Expenses and provided all of her children support

Assignment Help Accounting Basics
Reference no: EM133656046

Interview Notes - Beringer

• Sheryl has two children, Courtney and Artis Johnson, who live with her full time. She has been divorced since May 3, 2015. She paid all the expenses and provided all of her children's support.

• Sheryl's mother, Monica Jesse, also lives with her full time. Sheryl provides over half of her support. Monica's only income is from Social Security and a small amount of bank interest. She spends her SSA benefits on her medical expenses and does not contribute to the household expenses.

• Sheryl's friend, Willie Cash, lost his home and moved in with her April 16th of the tax year. He does not have any income and is currently looking for work. Sheryl would like to claim Willie as a dependent.

• Last year, Sheryl itemized her deductions and received a state refund. Information from her last year return:

o State tax refund: $132 o Total State tax: $5,041

o Total itemized deductions: $19,426

o Prior year state tax withheld: $950

o Calculated sales tax not deducted on prior year return: $868

o Filing status for 2021 was Head of Household

 

 

Reference no: EM133656046

Questions Cloud

About police body carmeras : Current event article, students will find a current news article (online or in print) about Police Body Carmeras.
What is most significant impact social media : What is the most significant impact social media has had on American government and politics?
Wax scent wicks coloring clips cellophane : List the following as fixed, variable or mixed costs : Wax Scent Wicks Coloring Clips Cellophane Packaging Boxes Information Stickers
Provo is considering adding line of cheddar cheese : Provo Provolone Company is a purveyor of fine provolone cheese. Provo is considering adding a line of cheddar cheese,
Expenses and provided all of her children support : She has been divorced since May 3, 2015. She paid all the expenses and provided all of her children's support.
What is bellas company-wide break-even point : Bella's Burgers sells burgers, fries, and milkshakes. What is Bella's company-wide break-even point?
Calculate its net cash flow from financing activities : Calculate its net cash flow from financing activities for 2022.
Prepare the statement of cash flows : What will the company do in this situation when it is time to prepare the statement of cash flows, and why?
Recording purchase or sale using inventory items : When recording a purchase or sale using inventory items, it's important to know what journals are posted.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd