User Account

All Pages

computation, Taxation

Assignment Help:
"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''s Social Security number is 111-11-1111. Beulah''s Social Security number is 123-45-6789, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304.

Alfred was divorced from Sarah Old in March 2009. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah''s death, whichever occurs first. Alfred pays Sarah $15,000 in 2011. In addition, in January 2011, Alfred pays Sarah $50,000, which is designed as being for her share of the martial property. Also Alfred is responsible for all prior year''s income taxes. Sarah''s Social Security number is 123-45-6788.

Alfred''s salary for 2011 is $150,000, and his employer, Cherry, Inc. (Federal I.D. No. 98-7654321), provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The following amounts were withheld for FICA taxes: $4,486 ($106,800 × 4.2%) for Social Security and $2,175 ($150,000 × 1,45%) for Medicare.

Beulah recently graduated from law school and its employed by Legal Aid Society, Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives a salary of $40,000×4.2%) for Social Security and $580 ($40,000 × 1.45%) for Medicare.

Beulah has $2,500 in qualified dividends on Yellow Corporation stock she inherited. Alfred and Beulah receive a $1,900 refund on their 2010 state income taxes. They itemized deductions on their 2010 Federal income tax return (total = $15,000). Alfred and Beaulah pay $4,500 interest and $1,450 property taxes on their personal residence in taxes of $1,400 for which they maintain the receipts.

Related Discussions:- computation

Compute income tax, Assume that a large copy machine is being purchased by ...

Assume that a large copy machine is being purchased by your employer. the cost is 200.000$. the manufacturer claims it has a useful life of 8 years. this machine will lower operati

Explain expatriation tax, An expatriation tax is a tax on somebody who give...

An expatriation tax is a tax on somebody who gives up their citizenship. In United States, the expatriation tax provisions under Section 877 and Section 877A of the Internal Revenu

Goods and services tax, William Potter is a plumber currently operating as ...

William Potter is a plumber currently operating as a Sole Trader in Levin. William has approached you, a tax accountant, for your advice on certain tax matters. William's brothe

Consolidated tax returns, Avis''s taxable income for the year is $300,000 a...

Avis''s taxable income for the year is $300,000 and Best''s taxable income for the year is $425,000. For each of the scenarios provided,

Calculate taxable income, Caroline is a 55-year-old Australian resident. Sh...

Caroline is a 55-year-old Australian resident. She  is the chief marketing officer based in Sydney for XYZ Limited (XYZ), a public company listed on the Australian Securities Excha

Trusts, how are trusts considered a tax minimisation vehicle?

how are trusts considered a tax minimisation vehicle?

Beneficial for gencorps shareholders, In May 2003, Gencorp acquired Sequa C...

In May 2003, Gencorp acquired Sequa Corp.'s propulsion subsidiary ARC for $133million in cash and $11 million in transactions costs. Table below lists selected information about

Homework help, Hello I need some help with a tax return assignment

Hello I need some help with a tax return assignment

Payroll, In May of the current year, your employer received a PIER report f...

In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the organization

Taxable income for the year, Avis's taxable income for the year is $300,000...

Avis's taxable income for the year is $300,000 and Best's taxable income for the year is $425,000. For each of the scenarios provided, (a) state if a control group has been created

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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