: Use the relevant tax forms for your computations. You must download the relevant forms
from the IRS website. Do not use tax software to prepare the returns. You need not complete the state
tax returns. Make sure to include all the relevant supporting schedules for your federal return.
There are a total of five returns assignments. All five returns must be turned in no later than Monday,
May 2 at 5:00 p.m. Please turn in the returns in one envelope to room JH 1111.
This is an individual assignment. You are not allowed to discuss or share the answers with any other
student, friend, tax professional, colleague or a professor.
Tax Return 1:
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works
for the convention bureau of the local chamber of commerce, while Wanda is employed part-time as a
paralegal for a law firm.
a. During 2014, the deans had the following receipts:
Salaries ($60,000 for Lance, $41,000 for Wanda)
Interest income -- $101,000
City of Albuquerque general purpose bonds $1,000
Ford Motor Company bonds 1,100
Ally Bank certificate of deposit 400 2,500
Child support payment from John Allen 7,200
Annual gift from parents 26,000
Settlement from Roadrunner Touring Company 90,000
Lottery winnings 600
Federal income tax refund (for tax year 2013) 400
Wanda was previously married to John Allen. When they divorced several years ago, Wanda was
awarded custody of their two children, Penny and Kyle. (Note: Wanda was never issued a form 8332
wavier.) under the divorce decree, John was obligated to pay alimony and child support--the alimony
payments were to terminate if Wanda remarried.
In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. As the
driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid for her medical
expenses (including one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred
$90,000 to her in settlement of the personal injuries she sustained.
The Deans has the following expenditures for 2014:
Medical expenses (not covered by insurance) $7,200
Taxes-
Property taxes on personal residence $3,600
State of new Mexico income tax (includes amount
withheld from wages during 2014) 4,200 7,800
Interest on home mortgage 6,000
Paid church pledge 3,600
Life insurance premiums (policy on Lance’s life) 1,200
Contributions to traditional IRA (on Wanda’s behalf) 5,000
Traffic fines 300
Contributions to the reelection campaign fund of the
major of Santa Fe 500
F ...
Diana and Ryan Workman were married on January 1 of last year- Diana h.docx
Diana and Ryan Workman were married on January 1 of last year. Diana has an eight-year-old son, Jorge, from her previous marriage. Ryan works as a computer programmer at Datafile Incorporated (Di) earning a salary of $96 , 500 . Dia is self-employed and runs a day care center. The Workmans reported the following financial information pertaining to the activities during the current year. a. Ryan earned a $96 , 500 salary for the year. b. Ryan borrowed $12 , 100 from Dl to purchase a car. DI charged him 2 percent interest ( $242 ) on the loan, which Ryan paid on December 31. DI would have charged Ryan $730 if interest had been calculated at the applicable federal interest rate. Assume that tax avoidance was not a motive for the loan. c. Diana received $2.050 in alimony and $4.600 in child support payments from her former husband. They divorced in 2016. d. Diana won a $910 cash prize at her church-sponsored Bingo game. e. The Workmans received $550 of interest from corporate bonds and $300 of interest from a municipal bond. Diana owned these bonds before she married Ryan. f. The couple bought 52 shares of ABC Incorporated stock for $41 per share on July 2 . The stock was worth $49 a share on December 31. The stock paid a dividend of $1 per share on December 1 . 9. Diana's father passed away on April 14. She inherited cash of $51.000 from her father and his baseball card collection. valued at \$2.100. As the beneficiary of her father's life insurance policy. Diana also received $151 , 000 . h. The couple spent a weekend in Atlantic City in November and came home with gross gambling winnings of $1 , 300 . 1. Ryan received $600 cash for reaching 10 years of continuous service at DI. j. Ryan was hit and injured by a drunk driver while crossing a street at a crosswalk. He was unable to work for a month. received $6 , 200 from his disability insurance. DI paid the premiums for Ryan. but it reported the amount of the premiums as compensation to Ryan on his year end W 2 k. The drunk driver who hit Ryan in part ()) was required to pay his $2.100 medical costs, $1.600 for the emotional trauma he suffered from the accident, and $5.200 for punitive damages. 1. For meeting his performance goals this year. Ryan was informed on December 27 that he would recelve a $5 , 100 yearend bonus. DI (located in Houston. Texas) mailed Ryan's bonus check from its payroll processing center (Tampa. Florida on December 28. Ryan didn'treceive the check at his home until January 2. m . Diana is a 10 percent owner of MNO incorporated, a Subchapter S corporation. The company reported ordinary business income for the year of $94.000 . Dlana acquired the MNO stock two years ago. n. Diana's day care business collected $40.000 in revenues. In addition, customers owed her $3.500 at yearend. During the year. Diana spent $6.000 for supplies. $2.000 for utilities. $16.000 for rent, and $550 for miscellaneous expenses. One customer gave her use of his vacation home for a week (worth $3.0.
Diana and Ryan Workman were married on January 1 of last yea.pdf
Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old
son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile
Incorporated (DI) earning a salary of $96,000. Ryan is self-employed and runs a day care center.
The Workmans reported the following financial information pertaining to their activities during the
current year.
Diana earned a $96,000 salary for the year.
Diana borrowed $12,000 from DI to purchase a car. DI charged her 2 percent interest ($240) on
the loan, which Diana paid on December 31. DI would have charged Diana $720 if interest had
been calculated at the applicable federal interest rate. Assume that tax avoidance was not a
motive for the loan.
Ryan received $2,000 in alimony and $4,500 in child support payments from his former spouse.
They divorced in 2016.
Ryan won a $900 cash prize at his church-sponsored Bingo game.
The Workmans received $500 of interest from corporate bonds and $250 of interest from a
municipal bond. Ryan owned these bonds before he married Diana.
The couple bought 50 shares of ABC Incorporated stock for $40 per share on July 2. The stock
was worth $47 a share on December 31. The stock paid a dividend of $1.00 per share on
December 1.
Ryan's father passed away on April 14. He inherited cash of $50,000 from his father and his
baseball card collection, valued at $2,000. As the beneficiary of his father's life insurance policy,
Ryan also received $150,000.
The couple spent a weekend in Atlantic City in November and came home with gross gambling
winnings of $1,200.
Diana received $400 cash for reaching 10 years of continuous service at DI.
Diana was hit and injured by a drunk driver while crossing a street at a crosswalk. she was unable
to work for a month. She received $6,000 from her disability insurance. DI paid the premiums for
Diana, but it reported the amount of the premiums as compensation to Diana on her year-end W-
2.
The drunk driver who hit Diana in part (j) was required to pay her $2,000 medical costs, $1,500 for
the emotional trauma she suffered from the accident, and $5,000 for punitive damages.
For meeting her performance goals this year, Diana was informed on December 27 that she would
receive a $5,000 year-end bonus. DI (located in Houston, Texas) mailed Diana's bonus check
from its payroll processing center (Tampa, Florida) on December 28. Diana didn't receive the
check at home until January 2.
Ryan is a 10 percent owner of MNO Incorporated, a Subchapter S corporation. The company
reported ordinary business income for the year of $92,000. Ryan acquired the MNO stock two
years ago.
Ryan's day care business collected $35,000 in revenues. In addition, customers owed him $3,000
at year-end. During the year, Ryan spent $5,500 for supplies, $1,500 for utilities, $15,000 for rent,
and $500 for miscellaneous expenses. One customer gave him use of their vacation home for a
week (worth $2,500) in exchange for Ryan allowing their child to.
The Affordable Care Act (LO 7.4) Susan and Stan Collins live in Iowa,.pdf
The Affordable Care Act (LO 7.4) Susan and Stan Collins live in Iowa, are married and have
two children ages 6 and 10 . In 2021, Susan's income is $43,120 and Stan's is $12,000 and both
are self-employed. They also have $500 in interest income from tax exempt bonds. The Collins
enrolled in health insurance for all of 2021 through their state exchange and elected to have the
credit paid in advance. The 2021 Form 1095-A that the Collins received from the exchange lists
the following information: The Federal Poverty Line for a family of four is $26,200. Table for
Repayment of the Credit Amount Click here to access the 2021 Applicable Figure Table to use
for this problem. Calculate the excess advance premium tax credit and the repayment amount for
2021. Round any division to two decimal places before converting to a percent. Excess advance
premium tax credit $X Repayment amount.
Recommended
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, S.pdf
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501.
Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is
employed part-time as a paralegal for a law firm. During 2021, the Deans had the following
receipts: Wanda was previously married to John Allen. When they divorced several years ago,
Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never
issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and
child support - the alimony payments were to terminate if Wanda remarried. In July, while going
to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly
at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses
(including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred
$90,000 to her in settlement of the personal injuries she sustained.
The Deans had the following expenditures for 2021: The life insurance policy was taken out by
Lance several years ago and designates Wanda as the beneficiary. As a part-time employee,
Wanda is excluded from coverage under her employer's pension plan. Consequently, she
provides for her own retirement with a traditional IRA obtained at a local trust company.
Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to
make the political contribution. The Deans' household includes the following, for whom they
provide more than half of the support:
Penny graduated from high school on May 9, 2021, and is undecided about college. During
2021, she earned \$8,500 (placed in a savings account) playing a harp in the lobby of a local
hotel. Wayne is Wanda's widower father who died on December 20, 2021. For the past few
years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900
(Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was
withheld. The Deans received the appropriate coronavirus recovery rebates (economic impact
payments); related questions in ProConnect Tax should be ignored. Determine the Federal
income tax for 2021 for the Deans on a joint return by completing the appropriate forms. They
do not own and did not use any virtual currency during the year, and they do not want to
contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be
refunded to them. Suggested software: ProConnect Tax..
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, S.pdf
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501.
Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is
employed part-time as a paralegal for a law firm. During 2021, the Deans had the following
receipts: Wanda was previously married to John Allen. When they divorced several years ago,
Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never
issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and
child support - the alimony payments were to terminate if Wanda remarried. In July, while going
to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly
at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses
(including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred
$90,000 to her in settlement of the personal injuries she sustained.
The Deans had the following expenditures for 2021: The life insurance policy was taken out by
Lance several years ago and designates Wanda as the beneficiary. As a part-time employee,
Wanda is excluded from coverage under her employer's pension plan. Consequently, she
provides for her own retirement with a traditional IRA obtained at a local trust company.
Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to
make the political contribution. The Deans' household includes the following, for whom they
provide more than half of the support:
Penny graduated from high school on May 9, 2021, and is undecided about college. During
2021, she earned \$8,500 (placed in a savings account) playing a harp in the lobby of a local
hotel. Wayne is Wanda's widower father who died on December 20, 2021. For the past few
years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900
(Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was
withheld. The Deans received the appropriate coronavirus recovery rebates (economic impact
payments); related questions in ProConnect Tax should be ignored. Determine the Federal
income tax for 2021 for the Deans on a joint return by completing the appropriate forms. They
do not own and did not use any virtual currency during the year, and they do not want to
contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be
refunded to them. Suggested software: ProConnect Tax..
51 Lance H and Wanda B Dean are married and live at 431 Y.pdf
51. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501 .
Lance works for the convention bureau of the Tax Forms local Chamber of Commerce, and
Wanda is employed part-time as a Problem paralegal for a law firm. During 2021, the Deans had
the following receipts: ProConnect" Tax Wanda was previously married to John Allen. When they
divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle.
(Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was
obligated to pay alimony and child support - the alimony payments were to terminate if Wanda
remarried.In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus.
Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid
her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner
also transferred $90,000 to her in settlement of the personal injuries she sustained. The Deans
had the following expenditures for 2021: The life insurance policy was taken out by Lance several
years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded
from coverage under her employer's pension plan. Consequently, she provides for her own
retirement with a traditional IRA obtained at a local trust company. Because the mayor is a
member of the lcal Chamber of Commerce, LancePenny graduated from high school on May 9,
2021, and is undecided about college. During 2021, she earned $8,500 (placed in a savings
account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father who died
on December 20, 2021. For the past few years, Wayne qualified as a dependent of the Deans.
Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social
Security and Medicare tax was withheld. The Deans received the appropriate coronavirus
recovery rebates (economic impact payments); related questions in ProConnect Tax should be
ignored. Determine the Federal income tax for 2021 for the Deans on a joint return by completing
the appropriate forms. They do not own and did not use any virtual currency during the year, and
they do not want to contribute to the Presidential Election Campaign Fund. If an overpayment
results, it is to be refunded to them. Suggested software: ProConnect Tax..
Lance H and Wanda B Dean are married and live at 431 ProCo.pdf
Lance H. and Wanda B. Dean are married and live at 431 ProConnect Tax Yucca Drive, Santa Fe,
NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and
Wanda is employed part-time as a paralegal for a law firm. During 2021 , the Deans had the
following receipts:Salaries, 60,000 dollars for Lance, 42,000 dollars for Wanda. 102,000 dollars.
Interest income. City of Albuquerque general purpose bonds. 1,000 dollars. Ford Motor Company
bonds. 1,100 dollars. Ally Bank certificate of deposit. 400 dollars. Total 2,500 dollars. Child support
payments from John Allen. 7,200 dollars. Annual gifts from parents. 26,000 dollars. Settlement
from Roadrunner Touring Company 90,000 dollars. Lottery winnings. 600 dollars. Federal income
tax refund, for tax year 2020. 400 dollars. Wanda was previously married to John Allen. When they
divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle.
(Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was
obligated to pay alimony and child support - the alimony payments were to terminate if Wanda
remarried.In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus.
Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid
her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner
also transferred $90,000 to her in settlement of the personal injuries she sustained.Medical
expenses, not covered by insurance. 7,200 dollars. Taxes. Property taxes on personal residence
3,600 dollars. State of New Mexico income tax, includes amount withheld from wages during
2018. 4,200 dollars. Total 7,800 dollars. Interest on home mortgage, first National Bank. 6,000
dollars. Charitable contributions. 3,600 dollars. Life insurance premiums, policy on Lance's life.
1,200 dollars. Contributions to traditional IRA, on Wanda's behalf. 5,000 dollars. Traffic fines. 300
dollars. Contribution to the reelection campaign fund of the mayor of Santa Fe. 500 dollars.
Funeral expenses for Wayne Boyle. 6,300 dollars. The life insurance policy was taken out by
Lance several years ago and designates Wanda as the beneficiary. As a part-time employee,
Wanda is exeluded from coverage under her employer's pension plan. Consequently, she
provides for her own retirement with a traditional IRA obtained at a local trust company. Because
the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the
political contribution.The Deans' household includes the following, for whom they provide more
than half of the support:Penny graduated from high school on May 9, 2021, and is undecided
about college. During 2021, she earned $8,500 (placed in a savings account) playing a harp in the
lobby of a local hotel. Wayne is Wanda's widower father who died on December 20 , 2021. For the
past few years, Wayne qualified as a dependent of the Deans. Federal incont tax wit.
Tax Return Problem Cases ACCT 440 Spring 2016 Inst.docx
Tax Return Problem Cases
ACCT 440
Spring 2016
Instructions: Use the relevant tax forms for your computations. You must download the relevant forms
from the IRS website. Do not use tax software to prepare the returns. You need not complete the state
tax returns. Make sure to include all the relevant supporting schedules for your federal return.
There are a total of five returns assignments. All five returns must be turned in no later than Monday,
May 2 at 5:00 p.m. Please turn in the returns in one envelope to room JH 1111.
This is an individual assignment. You are not allowed to discuss or share the answers with any other
student, friend, tax professional, colleague or a professor.
Tax Return 1:
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works
for the convention bureau of the local chamber of commerce, while Wanda is employed part-time as a
paralegal for a law firm.
a. During 2014, the deans had the following receipts:
Salaries ($60,000 for Lance, $41,000 for Wanda)
Interest income -- $101,000
City of Albuquerque general purpose bonds $1,000
Ford Motor Company bonds 1,100
Ally Bank certificate of deposit 400 2,500
Child support payment from John Allen 7,200
Annual gift from parents 26,000
Settlement from Roadrunner Touring Company 90,000
Lottery winnings 600
Federal income tax refund (for tax year 2013) 400
Wanda was previously married to John Allen. When they divorced several years ago, Wanda was
awarded custody of their two children, Penny and Kyle. (Note: Wanda was never issued a form 8332
wavier.) under the divorce decree, John was obligated to pay alimony and child support--the alimony
payments were to terminate if Wanda remarried.
In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. As the
driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid for her medical
expenses (including one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred
$90,000 to her in settlement of the personal injuries she sustained.
The Deans has the following expenditures for 2014:
Medical expenses (not covered by insurance) $7,200
Taxes-
Property taxes on personal residence $3,600
State of new Mexico income tax (includes amount
withheld from wages during 2014) 4,200 7,800
Interest on home mortgage 6,000
Paid church pledge 3,600
Life insurance premiums (policy on Lance’s life) 1,200
Contributions to traditional IRA (on Wanda’s behalf) 5,000
Traffic fines 300
Contributions to the reelection campaign fund of the
major of Santa Fe 500
F ...
Diana and Ryan Workman were married on January 1 of last year- Diana h.docx
Diana and Ryan Workman were married on January 1 of last year. Diana has an eight-year-old son, Jorge, from her previous marriage. Ryan works as a computer programmer at Datafile Incorporated (Di) earning a salary of $96 , 500 . Dia is self-employed and runs a day care center. The Workmans reported the following financial information pertaining to the activities during the current year. a. Ryan earned a $96 , 500 salary for the year. b. Ryan borrowed $12 , 100 from Dl to purchase a car. DI charged him 2 percent interest ( $242 ) on the loan, which Ryan paid on December 31. DI would have charged Ryan $730 if interest had been calculated at the applicable federal interest rate. Assume that tax avoidance was not a motive for the loan. c. Diana received $2.050 in alimony and $4.600 in child support payments from her former husband. They divorced in 2016. d. Diana won a $910 cash prize at her church-sponsored Bingo game. e. The Workmans received $550 of interest from corporate bonds and $300 of interest from a municipal bond. Diana owned these bonds before she married Ryan. f. The couple bought 52 shares of ABC Incorporated stock for $41 per share on July 2 . The stock was worth $49 a share on December 31. The stock paid a dividend of $1 per share on December 1 . 9. Diana's father passed away on April 14. She inherited cash of $51.000 from her father and his baseball card collection. valued at \$2.100. As the beneficiary of her father's life insurance policy. Diana also received $151 , 000 . h. The couple spent a weekend in Atlantic City in November and came home with gross gambling winnings of $1 , 300 . 1. Ryan received $600 cash for reaching 10 years of continuous service at DI. j. Ryan was hit and injured by a drunk driver while crossing a street at a crosswalk. He was unable to work for a month. received $6 , 200 from his disability insurance. DI paid the premiums for Ryan. but it reported the amount of the premiums as compensation to Ryan on his year end W 2 k. The drunk driver who hit Ryan in part ()) was required to pay his $2.100 medical costs, $1.600 for the emotional trauma he suffered from the accident, and $5.200 for punitive damages. 1. For meeting his performance goals this year. Ryan was informed on December 27 that he would recelve a $5 , 100 yearend bonus. DI (located in Houston. Texas) mailed Ryan's bonus check from its payroll processing center (Tampa. Florida on December 28. Ryan didn'treceive the check at his home until January 2. m . Diana is a 10 percent owner of MNO incorporated, a Subchapter S corporation. The company reported ordinary business income for the year of $94.000 . Dlana acquired the MNO stock two years ago. n. Diana's day care business collected $40.000 in revenues. In addition, customers owed her $3.500 at yearend. During the year. Diana spent $6.000 for supplies. $2.000 for utilities. $16.000 for rent, and $550 for miscellaneous expenses. One customer gave her use of his vacation home for a week (worth $3.0.
Diana and Ryan Workman were married on January 1 of last yea.pdf
Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old
son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile
Incorporated (DI) earning a salary of $96,000. Ryan is self-employed and runs a day care center.
The Workmans reported the following financial information pertaining to their activities during the
current year.
Diana earned a $96,000 salary for the year.
Diana borrowed $12,000 from DI to purchase a car. DI charged her 2 percent interest ($240) on
the loan, which Diana paid on December 31. DI would have charged Diana $720 if interest had
been calculated at the applicable federal interest rate. Assume that tax avoidance was not a
motive for the loan.
Ryan received $2,000 in alimony and $4,500 in child support payments from his former spouse.
They divorced in 2016.
Ryan won a $900 cash prize at his church-sponsored Bingo game.
The Workmans received $500 of interest from corporate bonds and $250 of interest from a
municipal bond. Ryan owned these bonds before he married Diana.
The couple bought 50 shares of ABC Incorporated stock for $40 per share on July 2. The stock
was worth $47 a share on December 31. The stock paid a dividend of $1.00 per share on
December 1.
Ryan's father passed away on April 14. He inherited cash of $50,000 from his father and his
baseball card collection, valued at $2,000. As the beneficiary of his father's life insurance policy,
Ryan also received $150,000.
The couple spent a weekend in Atlantic City in November and came home with gross gambling
winnings of $1,200.
Diana received $400 cash for reaching 10 years of continuous service at DI.
Diana was hit and injured by a drunk driver while crossing a street at a crosswalk. she was unable
to work for a month. She received $6,000 from her disability insurance. DI paid the premiums for
Diana, but it reported the amount of the premiums as compensation to Diana on her year-end W-
2.
The drunk driver who hit Diana in part (j) was required to pay her $2,000 medical costs, $1,500 for
the emotional trauma she suffered from the accident, and $5,000 for punitive damages.
For meeting her performance goals this year, Diana was informed on December 27 that she would
receive a $5,000 year-end bonus. DI (located in Houston, Texas) mailed Diana's bonus check
from its payroll processing center (Tampa, Florida) on December 28. Diana didn't receive the
check at home until January 2.
Ryan is a 10 percent owner of MNO Incorporated, a Subchapter S corporation. The company
reported ordinary business income for the year of $92,000. Ryan acquired the MNO stock two
years ago.
Ryan's day care business collected $35,000 in revenues. In addition, customers owed him $3,000
at year-end. During the year, Ryan spent $5,500 for supplies, $1,500 for utilities, $15,000 for rent,
and $500 for miscellaneous expenses. One customer gave him use of their vacation home for a
week (worth $2,500) in exchange for Ryan allowing their child to.
The Affordable Care Act (LO 7.4) Susan and Stan Collins live in Iowa,.pdf
The Affordable Care Act (LO 7.4) Susan and Stan Collins live in Iowa, are married and have
two children ages 6 and 10 . In 2021, Susan's income is $43,120 and Stan's is $12,000 and both
are self-employed. They also have $500 in interest income from tax exempt bonds. The Collins
enrolled in health insurance for all of 2021 through their state exchange and elected to have the
credit paid in advance. The 2021 Form 1095-A that the Collins received from the exchange lists
the following information: The Federal Poverty Line for a family of four is $26,200. Table for
Repayment of the Credit Amount Click here to access the 2021 Applicable Figure Table to use
for this problem. Calculate the excess advance premium tax credit and the repayment amount for
2021. Round any division to two decimal places before converting to a percent. Excess advance
premium tax credit $X Repayment amount.
Diana and Ryan Workman were married on January 1 of last year. Rya.pdf
Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old
son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile
Incorporated (DI) earning a salary of $97,500. Ryan is self-employed and runs a day care center.
The Workmans reported the following financial information pertaining to their activities during
the current year.
Diana earned a $97,500 salary for the year.
Diana borrowed $12,300 from DI to purchase a car. DI charged her 2 percent interest ($246) on
the loan, which Diana paid on December 31. DI would have charged Diana $750 if interest had
been calculated at the applicable federal interest rate. Assume that tax avoidance was not a
motive for the loan.
Ryan received $2,150 in alimony and $4,800 in child support payments from his former spouse.
They divorced in 2016.
Ryan won a $930 cash prize at his church-sponsored Bingo game.
The Workmans received $650 of interest from corporate bonds and $400 of interest from a
municipal bond. Ryan owned these bonds before he married Daina.
The couple bought 56 shares of ABC Incorporated stock for $43 per share on July 2. The stock
was worth $53 a share on December 31. The stock paid a dividend of $1 per share on December
1.
Ryan's father passed away on April 14. He inherited cash of $53,000 from his father and his
baseball card collection, valued at $2,300. As the beneficiary of his father's life insurance policy,
Ryan also received $153,000.
The couple spent a weekend in Atlantic City in November and came home with gross gambling
winnings of $1,500.
Diana received $1,000 cash for reaching 10 years of continuous service at DI.
Diana was hit and injured by a drunk driver while crossing a street at a crosswalk. she was
unable to work for a month. She received $6,600 from her disability insurance. DI paid the
premiums for Diana, but it reported the amount of the premiums as compensation to Diana on
her year-end W-2.
The drunk driver who hit Diana in part (j) was required to pay her $2,300 medical costs, $1,800
for the emotional trauma she suffered from the accident, and $5,600 for punitive damages.
For meeting her performance goals this year, Diana was informed on December 27 that she
would receive a $5,300 year-end bonus. DI (located in Houston, Texas) mailed Diana's bonus
check from its payroll processing center (Tampa, Florida) on December 28. Diana didn't receive
the check at home until January 2.
Ryan is a 10 percent owner of MNO Incorporated, a Subchapter S corporation. The company
reported ordinary business income for the year of $98,000. Ryan acquired the MNO stock two
years ago.
Ryan's day care business collected $50,000 in revenues. In addition, customers owed him $4,500
at year-end. During the year, Ryan spent $7,000 for supplies, $3,000 for utilities, $18,000 for
rent, and $650 for miscellaneous expenses. One customer gave him use of their vacation home
for a week (worth $4,000) in exchange for Ryan allowing their child to a.
I dont understand how to plug in the numbers on the correct lines f.pdf
I don't understand how to plug in the numbers on the correct lines for the form 1040 - US
Individual Income Tax return 2019
Please help!
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter,
Samantha. In 2020, John worked as a computer technician at a local university earning a salary
of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of
$29,000. John also does some Web design work on the side and reported revenues of $4,000 and
associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200
refund of their state income taxes. The Fergusons always itemize their deductions, and their
itemized deductions were well over the standard deduction amount last year. The Fergusons had
qualifying insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9, Tax Rate
Schedule, Dividends and Capital Gains Tax Rates, 2020 AMT exemption for reference.
The Fergusons reported making the following payments during the year:
State income taxes of $4,400. Federal tax withholding of $21,000.
Alimony payments to Johns former wife of $10,000 (divorced on 12/31/2014).
Child support payments for Johns child with his former wife of $4,100.
$12,200 of real property taxes.
Sandy was reimbursed $600 for employee business expenses she incurred. She was required to
provide documentation for her expenses to her employer.
$3,600 to Kid Care day care center for Samanthas care while John and Sandy worked.
$14,000 interest on their home mortgage ($400,000 acquisition debt).
$3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation
and new car.
$15,000 cash charitable contributions to qualified charities.
Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost
$2,000.
Complete pages 1 and 2, Schedule 1, Schedule 2, and Schedule 3 of Form 1040 and Form 6251
for John and Sandy.
