Homework Answers
| Computation of Taxbale income of Rodney and Alice Jones: | |||||
| Rodney Gross salary | 45000 | ||||
| Alice Jones Gross salary | 48000 | ||||
| 93000 | |||||
| Employer group-term life insurance | |||||
| $90000(2 times of $45000) | |||||
| Taxable in excess of $50000 | 40000 | ||||
| 133000 | |||||
| Dividends received during the year | 850 | ||||
| Interest Income during the year | 1200 | ||||
| 135050 | |||||
| Less: Itemised deductions | 25000 | ||||
| Taxable Income | 110050 | ||||
| For Blind child the benefit of tax credit points can get by any one of the Parents. | |||||
| Dividends are taxed at special rate | |||||
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• 51. Comprehensive Problem (Tax Return Problem). Rodney and Alice Jones have three small children, ranging in age from 5 to 10. One child is blind and needs special care. Rodney works as an accountant for a large CPA firm and has gross income of $45,000. Alice is a lawyer with a national law firm and earns $48,000. Rodney's parents are quite old, and he and his wife fully support them. Rodney's employer provides group-term life insurance at twice the...
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Tax Return Problem2 In June 2017 Phillip and Barbara Jones and their two dependent children, who are both over 17, moved from Chicago to Albuquerque, New Mexico a distance of 1,327 miles, which they drove in their own car. The children's names are Roger and Gwen and both will be attending the University of New Mexico in the fall, Roger as a freshman and Gwen as a junior. The move was a result of a job transfer...
You are currently working at a mid-sized certified public accounting firm. Your client is Bob Jones....
You are currently working at a mid-sized certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM. He has $690,000 available in his 401(k) fund and he is thinking of using that money to open a used car business that will be located at 210 Ocean View Drive in Pensacola, Florida. Bob has estimated that the business might make $300,000 in taxable income. Bob’s personal wealth including investments in land, stocks,...
You are currently working at a mid-sized certified public accounting firm. Your client is Bob Jones....
You are currently working at a mid-sized certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM. He has $690,000 available in his 401(k) fund and he is thinking of using that money to open a used car business that will be located at 210 Ocean View Drive in Pensacola, Florida. Bob has estimated that the business might make $300,000 in taxable income. Bob’s personal wealth including investments in land, stocks,...
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52. Comprehensive Problem (Tax Return Problem). Mr. and Mrs. Sam Morris retired on February 10, 2019, and call you in for tax advice. Both Sam and his wife Sarah have worked for many years. Sam is 65 years of age and his wife is 63. 59.900 7,000 5,500 Facts: Dependent child: Age 21 Social Security Benefits Salaries: Sam (January 1-February 10) Sarah (January 1-February 10) Interest Income: Port Authority of N.Y. Bonds Interest from Bank Deposits...
Please quality and thorough answer. Thanks You are currently working at a mid-sized certified public accounting...
Please quality and thorough answer. Thanks You are currently working at a mid-sized certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM. He has $690,000 available in his 401(k) fund and he is thinking of using that money to open a used car business that will be located at 210 Ocean View Drive in Pensacola, Florida. Bob has estimated that the business might make $300,000 in taxable income. Bob’s personal...
• 51. Comprehensive Problem (Tax Return Problem). Rodney and Alice Jones have three small children, ranging in age from 5 to 10. One child is blind and needs special care. Rodney works as an accountant for a large CPA firm and has gross income of $45,000. Alice is a lawyer with a national law firm and earns $48,000. Rodney's parents are quite old, and he and his wife fully support them. Rodney's employer provides group-term life insurance at twice the...
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Tax Return Problem2 In June 2017 Phillip and Barbara Jones and their two dependent children, who are both over 17, moved from Chicago to Albuquerque, New Mexico a distance of 1,327 miles, which they drove in their own car. The children's names are Roger and Gwen and both will be attending the University of New Mexico in the fall, Roger as a freshman and Gwen as a junior. The move was a result of a job transfer...
53. Comprehensive Problem (Tax Return Problem). Adam Armstrong, age 60 and single, earned $71,000 during 2018. He contributed $9,000 to the United church, paid $16,000 in federal income taxes, $3,400 in state income tax, and $4,600 in mortgage interest charges. Adam also had the following transactions: a. Sold for $60,000 stock that he had received as a gift which had an adjusted basis of $20,000 to the donor and a fair market value of $50,000 on the date of the...
tax question help !!!!
52. Comprehensive Problem (Tax Return Problem). Mr. and Mrs. Sam Morris retired on February 10, 2019, and call you in for tax advice. Both Sam and his wife Sarah have worked for many years. Sam is 65 years of age and his wife is 63. 59.900 7,000 5,500 Facts: Dependent child: Age 21 Social Security Benefits Salaries: Sam (January 1-February 10) Sarah (January 1-February 10) Interest Income: Port Authority of N.Y. Bonds Interest from Bank Deposits...
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