Rodney and Alice Jones have three smallchildren, ranging in age fr.pdf

•

0 likes•2 views

Rodney and Alice Jones have three small children, ranging in age from 5 to 10. One child is blind and needs special care. Rodney works as an accountant for a large CPA firm and has gross income of $45,000. Alice is a lawyer with a national law firm and earns $48,000. Rodney’s parents are quite old, and he and his two brothers entirely support them according to the following percentages: Rodney 45% Steven 40% Robert 15% The brothers decide that in 2013 Rodney should be allowed to declare his parents as dependents. Rodney’s employer provides group-term life insurance at twice the employee’s annual salary. Rodney is 40 years of age. During 2013, Rodney and Alice receive the following dividends on their jointly held investments: Dividends from Mexico Inc. (Mexican Corp.) $700 Dividends from Widget Steel Corp. 150 They received interest income from the following investments: Interest on State of Ohio highway bonds $800 Interest on deposits in savings and loans 400 The Joneses have itemized deductions of $15,000. Compute their taxable income. Solution.

Education

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.).

Family selection 2011 presentation

Jaemee Rozz Galang

Acc 456 Education Organization -- snaptutorial.com

DavisMurphyB53

Gordon and Colleen Howe� Mini CaseToday is January 1, 2023.pdf

fmac5

Gordon and Colleen Howe Mini Case Today is January 1, 2023 Gordon and Colleen Howe both 36 years old. Mr Howe recently accepted a job making $93K a year, Mrs. Howe is currently unemployed. They have one child who is 4 years old, an English Setter and Maine Coon Cat. Both are licensed lawyers and have been married for eight years The Extended Family Mr. Howe has a mother in her 60s who is living far away and is modestly self-sufficient. Mr. Howe has two siblings both married and self-sufficient. Mr Howe inherited $400K from his late Uncle Stan who was 100 years old when he died and had worked every day of his life. He has spent the inheritance down to $200K. Mrs Howe has one brother who is married, wealthy and has two children. Mrs Howes mother is a pharma distributor and lives in another state she is 60 and self-sufficient. Mrs Howes father lives in the same town as the Howes and her father is self- sufficient and healthy. Mrs Howes Father (Trust 1) Mrs Howes father set up a trust for the benefit of Mrs Howe. Her brother is trustee, but it is really controlled by the father. The trust distributes $30K/year to Mrs Howe. The basis is $700K and it has an average earnings rate of about 8.5% per year for the last 10 years. There is no plan to increase distributions. Economic Info Inflation averages 3% for last 20 years and expected to continue at 3% Bank lending rates: 15 year 5.25%; 30 year 6.75%; Any closing costs associated with refinance are 3% and included in refinanced mortgage. Expected rate of return 8.5% Residence Current value $550K; Balance on 30-year mortgage at 5.5% $260,514; Land value $150K; Monthly payment (P&I) $1703.37; Owned home for 8 years; Will not qualify for refinance until Mr. Howe has been with his current employer for one year. Life - No life insurance; Mr Howe expects $50K group term from new employer Health Covered under Mr Howe employer plan; Cost $1K/month for family Disability No disability; Mr Howe will be covered for LTD provided by employer at 65% of gross pay. Homeowner HO3 with open perils and replacement value; $250 deductible; Dwelling covered$300K with 80/20 coinsurance clause; Premium $2400/year. Auto - $250 deductible; 100/300/50; Premium $1800/year Assets JT Bank account $28K JT Inherited portfolio $200K C Brokerage account $127K G401K $32K with brokerage account JT Residence $550K JT Auto 1 $40K G Auto 2 $25K JTHH Items $150K JT Liabilities Mortgage $260514 Other Financial Annual Expenses Annual contributions to 401K $17500 SS Taxes $7115 Federal WH $10384 State WH $3715 Property tax $3000 Tuition to preschool $15K Utilities $2400 Entertainment $1200 Clothing $2000 Auto maint/gas $3000 Food $9600 Investments Investment portfolio $327K Brokerage account includes gifts from Mrs Howes father invested in money market account at 0% earnings 401K from Mr Howes prior job invested in index fund Asset Current $ Expected Returns Portfolio Percentage Cash $28,000 0% 7% T Bonds $0 4% Corp Bonds $0 6% International B.

ACC 456 Education Specialist / snaptutorial.com

stevesonz106

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 ...

Got Choices Finalv1guesta40fae

Medicaid 2008

naylor007

ACC 456 Education Redefined / snaptutorial.com

McdonaldRyan177

Tax Return-Individual Number Five (after Chapter 12)Instructio.docx

mattinsonjanel

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 ...