John and Sandy Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054.
Social security numbers:
John (DOB 11/07/1970): 111-11-1111
Sandy (DOB 6/24/1972): 222-22-2222
Samantha (DOB 9/30/2016): 333-33-3333
Alimony recipient: 555-55-5555
(Input all the values as positive numbers. Round your intermediate calculations and final answers
to the nearest whole dollar. Use 2020 tax rules regardless of year on tax form.).
Tax Return Assignment Rutgers - Spring 2017 – Larson 1.docx
Tax Return Assignment
Rutgers - Spring 2017 – Larson
1
Instructions:
Please complete the 2016 federal income tax return for Joseph and Diana Cohen. Ignore the requirement to
attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable
assumptions to fill in the gaps.
Information and Background:
Joseph and Diana Cohen live in Pleasantville, New Jersey. Joseph is the Vice-President of Sales at a small start-up
company. Diana is a former advertising executive who currently consults with former clients. She also serves on
the board of directors of an advertising company. The Cohens have three children Rebecca (age 18), Alan (age
15), and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify
as Joseph and Diana’s federal income tax dependents. The Cohens plan to file a joint tax return. The Cohens
provided the following information:
Joseph’s social security number is 598-94-2583
Diana’s social security number is 301-52-2942
Rebecca’s social security number is 887-44-8710
Alan’s social security number is 810-42-9092
David’s social security number is 855-11-3021
The Cohen’s mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233
Joseph Cohen reported the following the following information relating to his employment during the year:
Employer Gross Wages Federal Income Tax
Withholding
State Income Tax
Withholding
Alternative Energy $118,325 $29,230 $15,000
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll
taxes it was required to withhold. The entire Cohen family was covered by minimum essential health insurance
during each month in 2016. The insurance was provided by Joseph’s employer, Alternative Energy.
Diana Cohen received the following revenue during the year (she uses the cash method of accounting).
Consulting revenue reported to her on a Form 1099-MISC, Box 7
High-end Retail $32,000
Jensen’s Health Products $ 8,500
Strategic
Solution
s $ 3,750
Board of director compensation reported to her on a Form 1099-MISC, Box 7
Natural Sunshine, Inc. $ 6,500
Tax Return Assignment
Rutgers - Spring 2017 – Larson
2
During the year, Diana paid the following business expenses:
Consultant-related:
Airfare $2,900
Hotel $1,450
Meals $ 390
Parking $ 320
Diana drove 290 business miles for her consulting-related activities (she has documentation to verify)
Board of Director-related:
Meals $ 125
Hotel $ 225
Diana drove 315 business miles for her board of director activities (she has documentation to verify)
Neither of Diana’s business activities required the filing of Form(s) 1099 to report payments she made during the
tax year. In addition, Ms. Cohen drove a 2014 Lexus purchased on January 1, 2014 for all ...
Luis and Elena Gonzales are a newly married couple in their mid-20s..pdf
Luis and Elena Gonzales are a newly married couple in their mid-20s. Luis is a senior at a state
university and expects to graduate in the summer of 2021. Elena graduated last spring with a
degree in marketing and recently started working as a sales rep for Media Focus Corporation.
She supports both of them on her monthly salary of $4,250 after taxes. The Gonzales family
currently pay all their expenses by cash or check. They would, however, like to use a bank credit
card for some of their transactions. Because neither Luis or Elena has ever applied for a credit
card, they approach you for help.
Critical Thinking Questions
Advise the couple on how to fill out a credit application.
Explain to them the procedure that the bank will probably follow in processing their application.
Tell them about credit scoring and how the bank will arrive at a credit decision.
What kind of advice would you offer the Gonzales family on the best use of their card? What
would you tell them about building a strong credit record?.
David and Ariel Olson are married taxpayers, ages 44 and 42 , respect.pdf
David and Ariel Olson are married taxpayers, ages 44 and 42 , respectively, who file a joint
return for 201. David is an assistant manager at Martinsville Motor Inn, and Ariel is a teacher at
Martinsville Elementary School. They present you with W-2 forms that reflect the following
information: Ariel is the custodial parent of two children from a previous marriage who reside
with the Olsons throughout the school year. The children, Thomas and Tara Parker, reside with
their father, Bob, during the summer. Ariel and Bob divorced 12 years ago. Relevant information
for the children follows: Under the divorce decree, Bob pays child support of $150 per month per
child during the nine months the children live with the Olsons. Bob says that he spends $200 per
month per child during the three summer months they reside with him. Ariel and David can
document that they provide $2,000 support per child per year. In August, David and Ariel added
a suite to their home to provide more comfortable accommodations for Doris, Ariel's mother,
who had moved in with them in February 20x0 after the death of Ariel's father. Not wanting to
borrow money for this addition, David sold 210 shares of Fillmore Corporation stock on May 3,
20x1, and used the proceeds of $22,000 to cover construction costs. The Olsons had purchased
the stock six months ago for $50 per share. They received dividends of $750 on the jointly
owned stock a month before the sale. The Olsons also have a ($4,000) long term capital loss
carryforward from year 20x0. Doris, who is 66 years old, received $7,500 in Social Security
benefits during the year, of which she gave the Olsons $2,000 to use toward household expenses
and deposited the remainder in her personal savings account. The Olsons determine that they
have spent $2,500 of their own money for food, clothing, entertainment, and other items for
Doris. They do not know what the rental value of Doris's suite would be, but they estimate it
would be at least $300 per month. Doris does not file her own tax return. Interest paid by the
Olsons during the year included the following: Home mortgage interest (paid to Martinsville
Federal Savings \& Loan) \$7,890 Interest on an automobile loan (paid to Martinsville National
Bank) 1,660
In July, David hit a submerged rock while boating. Fortunately, he was uninjured after being
thrown from the boat and landing in deep water. However, the boat, which was uninsured, was
destroyed. David had paid $25,000 for the boat in June 20x0, and its value was appraised at
$18,000 on the date of the accident. In December, David contributed $3,000 into his traditional
IRA, and Ariel contributed $1,000 into her traditional IRA. The Olsons paid doctor and hospital
bills of $8,200 and were reimbursed $2,000 by their insurance company. They have filed
additional claims of $1,200 with their insurance company and have been told they should expect
to receive payment for that amount in January 202. They spent $640 for prescription .
11- Elizabeth Carson- spouse of Tony Carson- died on August 4- 2022- T.docx
11. Elizabeth Carson, spouse of Tony Carson, died on August 4, 2022. Tony Carson married Caroline Wilson on September 22, 2022. The 2022 federal income tax return for Elizabeth Carson will be submitted under what filing classification?
A Married filing jointly
B Single
C.Married filing separately
D. Head of household
E. None of the above
12. Which of the items listed below is ignored when applying the support test for a qualifying child?
A. Education cost
B. Social Security benefits
C. Scholarships
D .All would be ignored
E. None would be ignored
13.Which of the following individuals cannot qualify as a dependent?
A. Foster child
B.Stepfather
C.Mother-in-law
D. None of the three listed individuals can qualify
E. All of the listed individuals can qualify
14. Taxpayer, age 68, files a 2022 federal income tax return as head of household with three dependents. Taxpayer has $210,000 of adjusted gross income. What will be the amount of Taxpayer's total exemption/dependency deduction on the return?
A. $17,600
B. 4,400
C. 13,200
D. 22,000
E. None of the above
15.Frank and Jean Jones divorced in 2020. The divorce decree was silent regarding the dependency/exemption status for their daughter, Martha. Frank has custody of Martha and neither parent has signed a statement changing that status. During 2022, Frank earned $27,000 and Jean earned $155,000. dartha had interest income of $5,100. Who will claim Martha as a dependent for 2022, and why?
A.Martha will claim herself, since she had gross income over $4,400 and files her own return.
B. Since Martha lived with both Frank and Jean during the year, they each may claim Martha as a dependent.
C. Frank, since he has custody.
D Jean, since she earned more than Frank and, therefore, is presumed to have provided more than 50% of Martha's support.
E .None of the above
.
Acc 547 final exam guide
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1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of
2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.
Problem Please complete the comprehensive problem providing .docx
Problem: Please complete the comprehensive problem providing detailed computations with labels. The problem is
worth 40% of your grade.
Mike and Laura Weiss are married and file a joint return. Mike is a self-employed orthodontist, and Laura is a college
professor. Mike and Laura have three children. The oldest is Matt, 23, who lives at home and is a Medical student at the
University of Cincinnati. He worked part-time this year and earned $2,500 that he used to pay his own support. Matt and
Laura provided $9,500 toward Matt’s support not including $12,000 they paid for medical school tuition. They also
provided over half the support of their daughter Diane, who is a full-time student at Kenyon College. Diane worked part-
time as a waitress this year, earning $4,500 but received $20,000 for tuition from her parents during 2015. Diane lived at
home until she was married in December 2015 and then moved in with her husband, Patrick. She filed a joint return with
Patrick who made $25,000 during the year. Alice is the youngest and lived in the Weiss’ home for the entire year. She is
14 and attends the local middle school. She made $900 this year in babysitting revenue.
