User Account

All Pages

taxes, Accounting Basics

Assignment Help:
ACCT225-1204A-01 Introduction to Tax
Task Name: Phase 5 Individual Project
Deliverable Length: All applicable tax forms and a Word document of 1–2 pages
Details: Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

Scenario:

The Park family consists of the following:

•Jackie O. Park; age 40; DOB: 3/23/1970; SSN: 123-45-6789; business analyst; single; unmarried
•Leslie T. Park; age 16; DOB: 05/19/1994; SSN: 234-56-7890; daughter; high-school student; lives at home
•Alex K. Park; age 12; DOB: 09/01/1998; SSN: 345-67-8901; son; middle-school student; lives at home
Pertinent information:

•Address: 132 Oakbrook Drive, Houston, Texas 77091
•The Parks do not want to contribute to the presidential election campaign
•Jackie does not receive child support. She pays all of the household expenses including the upkeep of Leslie and Alex. Only Jackie can claim Leslie and Alex as dependents.
•Her income tax rate is 13.05%. (Note that this rate is different from the self-employment tax rate.)
•Jackie also operates a realty company on a part-time basis. Her income from this business is from real estate sales during the year. She is a sole proprietor and her company’s name is Jaleal Realty Company. Jackie rents a small office to operates this business.
Jackie had the following earnings on her W-2:

•Wages: $55,159
•Federal tax withheld: $7,460
•Social Security tax withheld: $3,420
•Medicare tax withheld: $800
Jackie had the following income (as shown on Form 1099) and expenses from her business:

•Total income reported on Form 1099 was $23,000 and came from the real estate commissions earned from home sales.
Expenses:


Rent
7,200

Travel expenses
2,200

Advertising
2,345

Supplies
955

Office expenses
750

Telephone
720

Internet expense
540

Broker license
75

Legal and professional
1,000

Miscellaneous
150



Other tax data:

•Texas state’s general sales tax deduction allowed is $924.
•Jackie received $610 of interest income from her bank.
•She donated $230 in cash to her church during the year.
•Real estate taxes paid on her residence were $1,980, and the mortgage interest paid to her bank in New York, NY on the primary residence for the year was $16,000.
•Medical expenses for the family were as follows:
?medical insurance premium $3,244
?payments for doctor’s visits $1,760
?$850 was paid for dentists
?$230 for prescription drugs
Assignment Guidelines

To prepare Jackie O. Park''s tax return without the aid of Tax preparation software, complete the following steps:

1.Ensure that you have an Adobe Reader installed on your computer to open and use the downloadable IRS forms.
2.Determine which forms are necessary for Jackie O. Park''s tax return.
3.Go to the IRS Web site and download the fill-in tax forms that you will need to complete: Form 1040 and the appropriate schedules.
4.Complete all necessary downloaded fill-in forms on the computer and save.
5.Collate your completed forms; save in PDF form, and upload for grading.
After completing her return, you take the time to review it for errors by going through your checklist that includes the following questions. Make note of all answers in a Word document of 1–2 pages to keep with her tax return:

1.What is the filing status for Jackie O. Park?
2.What is her adjusted gross income?
3.Does Jackie qualify for the Earned Income Credit?
4.Is she required to file a state income tax form?
5.What is her income tax liability or refund?
6.What tax law applies to Jaleal Realty Company?
7.What is her business loss or income, and where will this figure be shown on Jackie’s Form 1040?
8.Where should Jackie mail her federal tax return (assuming she is not e-filing).
Submit this document along with her tax return.




Objective: •Describe the basic concepts of tax law as it affects businesses.
•Demonstrate and synthesize the basic rules of U.S. tax law applicable to individual tax payers.
•Prepare a U.S. individual tax return utilizing IRS Form 1040 with appropriate schedules without the aid of tax preparation software












The key project assignment must be submitted to the submitted assignments area under the correct task heading. This includes the phase 4 IP and phase 5 IP assignments. If you submit the phase 4 IP assignment after the task list due date, then you will most likely not receive feedback until after the Phase 5 IP is due. Please do not wait on the feedback from your phase 4 IP to submit your phase 5 IP.



One page of APA formatted text (Times New Roman, 12 pt font double spaced without extra spaces between the paragraphs) is equal to approximately 300 words.



The phase 4 and phase 5 IP use 2010 Tax forms. These can be found at IRS.gov. Do NOT use tax forms for any other year. Ignore Schedule M, Making Work Pay

Related Discussions:- taxes

Julie whiteweiler made $930 this week, Julie Whiteweiler made $930 this wee...

Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 40

Illustrate unearned service fees, Q. Illustrate unearned service fees? ...

Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe

Costs within the banking industry, There are over 5,000 banks in the United...

There are over 5,000 banks in the United States-more than 10 times the number per person than in other industrialized countries. A recent study suggests that the long-run average c

The total revenue of the month of june amounted, The total revenue of the m...

The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to $6,000. $

Creating a two player web based game, Required: An implementation of...

Required: An implementation of a two player game. Keep the game simple ROCK PAPER SCOSSORS A two player game, each player on a different browser instance.  (pro

Ratios and Analysis, Your report must include at a minimum the following it...

Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset

Determine the term - working capital and current ratio, Determine the term ...

Determine the term - Working capital and current ratio Determining these ratios would help a business determine if will have enough capital to operate and can meet their debts.

Survey of accounting issues, Required: Record the following transaction on...

Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu

Prefferred dividendes, matt schmidt company''s ledger shows the amount of

matt schmidt company''s ledger shows the amount of

Income statement, A company pays rates annually/yearly in advance on 1 Apri...

A company pays rates annually/yearly in advance on 1 April every year. $4000 is paid by them on 1 April 2009 and $4800 on 1 April year 2010. The company's accounting year end is 31

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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