Acc 456 Effective Communication / snaptutorial.com

StokesCope29

Qualifying A Client For Medicaid

William Copeland

LOUDON CASEPERSONAL INFORMATION AND BACKGROUNDDennis and Sar.docx

SHIVA101531

LOUDON CASE PERSONAL INFORMATION AND BACKGROUND Dennis and Sarah Loudon have been married for 8 years and have one child who is 5 years old. Dennis has one child by a previous marriage. The Loudon’s own a three-bedroom home, 2 cars, a motorboat, and a dog. Dennis operates a restaurant with his two brothers, and Sarah works as a credit analyst for a bank. The Loudon’s are all in good health. Dennis Loudon Dennis Loudon is age 38 and is a partner in a restaurant called The Blue Elf. Dennis and his two brothers operate the restaurant, and Dennis is the youngest of the three brothers. One brother is two years older, and the other brother is four years older. In addition to the three brothers, the restaurant has four full-time and five part-time employees. The full-time employees have been with The Blue Elf for two to four years and range in ages from 23 to 37. Each of the part-time employees works less than 1,000 hours annually. Two of the part-time workers are 60 years of age, and the others are under 21. Dennis and his brothers devote full-time to the restaurant. Sarah Loudon Sarah Loudon is age 35 and has been employed by Nations Bank as a credit analyst for 9 years. She has an MBA in finance from the state university. Tracy Loudon Tracy Loudon is age 5 and attends the local public elementary school where she is in kindergarten. She goes to the daycare center for the afternoons. Thomas Loudon Thomas Loudon is age 10 and lives with his mother Frances, Dennis’s first wife. Thomas attend public elementary school and goes to an after-school program. PERSONAL AND FINANCIAL GOALS The Loudon’s have the following financial goals, in order of priority: 1. Send Tracy and Thomas to private colleges away from home. 2. Minimize their current income taxes. 3. Save for retirement to provide a standard of living that is 75% of their preretirement earnings. 4. Save for a vacation home. 5. Develop an estate plan to minimize estate taxes. Appendix- Loudon Case ECONOMIC INFORMATION 1. The Loudons expect that inflation will average 3% per year. 2. The Loudons expect Dennis’ income from The Blue Elf to increase 4% annually. 3. The Loudons expect Sarah’s salary to increase 5% annually. 4. Current mortgage rates are 6.5% for 15 years and 7% for 30 years. Lenders are requiring three “points” for mortgage loans. INSURANCE INFORMATION Life Insurance Policy #1 Policy #2 Insured Dennis Sarah Face amount $100,000 $100,000 Type Whole life Group term Cash Value $15,400 0 Annual premium $2,000 Employer-paid Beneficiary Sarah Dennis Contingent beneficiary Tracy Tracy Owner Dennis Sarah Settlement options Life income None Medical Expense Insurance The Loudon family is covered under a group major medical plan through Sarah’s employer. The annual family deductible is $500, and above the deductible, the plan pays 80% of covered medical expenses. The cap on out-of-pocket medical expenses per illness or injury is $2,000, including the deductible. Disability I ...

ACC 456 Exceptional Education/snaptutorial.com

McdonaldRyan1

ACC 456 Exceptional Education/snaptutorial.com

McdonaldRyan27

Stuart Case Facts_FINALNick Johnson, CFP (R)

ACC 456 study Education on Your Terms/acc456study.com

rock1234591

Strayer acc 307 final exam part 1 new

jackiemoo

Strayer ACC 307 Final Exam Part 1 NEW Check this A+ tutorial guideline at http://www.assignmentcloud.com/acc-307-strayer/acc-307-final-exam-part-1-new For more classes visit http://www.assignmentcloud.com 1. The § 222 deduction for tuition and related expenses is available: 2. A worker may prefer to be classified as an employee (rather than an independent contractor) for which of the following reasons: 3. Aaron is a self-employed practical nurse who works out of his home. He provides nursing care for disabled persons living in their residences. During the day he drives his car as follows 4. Jordan performs services for Ryan. Which of the following factors indicate that Jordan is an independent contractor, rather than an employee