Laura is a math professor at Xavier University in Cincinnati, where she earned $35,000. The university withheld federal
income tax of $3,575, state income tax of $850, Cincinnati city income tax of $350, $1,920 of social security and $485 of
medicare tax. She also worked part-time for the Cincinnati Bengals. The NFL franchise paid her $12,000 in salary and
withheld $1,205 of federal income tax, $350 of state income tax, $155 of Cincinnati city income tax, $590 for social
security and $145 for medicare tax.
Laura is required by the university to visit several high schools in the area to evaluate students who are completing their
student teaching. However, she is not reimbursed for the expenses she incurs in doing this. During the spring and fall
semesters of 2015 she drove her personal automobile 6,350 miles in fulfilling this obligation. She has always used the
standard mileage method for computing this deduction.
The Weiss’s received $1100 of interest from State Savings Bank on a joint account. They also received interest of $1,050
on City of Cincinnati School District Bonds. They own stock in Charter Corporation and Delhi Company which they
received a total of $1,405 in qualified dividends during the year. Mike felt the market was going to crash during 2015 so
he decided to liquidate some stocks and invest the money in his business. They sold the following stock in the beginning
of the year:
Company Date Purch. Date Sold Sales Price Original Cost
Rose Company 500 shares 8/10/2001 1/2/2015 $29,000 $37,000
Big Sky Industries 200 shares 9/12/2015 12/2/2015 $12,000 $15,000
Blue Hat Inc. 150 shares 9/23/2000 1/2/2015 $13,000 $5,500
Laura also sold a painting from her grandmother. Her grandmother died this year and.
·You have been engaged to prepare the 2015 federal income tax re.docx
·
You have been engaged to prepare the 2015 federal income tax return for Bob and Melissa Grant.
·
Your tax form submission should include: Form 1040, Schedules A, B, D, E, and Forms 4684 and 8949 as applicable. You will come across many items on the tax return we have not talked about in class; if we have not covered it in class, and it is not included in the information below, you do
not
need to address it on this assignment.
·
Your solution should contain a detailed workpaper that calculates the tax due or refunded with the return and calculated in the form of the tax formula (see Ch. 4 lecture slides). The calculation should be well labeled and EASY to follow. This presentation will be factored into your grade. Do NOT include any references or citations on your workpaper.
·
You may complete the return by hand (
neatly
) or typed using 2015 forms found on Blackboard or the IRS website. You may complete the form using software, one version of which is available in the ACELAB.
o
Note – ACELAB software is for the 2014 tax year; if you choose to use this method, you do not need to override the automatically calculated 2014 information, but your workpaper must detail each line item that will differ between the 2014 form generated and the 2015 forms).
·
Use the following assumptions in preparing the return:
o
The general method of accounting used by the Grants is the cash method.
o
Use all opportunities under law to minimize the 2015 federal income tax.
o
Use whole dollars when preparing the tax return.
o
Do not prepare a state income tax return.
o
Ignore the Line 45 calculation for alternative minimum tax.
o
If required information is missing, use reasonable assumptions to fill in the gaps.
Client memo (5 points)
·
Complete a letter to the client regarding tax planning advice. Identify and explain two reasonable tax planning items the family could use to minimize their tax liability and/or maximize their wealth. All items would be implemented in future years and do not impact the current tax return.
BOB AND MELISSA GRANT
INDIVIDUAL FEDERAL INCOME TAX RETURN
Bob (age 43, SSN #987-45-1234) and Melissa Grant (age 43, SSN #494-37-4893) are married and live in Lexington, Kentucky. The Grants would like to file a joint tax return for the year. The Grants’ mailing address is 95 Hickory Road, Lexington, Kentucky 40502.
The Grants have two children Jared (SSN #412-32-5690), age 18, and Alese (SSN #412-32-6940), age 12. Jared is still in high school and works part time as a waiter and earns about $2,000 a year. The Grant’s also provide financial support to Bob’s aged (85 years) grandfather, Michael Sr., who is widowed and lives alone. Michael Sr.’s Social Security number is 982-21-5543. He has no income and the Grant’s provide 100 percent of his support.
Bob Grant’s Forms W-2 provided the following wages and withholding for the year:
Employer
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
National Sto.
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1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of
2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.
Alejandra age is single and lives with.docx
Alejandra Garcia owns a hair salon called Belleza. In 2021, she earned $44,000 from her own clients and collected $68,000 renting space to other stylists. Belleza had sales of $69,000 from hairpieces/wigs and $48,000 from beauty products. Alejandra also received a $200,000 car accident settlement and $158,000 from selling inherited land to the state. She will need to report this income and various business and personal expenses on her 2021 tax return.
Alejandra age is single and lives with.docx
Alejandra Garcia owns a hair salon called Belleza. In 2021, she earned $44,000 from her own clients and collected $68,000 in rent from stylists who leased chairs. Belleza also sold hair products and wigs, earning $69,000 and $48,000 respectively. The business had various operating expenses and Alejandra incurred personal expenses such as a $200,000 car accident settlement. Alejandra also inherited property from her father and sold stocks at a loss.
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 A.docx
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 Avenue, Miami, FL 33186. They file a joint return and are calendar year, cash basis taxpayers.
1.
Javier is a self-employed accountant (professional activity code is 541213). He maintains an office at 550 SE 1
st
Avenue, Miami, FL. 33130. He shares the suite with several other professionals and has no employees. A receptionist handles all calls and is provided by the landlord as part of the services offered to tenants. Javier’s work-related expenses for 2013 are as follows:
Office rent $9,800
Utilities 3,000
Accounting services 1,200
Office expenses (supplies, use of copier, etc.) 1,100
Legal services (see item 9. below) 300
State and local license fees 900
Renter’s insurance (covers personal liability, casualty, theft) 1,500
Replacement of reception room furnishings (6/5/2013) 2,200
Professional dues and subscriptions to trade publications 600
Business lunches 1,400
Contribution to H.R. 10 (Keogh) plan 4,000
Medical insurance premiums 6,000
The business meals Javier paid for were to entertain various visiting executives from the clients he does business with. As is the case with all of Javier’s business transactions, the lunches are properly documented and supported by receipts. Because the reception room furnishings were looking shabby, Javier and his suite-mates had them replaced. The $2,200 Javier spent was his share (i.e., a sofa and coffee table) of the cost. Javier follows a policy of avoiding depreciation by utilizing the Section 179 election to expense assets. All of Javier’s office equipment (e.g., desk, chairs, file cabinets, computer, etc.) has previously been expensed. Of 16,000 total miles in 2013, Javier drives his car (a Ford Explorer purchased on 6/1/2011) 13,400 miles for business (not including commuting) and has business parking and toll charges of $310. The Barbosas use the automatic mileage method of claiming automobile expenses.
2. Eldi is an occupational therapist employed on a part-time basis by Therapy Consultants, Inc. Her employer does not provide her with an office, and she has no separate office in her home. She does, however, ma.
FactsJavier F. and Eldi M. Barbosa are married and live at 1268.docx
Facts:
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 Avenue, Miami, FL 33186. They file a joint return and are calendar year, cash basis taxpayers.
1.
Javier is a self-employed accountant (professional activity code is 541213). He maintains an office at 550 SE 1
st
Avenue, Miami, FL. 33130. He shares the suite with several other professionals and has no employees. A receptionist handles all calls and is provided by the landlord as part of the services offered to tenants. Javier’s work-related expenses for 2013 are as follows:
Office rent $9,800
Utilities 3,000
Accounting services 1,200
Office expenses (supplies, use of copier, etc.) 1,100
Legal services (see item 9. below) 300
State and local license fees 900
Renter’s insurance (covers personal liability, casualty, theft) 1,500
Replacement of reception room furnishings (6/5/2013) 2,200
Professional dues and subscriptions to trade publications 600
Business lunches 1,400
Contribution to H.R. 10 (Keogh) plan 4,000
Medical insurance premiums 6,000
The business meals Javier paid for were to entertain various visiting executives from the clients he does business with. As is the case with all of Javier’s business transactions, the lunches are properly documented and supported by receipts. Because the reception room furnishings were looking shabby, Javier and his suite-mates had them replaced. The $2,200 Javier spent was his share (i.e., a sofa and coffee table) of the cost. Javier follows a policy of avoiding depreciation by utilizing the Section 179 election to expense assets. All of Javier’s office equipment (e.g., desk, chairs, file cabinets, computer, etc.) has previously been expensed. Of 16,000 total miles in 2013, Javier drives his car (a Ford Explorer purchased on 6/1/2011) 13,400 miles for business (not including commuting) and has business parking and toll charges of $310. The Barbosas use the automatic mileage method of claiming automobile expenses.
2. Eldi is an occupational therapist employed on a part-time basis by Therapy Consultants, Inc. Her employer does not provide her with an office, and she has no separate office in her home. She does, how.
