Schedule A
Medical and dental Expenses | 0 |
Taxes Paid: | |
Real estate tax | 2500 |
Intrest paid: | |
Mortgage interest | 4500 |
Gifts to charity | 3500 |
Unreimbursed job expenses | 10905 |
Total Itemised deductions | 21405 |
Form 1040:
Salary received | 80000 | |
Business Income | 2789 | |
Total income | 82789 | |
Less: Schedule A | -21405 | |
Total | 61384 | |
3800*2 | 7600 | |
Taxable Income | 53784 | |
0-8500 | 10% | 850 |
8500-34500 | 15% | 3900 |
34500-61384 | 25% | 6721 |
Total Tax | 11471 | |
Less: Taxes Withheld | 10300 | |
Total tax payable | 1171 |
Schedule C:
Income from Rubber toy boat:
Repair | 15000 |
Less: | |
Cost of supplies | 5000 |
Contract labour | 3500 |
Business phone calls | 500 |
Total | 6000 |
Less: Form 8829 exp | 3211 |
Total Business Income | 2789 |
Form 2106:
Car expenses | 9990 |
Travelling expenses | 665 |
Meals expenses | 5500 |
16155 | |
Less: Reimbursements | 5000 |
Expenses allowed | 250 |
Total | 10905 |
Form 8829:
25% used for business | |
Income from business | 6000 |
Less: | |
Mortgage interest | 1125 |
Real estate taxes | 625 |
Utility bills | 500 |
Depreciation | 961 |
Total | 2789 |
Depreciation Calculation:
Adjusted cost | 170000 |
Less: Value of land | 20000 |
150000 | |
Basis of building | 37500 |
Depreciation | 2.56% |
961.5 |
total itemized deductions are given - $12,300 using the information, fill out SCHEDULE A 2018 FORM...
using the information fill out the 1040 tax form 1:9-72 George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000...
Compare the 2017 and 2018 Schedule A’s. Note a subtle but important difference between the two forms as it relates to the taxes you paid deduction. Itemized Deductions SCHEDULE A (Form 1040) OMB No. 1545-0074 Go to www.rs.gov/ScheduleA for instructions and the latest information. Attach to Form 1040. 2017 Department of the Treasury Intemal Revenue Service (99) Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 28.Sequence No.07 Namels) shown on...
Complete the following forms George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee business expenses....
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2018 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee business expenses. George must make an...
Prepare an individual income tax return. Complete problem 9-72 in your textbook. All applicable tax forms are required to be submitted. Utilize the attached "Tax Return 2018 Forms" document to assist you with this project. Form 1040 Schedule 1, Form 1040 Schedule 4, Form 1040 Schedule C, Form 1040 Schedule SE, Form 1040 Disregard the last part (Prepare Form 1040, Schedules A,C, and SE for forms 1040, and Form 2016 for 2018 year) those forms are not needed only the...
Complete Form 1040-Schedule A for Bryan Jones year 2016. Show all calculations within the cells of the template. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well; no hard coding of solutions. Taxpayer Information: Name: Bryan Jones Address: 1200 Main St. Green Bay, Wisconsin 12345 DOB: 5/6/1976 Filing Status: Single SSN: 500-10-2000 ...
Use the following information to fill out schedule E (tax form). SCHEDULE E (Form 1040 Supplemental Income and Loss From rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc) OMBNo. 1545-0074 201 Attach to Form 1040, 1040NA, cr Form 1041. Note: If you are in the business of renting personal property, use Schedule C or C-EZ(see instructions). It you are an individual, report farm rental income or loss trom Form 4835 on page 2, ine 40 A Did...
Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3) [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2019 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that you need some more information...
1) The image shows a completed schedule C using the cash method. Complete schedule C using the ACCRUAL method. 2) Are there any differences between the 2018 and 2019 forms? SCHEDULE C (Form 1040) Profit or Loss From Business (Sole Proprietorship) •Go to www.irs.gov/Schedulec for instructions and the latest information. OMB No. 1545-0074 2018 Department of the Treasury Internal Revenue Service (99) Name of proprietor RICK GRIME Attachment Attach to Form 1040, 1040NR, or 1041; partnerships generally must file Form...
Required information (The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son,...