Reference no: EM131045793
James Brock operates a business selling unfinished furniture from a building he owns. James Brock is the sole proprietor of Westchester Wood. The business operates Thursday through Sunday. Net income ranges from $24,000 to $40,000.
Ashley receives unearned income in the amount of $3,800 from investments her Grandmother left her in her will. The Brocks have instructed the brokerage firm to reinvest all of the income from these investments.
William, James' father, is 66 years old.
The Brocks, based on a preliminary calculation, are expected to owe $2,200 when they have completed their tax return; however, all of the detail information that you would need to prepare their return, including information related to Westchester Wood is not yet available and is not expected to be available until the middle of May.
Required:
Prepare a brief summary that identifies the filing status the Brocks (James and Pamela) will use when filing their individual tax return. Please explain the reasons for making your selection.
Within the same summary, indicate which tax form the Brocks will use and why.
Prepare a schedule showing which members of the Brock household are required to file a tax return.
Compute Ashley's net unearned income and her total tax. Please show all calculations. Ashley's tax rate is 10% and her parents' marginal rate is 28%.
Prepare an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return for the Brocks (James and Pamela). Visit the
IRS website for the applicable form and instruction and include the completed form with your submission.
This needs to be done in excel
Walk-through audit for a local service business
: The objective of this project is to seek opportunities to apply the walk-through audit and knowledge, skills, and tools learned in this class to a real business in seeking ways to improve service operations. Study activities, include, but are not ..
|
Clock nor the speedometer worked
: On March 17, Peckham bought a new car from Larsen Chevrolet for $16,400.85. During the first one and one-half months after the purchase, Peckham discovered that the car's hood was dented, its gas tank contained no baffles, its emergency brake was ..
|
Determine the pdf equation
: Using the ITM, determine the CPG that will generate random variables with the following triangle distribution
|
Prevalent in the business world
: Why is the use of teams in organizations becoming more popular and more prevalent in the business world? How has it changed your role in the organization over the last 10 years?
|
Compute ashleys net unearned income and her total tax
: Prepare a brief summary that identifies the filing status the Brocks (James and Pamela) will use when filing their individual tax return. Please explain the reasons for making your selection.
|
Develop a chart that would be of interest
: Your company bid this contract with the promise to complete the job within 185 days. What is the probability of completing this project in that time frame? (Show your work.)
|
Mccullough immediately encountered problems
: Deborah McCullough bought a new car from Bill Swad Chrysler, Inc. The car was protected by both a limited warranty and an extended warranty. McCullough immediately encountered problems with the automobile's brakes, transmission, and air conditioni..
|
Discuss the rationale behind ma establishing
: Discuss the rationale behind Ma establishing Taobao.com. What are the factors that led to Taobao's success as compared to eBay in the Chinese online auctions market?
|
What is the expression for the diagonal terms
: What is the expression for the diagonal terms in the resulting matrix of coefficients of the tridiagonal system of linear equations that has to be solved
|