ACC 547 OUTLET Inspiring Innovation--acc547outlet.com
This document provides information and questions related to the ACC 547 final exam, including:
1. Details about gift tax exclusions and due dates for filing gift tax returns.
2. Questions related to gift and estate tax calculations and exclusions.
3. A comprehensive accounting problem calculating depreciation expenses for a machine shop over multiple years.
4. Details of a sample tax return including income, deductions, and credits for a married couple.
6 Add records to the database a This query will add a new.pdf
6. Add records to the database a . This query will add a new author: INSERT INTO Author
(FirstName, LastName) VALUES (John', 'Steinbeck') b . Note: The Author ID isn't included here as
it is an auto -increment value. . Your turn: i.Add The Grapes of Wrath by John Steinbeck. Don't
forget to look up the publication year. I ii.Add a new Author but specify the Author ID. What
happens if you use an Author ID that has already been.
6 As you travel along the drainage route of this system yo.pdf
6. As you travel along the drainage route of this system, you encounter something called Walter F
George Reservoir. It looks as though water has flooded the landscape, yet very abruptly, all of that
water re-concentrates into a single stream channel. Explain what type of engineering feature this
is, why we build features like this, and list some environmental hazards associated with this
feature..
6 10 points Find a Huffman code when a Symbols abcd.pdf
6. (10 points) Find a Huffman code when (a) Symbols {a,b,c,d,e} have probabilities {21,41,81161,
161,} (b) The symbols {a,b,c,d,e,f} have probabilities {0.14,0.11,0.12,0.06,0.24,0.33. (c) Compute
the efficiency of each code. For each part, clearly show the Huffman tree..
53 Qu tipo de enfermedad es una enfermedad transmisible q.pdf
53. Qu tipo de enfermedad es una enfermedad transmisible que se puede transmitir fcilmente de
persona a persona? A. contagiosa
B. iatrognico
C aguda
D. nosocomial
54. Cul de los siguientes es el criterio esencial para definir un "estado portador"?
A. Presencia del agente de la enfermedad en el cuerpo
B. Ausencia de sntomas y signos reconocibles de la enfermedad
C. Desprendimiento del agente patgeno en las descargas de secreciones
Todo lo anterior
55. Cul de los siguientes se aplica a la hialuronidasa?
R. Acta como factor de dispersin.
B. Promueve la coagulacin de la sangre.
C. Es un ejemplo de adhesina. D. Lo producen las clulas inmunitarias para atacar a los patgenos..
6 Aviden makes at most I mintines in The fictisaicy elat a .pdf
The document discusses the probability that a modern maker produces a certain number of mistakes in minting coins. It asks which of three options are complementary probabilities: making more than 7 mistakes, making 2 or more mistakes, or making at most 1 mistake.
6 Aadakilerden hangisi M1 para arznn bir paras DELDR Dep.pdf
6. Aadakilerden hangisi M1 para arznn bir paras DELDR?
Depozito talep et
Para birimi
tasarruf mevduat
Dier kontrol edilebilir mevduatlar
7. Para piyasas modelinde, Merkez Bankas para arzn artrrsa faiz oran ne olur?
Faiz oran artar
Faiz oran der
Faiz oran deimez
8. Aadakilerden hangisi bir bankann ykmlldr?
Mevduat
Krediler
rezervler
menkul kymetler.
6 Agar itself is an indigestible carbohydrate polymer so i.pdf
6. Agar itself is an indigestible carbohydrate polymer, so it alone does not provide nutrients for
growth. Nutrient broth is added to agar to make nutrient agar. The peptones (chains of amino
acids) in the nutrient broth supply energy and raw materials for bacterial growth. If agar itself does
not supply nutrients for microbial growth, why is it added to a medium? A. it is a source of vitamins
B. it solidifies a medium so that separated colonies can form on its surface C. bacteria cannot
grow in a nutrient broth or in trypticase soy broth.
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Similar to 51 Tax Forms Problem ProConnect Tax Lance H and Wanda B D.pdf
Diana and Ryan Workman were married on January 1 of last year. Rya.pdf
Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old
son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile
Incorporated (DI) earning a salary of $97,500. Ryan is self-employed and runs a day care center.
The Workmans reported the following financial information pertaining to their activities during
the current year.
Diana earned a $97,500 salary for the year.
Diana borrowed $12,300 from DI to purchase a car. DI charged her 2 percent interest ($246) on
the loan, which Diana paid on December 31. DI would have charged Diana $750 if interest had
been calculated at the applicable federal interest rate. Assume that tax avoidance was not a
motive for the loan.
Ryan received $2,150 in alimony and $4,800 in child support payments from his former spouse.
They divorced in 2016.
Ryan won a $930 cash prize at his church-sponsored Bingo game.
The Workmans received $650 of interest from corporate bonds and $400 of interest from a
municipal bond. Ryan owned these bonds before he married Daina.
The couple bought 56 shares of ABC Incorporated stock for $43 per share on July 2. The stock
was worth $53 a share on December 31. The stock paid a dividend of $1 per share on December
1.
Ryan's father passed away on April 14. He inherited cash of $53,000 from his father and his
baseball card collection, valued at $2,300. As the beneficiary of his father's life insurance policy,
Ryan also received $153,000.
The couple spent a weekend in Atlantic City in November and came home with gross gambling
winnings of $1,500.
Diana received $1,000 cash for reaching 10 years of continuous service at DI.
Diana was hit and injured by a drunk driver while crossing a street at a crosswalk. she was
unable to work for a month. She received $6,600 from her disability insurance. DI paid the
premiums for Diana, but it reported the amount of the premiums as compensation to Diana on
her year-end W-2.
The drunk driver who hit Diana in part (j) was required to pay her $2,300 medical costs, $1,800
for the emotional trauma she suffered from the accident, and $5,600 for punitive damages.
For meeting her performance goals this year, Diana was informed on December 27 that she
would receive a $5,300 year-end bonus. DI (located in Houston, Texas) mailed Diana's bonus
check from its payroll processing center (Tampa, Florida) on December 28. Diana didn't receive
the check at home until January 2.
Ryan is a 10 percent owner of MNO Incorporated, a Subchapter S corporation. The company
reported ordinary business income for the year of $98,000. Ryan acquired the MNO stock two
years ago.
Ryan's day care business collected $50,000 in revenues. In addition, customers owed him $4,500
at year-end. During the year, Ryan spent $7,000 for supplies, $3,000 for utilities, $18,000 for
rent, and $650 for miscellaneous expenses. One customer gave him use of their vacation home
for a week (worth $4,000) in exchange for Ryan allowing their child to a.
I dont understand how to plug in the numbers on the correct lines f.pdf
I don't understand how to plug in the numbers on the correct lines for the form 1040 - US
Individual Income Tax return 2019
Please help!
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter,
Samantha. In 2020, John worked as a computer technician at a local university earning a salary
of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of
$29,000. John also does some Web design work on the side and reported revenues of $4,000 and
associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200
refund of their state income taxes. The Fergusons always itemize their deductions, and their
itemized deductions were well over the standard deduction amount last year. The Fergusons had
qualifying insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9, Tax Rate
Schedule, Dividends and Capital Gains Tax Rates, 2020 AMT exemption for reference.
The Fergusons reported making the following payments during the year:
State income taxes of $4,400. Federal tax withholding of $21,000.
Alimony payments to Johns former wife of $10,000 (divorced on 12/31/2014).
Child support payments for Johns child with his former wife of $4,100.
$12,200 of real property taxes.
Sandy was reimbursed $600 for employee business expenses she incurred. She was required to
provide documentation for her expenses to her employer.
$3,600 to Kid Care day care center for Samanthas care while John and Sandy worked.
$14,000 interest on their home mortgage ($400,000 acquisition debt).
$3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation
and new car.
$15,000 cash charitable contributions to qualified charities.
Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost
$2,000.
Complete pages 1 and 2, Schedule 1, Schedule 2, and Schedule 3 of Form 1040 and Form 6251
for John and Sandy.
John and Sandy Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054.
Social security numbers:
John (DOB 11/07/1970): 111-11-1111
Sandy (DOB 6/24/1972): 222-22-2222
Samantha (DOB 9/30/2016): 333-33-3333
Alimony recipient: 555-55-5555
(Input all the values as positive numbers. Round your intermediate calculations and final answers
to the nearest whole dollar. Use 2020 tax rules regardless of year on tax form.).
Tax Return Assignment Rutgers - Spring 2017 – Larson 1.docx
Tax Return Assignment
Rutgers - Spring 2017 – Larson
1
Instructions:
Please complete the 2016 federal income tax return for Joseph and Diana Cohen. Ignore the requirement to
attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable
assumptions to fill in the gaps.
Information and Background:
Joseph and Diana Cohen live in Pleasantville, New Jersey. Joseph is the Vice-President of Sales at a small start-up
company. Diana is a former advertising executive who currently consults with former clients. She also serves on
the board of directors of an advertising company. The Cohens have three children Rebecca (age 18), Alan (age
15), and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify
as Joseph and Diana’s federal income tax dependents. The Cohens plan to file a joint tax return. The Cohens
provided the following information:
Joseph’s social security number is 598-94-2583
Diana’s social security number is 301-52-2942
Rebecca’s social security number is 887-44-8710
Alan’s social security number is 810-42-9092
David’s social security number is 855-11-3021
The Cohen’s mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233
Joseph Cohen reported the following the following information relating to his employment during the year:
Employer Gross Wages Federal Income Tax
Withholding
State Income Tax
Withholding
Alternative Energy $118,325 $29,230 $15,000
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll
taxes it was required to withhold. The entire Cohen family was covered by minimum essential health insurance
during each month in 2016. The insurance was provided by Joseph’s employer, Alternative Energy.