ACC 456 Expect Success/newtonhelp.com

myblue006

If a taxpayer has investment income that exceeds a certain threshold.pdf

stopgolook

If a taxpayer has investment income that exceeds a certain threshold, they are not eligible to claim the Earned Income Credit. For 2022, what is that threshold? If a taxpayer's Earned Income Credit (EIC) was disallowed, what additional step must the taxpayer take the next time they claim the EIC? Stan would like to claim his grandson, Spencer, as his qualifying child so he can claim the Earned Income Credit (EIC). However, Spencer's mother, Alma, is also eligible to claim Spencer as her qualifying child for EIC purposes. As Stan's tax preparer, what information would you share with Stan? All of the following statements regarding the 2022 Additional Child Tax Credit are correct, EXCEPT? Paloma (63) shared a home all year with her son, Antonio (41), and Antonio's son, Danny (23). They were all U.S. citizens, lived in the U.S. all year, and all had social security numbers valid for employment. Paloma and Antonio worked full-time. Danny was a part-time student during the year; he took one class at the local community college. Danny also worked part-time and had wages of $6,800. No one else lived in the home. Paloma had earned income and an adjusted gross income of $23,459. She had no foreign income or investment income. Antonio had earned income and an adjusted gross income of $32,500. He had no foreign income or investment income. Who, if anyone, is eligible to claim and receive the Earned Income Credit? Which of the following taxpayers qualifies for the Earned Income Credit? (All are U.S. citizens, lived in the United States for more than six months, and have valid social security numbers that allow them to work. They did not have any foreign income and will not file Form 2555, Foreign Earned Income.).

HOW TO BUILD A MILLION DOLLAR PORTFOLIO

Empower Wealth

EITC WebinarCCUSA

Estate Planning Law Update: The Law and Planning Considerations

Anderson, Dorn & Rader, Ltd.

1 Total annual income your family would need if you died today.docx

honey725342

1 Total annual income your family would need if you died today $ What your family needs, before taxes, to maintain its current standard of living (Typically between 60% - 75% of total income) 2 Annual income your family would receive from other sources $ Spouse's earnings, fixed pension, etc. (Do not include earned income on assets) 3 Income to be replaced - Subtract line 2 from line 1 $ 4 Capital needed for income - Multiply line 3 by appropriate factor in Table A $ Expenses: 5 Funeral and other final expenses $ Typically the greater of $15,000 or 4% of the estate value 6 Mortgage and other outstanding debts $ Include mortgage balance, credit card debt, car loans, etc. 7 College costs for children, in today's dollars $ Average 4-year cost per child: State college - $80,360 * (in-state resident) Private college - $181,480 * * Includes tuition, fees, room and board 8 Capital needed for college - Multiply line 7 by the appropriate factor in Table B $ 9 Total capital required - Add lines 4, 5, 6 and 8 $ Assets: 10 Savings and investments $ Bank accounts, money market accounts, CDs, stocks, bonds, mutual funds, etc. 11 Retirement savings $ IRAs, 401(k)s, Keoghs, pension and profit sharing plans 12 Present amount of life insurance $ 13 Total income producing assets - Add lines 10, 11 and 12 $ 14 Life insurance needed - Subtract line 13 from line 9 $ Years income needed Factor Years before college Factor 10 8.8 5 0.95 15 12.4 10 0.91 20 15.4 15 0.86 25 18.1 20 0.82 30 20.4 35 22.4 40 24.1 LIFE INSURANCE NEEDS ASSESSMENT Table A Table B Income Replacement Calculation 2017 Income Replacement and Estate Tax Analysis Income: 1 Residence $ Full approximate fair market value of residence 2 Other real estate $ Investment property, vacation homes, etc. (For jointly owned property with a non-spouse, list only your portion) 3 Value of all Motor Vehicles $ Includes automobiles, motor homes, motorcycles, trailers, boats, etc. 4 Tangible Personal Property $ Fair market value of all furniture, jewelry, art, collections, etc. 5 Non-Qualified Investments $ Includes all stocks, bonds, mutual funds, etc. (Do not include 401ks and IRAs) 6 Qualified Investments $ Includes all 401ks, IRAs, Roth IRAs, etc. 7 Cash $ Checking accounts, savings accounts, money market accounts, etc. 8 Life Insurance Policies $ List total life insurance policy death benefit 9 Business Interests $ Includes stock in S corporations and C corporations, partnership interests, limited liability membership interests and sole proprieterships 10 Other Assets Any assets not included in the previous nine line items $ 11 Total Gross Estate Value - Add all values in lines 1 through 10 together $ 12 Home Mortgage $ Includes primary mortgage plus line(s) of credit 13 Other Mortgages $ Includes primary mortgage plus any line(s) of credit 14 Auto Loans $ 15 Student Loans $ 16 Credit Card Debt $ 17 Other Debt $ 18 Total Debt - Add all values ...

Salad Toppings Donald Wheeler is ordering a salad at a Ruby Tuesday.pdf

Rodney and Alice Jones have three smallchildren, ranging in age fr.pdf

Recommended

Recommended

More Related Content

Similar to Rodney and Alice Jones have three smallchildren, ranging in age fr.pdf

Similar to Rodney and Alice Jones have three smallchildren, ranging in age fr.pdf (20)

More from ALASEEMKOTA

More from ALASEEMKOTA (20)

Recently uploaded

Recently uploaded (20)

Rodney and Alice Jones have three smallchildren, ranging in age fr.pdf