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Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is cur- rently in college at State University. Joe works as a design engineer for a man- ufacturing firm while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married- joint. Based on their estimates, determine Joe and Jessie's AGI and taxable income for the year and complete pages 1 and 2 of Form 1040 (through tax- able income, line 43) and Schedule A. Assume the 2014 rules apply for pur- poses of the qualified education expense deduction and that the employer portion of the self-employment tax on Jessie's income is $808. Joe and Jessie have summarized the income and expenses they expect to report this year as follows:
Joe's salary
$119,100
Jessie's craft sales
18,400
Interest from certificate of deposit
1,650
Interest from Treasury bond funds
727
Interest from municipal bond funds
920
Federal income tax withheld from Joe's wages
$13,700
State income tax withheld from Joe's wages
6,400
Social Security tax withheld from Joe's wages
7,482
Real estate taxes on residence
6,200
Automobile licenses (based on weight)
310
State sales tax paid
1,150
Home mortgage interest
14,000
Interest on Masterdebt credit card
2,300
Medical expenses (unreimbursed)
1,690
Joe's employee expenses (unreimbursed)
2,400
Cost of Jessie's craft supplies
4,260
Postage for mailing crafts
145
Travel and lodging for craft shows
2,230
Meals during craft shows
670
Self-employment tax on Jessie's craft income
1,615
College tuition paid for Lizzie
5,780
Interest on loans to pay Lizzie's tuition
3,200
Lizzie's room and board at college
12,620
Cash contributions to the Red Cross
525
Mr.Frankis currently employed and a single taxpayer. Determine which of several interest expenses paid by Mr. Frank during the year are tax deductible and which are personal, nondeductible expenses.
Mr.Jonesis currently employed and a single taxpayer. Determine which of several medical and health-related expenses paid by Mr. Jones on behalf of himself and his mother during the year are tax deductible and which are per- sonal, nondeductible expenses.
The Warner Corporation has gross income of$560,000. It has business expenses of $325,000, a capital loss of $20,000 and $2,500 of interest income on temporary investments. What is the corporation's taxable income?
The useful life of the machine was expected to be four years with no residual value. Barton and Barton's implicit interest rate was 10%.
Congress increases the income tax rate from 20% to 30%. Record the journal entry Cole would make to adjust for this change.
The Dapper-Dons Partnership was formed ten years ago as a general partnership to custom tailor men's clothing. Dapper-Dons is located at 123 Flamingo Drive in City, ST, 54321.
A plant asset costing $20,000 was sold for its book value of $8,000. And additional plant asset was purchased for $60,000.
At the end of the year, the company owes taxes of $5,000. What is the accrual basis net income of the company for the current year?
Evaluate the cost of a 20-guest afternoon picnic and evaluate the cost of a 20-guest evening formal dinner.
donna noble age 74 has 50000 in a certificate of deposit paying 6 annual interest. in addition to this interest income
Scheme of Taxation of Capital gains and losses and Treatment of Capital Gains of Corporate Taxpayers
Compute Welch's gross pay, payroll deductions, and net pay for the full year 2012. Round all amounts to the nearest dollar.
Compute the ratios. to which one would you, as credit manager for a supplier, approve the extension of (short-term) trade credit?
Complete Phillip and Claire Dunphy's 2012 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps
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