Diana Cohen received the following revenue during the year (she uses the cash method of accounting).
Consulting revenue reported to her on a Form 1099-MISC, Box 7
High-end Retail $32,000
Jensen’s Health Products $ 8,500
Strategic
Solution
s $ 3,750
Board of director compensation reported to her on a Form 1099-MISC, Box 7
Natural Sunshine, Inc. $ 6,500
Tax Return Assignment
Rutgers - Spring 2017 – Larson
2
During the year, Diana paid the following business expenses:
Consultant-related:
Airfare $2,900
Hotel $1,450
Meals $ 390
Parking $ 320
Diana drove 290 business miles for her consulting-related activities (she has documentation to verify)
Board of Director-related:
Meals $ 125
Hotel $ 225
Diana drove 315 business miles for her board of director activities (she has documentation to verify)
Neither of Diana’s business activities required the filing of Form(s) 1099 to report payments she made during the
tax year. In addition, Ms. Cohen drove a 2014 Lexus purchased on January 1, 2014 for all ...
Luis and Elena Gonzales are a newly married couple in their mid-20s..pdf
Luis and Elena Gonzales are a newly married couple in their mid-20s. Luis is a senior at a state
university and expects to graduate in the summer of 2021. Elena graduated last spring with a
degree in marketing and recently started working as a sales rep for Media Focus Corporation.
She supports both of them on her monthly salary of $4,250 after taxes. The Gonzales family
currently pay all their expenses by cash or check. They would, however, like to use a bank credit
card for some of their transactions. Because neither Luis or Elena has ever applied for a credit
card, they approach you for help.
Critical Thinking Questions
Advise the couple on how to fill out a credit application.
Explain to them the procedure that the bank will probably follow in processing their application.
Tell them about credit scoring and how the bank will arrive at a credit decision.
What kind of advice would you offer the Gonzales family on the best use of their card? What
would you tell them about building a strong credit record?.
David and Ariel Olson are married taxpayers, ages 44 and 42 , respect.pdf
David and Ariel Olson are married taxpayers, ages 44 and 42 , respectively, who file a joint
return for 201. David is an assistant manager at Martinsville Motor Inn, and Ariel is a teacher at
Martinsville Elementary School. They present you with W-2 forms that reflect the following
information: Ariel is the custodial parent of two children from a previous marriage who reside
with the Olsons throughout the school year. The children, Thomas and Tara Parker, reside with
their father, Bob, during the summer. Ariel and Bob divorced 12 years ago. Relevant information
for the children follows: Under the divorce decree, Bob pays child support of $150 per month per
child during the nine months the children live with the Olsons. Bob says that he spends $200 per
month per child during the three summer months they reside with him. Ariel and David can
document that they provide $2,000 support per child per year. In August, David and Ariel added
a suite to their home to provide more comfortable accommodations for Doris, Ariel's mother,
who had moved in with them in February 20x0 after the death of Ariel's father. Not wanting to
borrow money for this addition, David sold 210 shares of Fillmore Corporation stock on May 3,
20x1, and used the proceeds of $22,000 to cover construction costs. The Olsons had purchased
the stock six months ago for $50 per share. They received dividends of $750 on the jointly
owned stock a month before the sale. The Olsons also have a ($4,000) long term capital loss
carryforward from year 20x0. Doris, who is 66 years old, received $7,500 in Social Security
benefits during the year, of which she gave the Olsons $2,000 to use toward household expenses
and deposited the remainder in her personal savings account. The Olsons determine that they
have spent $2,500 of their own money for food, clothing, entertainment, and other items for
Doris. They do not know what the rental value of Doris's suite would be, but they estimate it
would be at least $300 per month. Doris does not file her own tax return. Interest paid by the
Olsons during the year included the following: Home mortgage interest (paid to Martinsville
Federal Savings \& Loan) \$7,890 Interest on an automobile loan (paid to Martinsville National
Bank) 1,660
In July, David hit a submerged rock while boating. Fortunately, he was uninjured after being
thrown from the boat and landing in deep water. However, the boat, which was uninsured, was
destroyed. David had paid $25,000 for the boat in June 20x0, and its value was appraised at
$18,000 on the date of the accident. In December, David contributed $3,000 into his traditional
IRA, and Ariel contributed $1,000 into her traditional IRA. The Olsons paid doctor and hospital
bills of $8,200 and were reimbursed $2,000 by their insurance company. They have filed
additional claims of $1,200 with their insurance company and have been told they should expect
to receive payment for that amount in January 202. They spent $640 for prescription .
11- Elizabeth Carson- spouse of Tony Carson- died on August 4- 2022- T.docx
11. Elizabeth Carson, spouse of Tony Carson, died on August 4, 2022. Tony Carson married Caroline Wilson on September 22, 2022. The 2022 federal income tax return for Elizabeth Carson will be submitted under what filing classification?
A Married filing jointly
B Single
C.Married filing separately
D. Head of household
E. None of the above
12. Which of the items listed below is ignored when applying the support test for a qualifying child?
A. Education cost
B. Social Security benefits
C. Scholarships
D .All would be ignored
E. None would be ignored
13.Which of the following individuals cannot qualify as a dependent?
A. Foster child
B.Stepfather
C.Mother-in-law
D. None of the three listed individuals can qualify
E. All of the listed individuals can qualify
14. Taxpayer, age 68, files a 2022 federal income tax return as head of household with three dependents. Taxpayer has $210,000 of adjusted gross income. What will be the amount of Taxpayer's total exemption/dependency deduction on the return?
A. $17,600
B. 4,400
C. 13,200
D. 22,000
E. None of the above
15.Frank and Jean Jones divorced in 2020. The divorce decree was silent regarding the dependency/exemption status for their daughter, Martha. Frank has custody of Martha and neither parent has signed a statement changing that status. During 2022, Frank earned $27,000 and Jean earned $155,000. dartha had interest income of $5,100. Who will claim Martha as a dependent for 2022, and why?
A.Martha will claim herself, since she had gross income over $4,400 and files her own return.
B. Since Martha lived with both Frank and Jean during the year, they each may claim Martha as a dependent.
C. Frank, since he has custody.
D Jean, since she earned more than Frank and, therefore, is presumed to have provided more than 50% of Martha's support.
E .None of the above
.
Acc 547 final exam guide
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1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of
2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.
Problem Please complete the comprehensive problem providing .docx
Problem: Please complete the comprehensive problem providing detailed computations with labels. The problem is
worth 40% of your grade.
Mike and Laura Weiss are married and file a joint return. Mike is a self-employed orthodontist, and Laura is a college
professor. Mike and Laura have three children. The oldest is Matt, 23, who lives at home and is a Medical student at the
University of Cincinnati. He worked part-time this year and earned $2,500 that he used to pay his own support. Matt and
Laura provided $9,500 toward Matt’s support not including $12,000 they paid for medical school tuition. They also
provided over half the support of their daughter Diane, who is a full-time student at Kenyon College. Diane worked part-
time as a waitress this year, earning $4,500 but received $20,000 for tuition from her parents during 2015. Diane lived at
home until she was married in December 2015 and then moved in with her husband, Patrick. She filed a joint return with
Patrick who made $25,000 during the year. Alice is the youngest and lived in the Weiss’ home for the entire year. She is
14 and attends the local middle school. She made $900 this year in babysitting revenue.
Laura is a math professor at Xavier University in Cincinnati, where she earned $35,000. The university withheld federal
income tax of $3,575, state income tax of $850, Cincinnati city income tax of $350, $1,920 of social security and $485 of
medicare tax. She also worked part-time for the Cincinnati Bengals. The NFL franchise paid her $12,000 in salary and
withheld $1,205 of federal income tax, $350 of state income tax, $155 of Cincinnati city income tax, $590 for social
security and $145 for medicare tax.
Laura is required by the university to visit several high schools in the area to evaluate students who are completing their
student teaching. However, she is not reimbursed for the expenses she incurs in doing this. During the spring and fall
semesters of 2015 she drove her personal automobile 6,350 miles in fulfilling this obligation. She has always used the
standard mileage method for computing this deduction.
The Weiss’s received $1100 of interest from State Savings Bank on a joint account. They also received interest of $1,050
on City of Cincinnati School District Bonds. They own stock in Charter Corporation and Delhi Company which they
received a total of $1,405 in qualified dividends during the year. Mike felt the market was going to crash during 2015 so
he decided to liquidate some stocks and invest the money in his business. They sold the following stock in the beginning
of the year:
Company Date Purch. Date Sold Sales Price Original Cost
Rose Company 500 shares 8/10/2001 1/2/2015 $29,000 $37,000
Big Sky Industries 200 shares 9/12/2015 12/2/2015 $12,000 $15,000
Blue Hat Inc. 150 shares 9/23/2000 1/2/2015 $13,000 $5,500
Laura also sold a painting from her grandmother. Her grandmother died this year and.
