Lance H and Wanda B Dean are married and live at 431 ProCo.pdf
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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.
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51 Tax Forms Problem ProConnect Tax Lance H and Wanda B D.pdf
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..
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..
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.
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 ...
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.).
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.
Recommended
51 Tax Forms Problem ProConnect Tax Lance H and Wanda B D.pdf
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..
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..
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.
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 ...
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.).
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.
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 ...
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.
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.
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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.
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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
Tax Return-Individual Number Five (after Chapter 12)Instructio.docx
Tax Return-Individual Number Five (after Chapter 12)
Instructions:
Please complete the required federal individual income tax return forms for Joseph and Diana Cohen for the 2013 tax year. 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.
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:
Company
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
Alternative Energy
$115,325
$29,230
$14,400
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll taxes it was required to withhold.
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
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 s required the filing of Form(s) 1099 to report payments she made during the tax year. In addition, Ms. Cohen drove a 2011 Lexus purchased on January 1, 2011 for all of her business mileage. She drove the vehicle a total of 10,605 miles during the year for all purposes. Diana has written documentation to support the mileage amounts. She also has access to another vehicle for personal purposes.
The Cohens also received the following during the year:
Interest income from First Bank of New Jersey$320
Interest income from Patterson ...
·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.
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.
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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
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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.
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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
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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
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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
Tax Return-Individual Number Five (after Chapter 12)Instructions.docx
Tax Return-Individual Number Five (after Chapter 12)
Instructions:
Please complete the
required
federal individual income tax return forms for Joseph and Diana Cohen for the 2013 tax year. 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.
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:
Company
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
Alternative Energy
$115,325
$29,230
$14,400
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll taxes it was required to withhold.
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
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:
.
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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
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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.
If Vega did not request an extension of time for filing the 2016 gift tax return, the due date for filing was
3. Under the unified rate schedule
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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
LanguageType Java inheritance polymorphism Assume that the.pdf
Language/Type: Java inheritance polymorphism Assume that the following classes have been
defined:Given the classes above, what output is produced by the following code? (Since the code
loops over the elements of an array of objects, write the output produced as the loop passes over
each element of the array separately.) Arya[] thrones ={ new Oberyn(), new Arya(), new Brienne(),
new Tyrion() }; for (int i=0;i< thrones.length; i++){ thrones[i].a(): System, out.printin(); System.
out.print ln( thrones [i]); thrones [i],b(); System, out.println(); System, out.println():element 0
element 1 element 2 element 3.
LanguageTypeAuthorJavabinarytreestreetraversals.pdf
Language/Type:Author:JavabinarytreestreetraversalsRobertBaxter(on2019/09/19) Write the
elements of the tree below in the order they would be seen by a pre-order, in-order, and post-order
traversal. pre-order in-order post-order () You passed 0 of 3 tests. Try again..
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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 ...
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.
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.
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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.
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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
Tax Return-Individual Number Five (after Chapter 12)Instructio.docx
Tax Return-Individual Number Five (after Chapter 12)
Instructions:
Please complete the required federal individual income tax return forms for Joseph and Diana Cohen for the 2013 tax year. 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.
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:
Company
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
Alternative Energy
$115,325
$29,230
$14,400
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll taxes it was required to withhold.
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
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 s required the filing of Form(s) 1099 to report payments she made during the tax year. In addition, Ms. Cohen drove a 2011 Lexus purchased on January 1, 2011 for all of her business mileage. She drove the vehicle a total of 10,605 miles during the year for all purposes. Diana has written documentation to support the mileage amounts. She also has access to another vehicle for personal purposes.
The Cohens also received the following during the year:
Interest income from First Bank of New Jersey$320
Interest income from Patterson ...
·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.
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.
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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
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This course provides a wide range of university students-centered service
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.
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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
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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
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For more course tutorials visit
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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
Tax Return-Individual Number Five (after Chapter 12)Instructions.docx
Tax Return-Individual Number Five (after Chapter 12)
Instructions:
Please complete the
required
federal individual income tax return forms for Joseph and Diana Cohen for the 2013 tax year. 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.
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:
Company
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
Alternative Energy
$115,325
$29,230
$14,400
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll taxes it was required to withhold.
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
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:
.
Acc 547 Exceptional Education / snaptutorial.com
For more classes visit
www.snaptutorial.com
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
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FOR MORE CLASSES VISIT
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Perform basic configuration tasks on a router.
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2 Cisco Routers (1841)
2 Cisco Switches (2950-24)
3 Computers
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Default root can be configured as:
R1(config)# ip route 0.0.0.0 0.0.0.0 10.1.1.2
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Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Home assignment II on Spectroscopy 2024 Answers.pdf
Answers to Home assignment on UV-Visible spectroscopy: Calculation of wavelength of UV-Visible absorption
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Biological Screening of Herbal Drugs in detailed.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Synthetic Fiber Construction in lab .pptx
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Digital Artifact 2 - Investigating Pavilion Designs
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NGV Architecture Commission Competition
MPavilion Commission Competition
Other Pavilion Designs
Chapter 3 - Islamic Banking Products and Services.pptx
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This slide is prepared for master's students (MIFB & MIBS) UUM. May it be useful to all.A Strategic Approach: GenAI in Education
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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Home assignment II on Spectroscopy 2024 Answers.pdf
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Lance H and Wanda B Dean are married and live at 431 ProCo.pdf
- 1. 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 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.