·You have been engaged to prepare the 2015 federal income tax re.docx
·
You have been engaged to prepare the 2015 federal income tax return for Bob and Melissa Grant.
·
Your tax form submission should include: Form 1040, Schedules A, B, D, E, and Forms 4684 and 8949 as applicable. You will come across many items on the tax return we have not talked about in class; if we have not covered it in class, and it is not included in the information below, you do
not
need to address it on this assignment.
·
Your solution should contain a detailed workpaper that calculates the tax due or refunded with the return and calculated in the form of the tax formula (see Ch. 4 lecture slides). The calculation should be well labeled and EASY to follow. This presentation will be factored into your grade. Do NOT include any references or citations on your workpaper.
·
You may complete the return by hand (
neatly
) or typed using 2015 forms found on Blackboard or the IRS website. You may complete the form using software, one version of which is available in the ACELAB.
o
Note – ACELAB software is for the 2014 tax year; if you choose to use this method, you do not need to override the automatically calculated 2014 information, but your workpaper must detail each line item that will differ between the 2014 form generated and the 2015 forms).
·
Use the following assumptions in preparing the return:
o
The general method of accounting used by the Grants is the cash method.
o
Use all opportunities under law to minimize the 2015 federal income tax.
o
Use whole dollars when preparing the tax return.
o
Do not prepare a state income tax return.
o
Ignore the Line 45 calculation for alternative minimum tax.
o
If required information is missing, use reasonable assumptions to fill in the gaps.
Client memo (5 points)
·
Complete a letter to the client regarding tax planning advice. Identify and explain two reasonable tax planning items the family could use to minimize their tax liability and/or maximize their wealth. All items would be implemented in future years and do not impact the current tax return.
BOB AND MELISSA GRANT
INDIVIDUAL FEDERAL INCOME TAX RETURN
Bob (age 43, SSN #987-45-1234) and Melissa Grant (age 43, SSN #494-37-4893) are married and live in Lexington, Kentucky. The Grants would like to file a joint tax return for the year. The Grants’ mailing address is 95 Hickory Road, Lexington, Kentucky 40502.
The Grants have two children Jared (SSN #412-32-5690), age 18, and Alese (SSN #412-32-6940), age 12. Jared is still in high school and works part time as a waiter and earns about $2,000 a year. The Grant’s also provide financial support to Bob’s aged (85 years) grandfather, Michael Sr., who is widowed and lives alone. Michael Sr.’s Social Security number is 982-21-5543. He has no income and the Grant’s provide 100 percent of his support.
Bob Grant’s Forms W-2 provided the following wages and withholding for the year:
Employer
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
National Sto.
ACC 547 Enhance teaching - tutorialrank.com
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1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of
2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.
Alejandra age is single and lives with.docx
Alejandra Garcia owns a hair salon called Belleza. In 2021, she earned $44,000 from her own clients and collected $68,000 renting space to other stylists. Belleza had sales of $69,000 from hairpieces/wigs and $48,000 from beauty products. Alejandra also received a $200,000 car accident settlement and $158,000 from selling inherited land to the state. She will need to report this income and various business and personal expenses on her 2021 tax return.
Alejandra age is single and lives with.docx
Alejandra Garcia owns a hair salon called Belleza. In 2021, she earned $44,000 from her own clients and collected $68,000 in rent from stylists who leased chairs. Belleza also sold hair products and wigs, earning $69,000 and $48,000 respectively. The business had various operating expenses and Alejandra incurred personal expenses such as a $200,000 car accident settlement. Alejandra also inherited property from her father and sold stocks at a loss.
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 A.docx
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 Avenue, Miami, FL 33186. They file a joint return and are calendar year, cash basis taxpayers.
1.
Javier is a self-employed accountant (professional activity code is 541213). He maintains an office at 550 SE 1
st
Avenue, Miami, FL. 33130. He shares the suite with several other professionals and has no employees. A receptionist handles all calls and is provided by the landlord as part of the services offered to tenants. Javier’s work-related expenses for 2013 are as follows:
Office rent $9,800
Utilities 3,000
Accounting services 1,200
Office expenses (supplies, use of copier, etc.) 1,100
Legal services (see item 9. below) 300
State and local license fees 900
Renter’s insurance (covers personal liability, casualty, theft) 1,500
Replacement of reception room furnishings (6/5/2013) 2,200
Professional dues and subscriptions to trade publications 600
Business lunches 1,400
Contribution to H.R. 10 (Keogh) plan 4,000
Medical insurance premiums 6,000
The business meals Javier paid for were to entertain various visiting executives from the clients he does business with. As is the case with all of Javier’s business transactions, the lunches are properly documented and supported by receipts. Because the reception room furnishings were looking shabby, Javier and his suite-mates had them replaced. The $2,200 Javier spent was his share (i.e., a sofa and coffee table) of the cost. Javier follows a policy of avoiding depreciation by utilizing the Section 179 election to expense assets. All of Javier’s office equipment (e.g., desk, chairs, file cabinets, computer, etc.) has previously been expensed. Of 16,000 total miles in 2013, Javier drives his car (a Ford Explorer purchased on 6/1/2011) 13,400 miles for business (not including commuting) and has business parking and toll charges of $310. The Barbosas use the automatic mileage method of claiming automobile expenses.
2. Eldi is an occupational therapist employed on a part-time basis by Therapy Consultants, Inc. Her employer does not provide her with an office, and she has no separate office in her home. She does, however, ma.
FactsJavier F. and Eldi M. Barbosa are married and live at 1268.docx
Facts:
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 Avenue, Miami, FL 33186. They file a joint return and are calendar year, cash basis taxpayers.
1.
Javier is a self-employed accountant (professional activity code is 541213). He maintains an office at 550 SE 1
st
Avenue, Miami, FL. 33130. He shares the suite with several other professionals and has no employees. A receptionist handles all calls and is provided by the landlord as part of the services offered to tenants. Javier’s work-related expenses for 2013 are as follows:
Office rent $9,800
Utilities 3,000
Accounting services 1,200
Office expenses (supplies, use of copier, etc.) 1,100
Legal services (see item 9. below) 300
State and local license fees 900
Renter’s insurance (covers personal liability, casualty, theft) 1,500
Replacement of reception room furnishings (6/5/2013) 2,200
Professional dues and subscriptions to trade publications 600
Business lunches 1,400
Contribution to H.R. 10 (Keogh) plan 4,000
Medical insurance premiums 6,000
The business meals Javier paid for were to entertain various visiting executives from the clients he does business with. As is the case with all of Javier’s business transactions, the lunches are properly documented and supported by receipts. Because the reception room furnishings were looking shabby, Javier and his suite-mates had them replaced. The $2,200 Javier spent was his share (i.e., a sofa and coffee table) of the cost. Javier follows a policy of avoiding depreciation by utilizing the Section 179 election to expense assets. All of Javier’s office equipment (e.g., desk, chairs, file cabinets, computer, etc.) has previously been expensed. Of 16,000 total miles in 2013, Javier drives his car (a Ford Explorer purchased on 6/1/2011) 13,400 miles for business (not including commuting) and has business parking and toll charges of $310. The Barbosas use the automatic mileage method of claiming automobile expenses.
2. Eldi is an occupational therapist employed on a part-time basis by Therapy Consultants, Inc. Her employer does not provide her with an office, and she has no separate office in her home. She does, how.
ACC 547 OUTLET Inspiring Innovation--acc547outlet.com
This document provides information and questions related to the ACC 547 final exam, including:
1. Details about gift tax exclusions and due dates for filing gift tax returns.
2. Questions related to gift and estate tax calculations and exclusions.
3. A comprehensive accounting problem calculating depreciation expenses for a machine shop over multiple years.
4. Details of a sample tax return including income, deductions, and credits for a married couple.
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Luis and Elena Gonzales are a newly married couple in their mid-20s..pdf
Luis and Elena Gonzales are a newly married couple in their mid-20s..pdf
David and Ariel Olson are married taxpayers, ages 44 and 42 , respect.pdf
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11- Elizabeth Carson- spouse of Tony Carson- died on August 4- 2022- T.docx
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·You have been engaged to prepare the 2015 federal income tax re.docx
·You have been engaged to prepare the 2015 federal income tax re.docx
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 A.docx
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 A.docx
FactsJavier F. and Eldi M. Barbosa are married and live at 1268.docx
FactsJavier F. and Eldi M. Barbosa are married and live at 1268.docx
ACC 547 OUTLET Inspiring Innovation--acc547outlet.com
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51 Tax Forms Problem ProConnect Tax Lance H and Wanda B D.pdf
- 1. 51. Tax Forms Problem ProConnect Tax Lance H, and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501 . Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2021, the Deans had the following receipts: Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child support-the alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred $90,000 to her in settlement of the personal injuries she sustained.The Deans had the following expenditures for 2021: The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employer's pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution. The Deans' household includes the following, for whom they provide more than half of the support:Penny graduated from high school on May 9, 2021, and is undecided about college. During 2021, she earned $8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father who died on December 20, 2021. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was witheld. The Deans received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. Determine the Federal income tax for 2021 for the Deans on a joint return by completing the appropriate forms. They do not own and did not use any virtual currency during the year, and they do not want to contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax.