Prepare brief top sheet summarizing the factual information

Assignment Help Taxation
Reference no: EM131370890

Tax return #1

Changes to Problem: Change all years to one year later (for example, 2015 becomes 2016).

The following information should be helpful in your preparation of the tax return.

(1) (a) Requirement: Prepare the federal income tax return on the appropriate IRS forms. (Even if you use a software program, you must turn in manual entries on IRS forms.) Copies of those forms and instructions are available at www.irs.gov

(b) Additional Requirements: Prepare a brief top sheet summarizing the factual information in the format of the tax formula.

(2) Strategy: You might want to start with page 1 of the 1040 and manually make entries (pencil recommended). You may then need to do subsidiary forms (e.g., Schedules A & B). You might also want to work out the figures for the tax formula roughly first before beginning the return.

(3) Check Figures:

Adjusted gross income $179,700
Taxable income $152,850

(4) Additional Helpful Information:

(a) Please use the sequence numbers in the upper right-hand corner of the official IRS forms for the proper order.
(b) Do not calculate next year's estimates or any late filing penalty or interest.
(6) (a) $2,400 charitable contributions are in cash.
(b) Alfred did receive a benefit from his deduction of state income taxes in 2015 and his itemized deductions were > $1,900 more than his standard deduction.
(c) Watch out for group term life insurance.
(d) Dividends are ordinary and qualified.

Tax Return #2

Changes to Problem: Change all years to one year later (for example, 2015 becomes 2016).

The following information should be helpful in your preparation of the tax return.

(1) (a) Requirement: Prepare the federal income tax return on the appropriate IRS forms. (Even if you use a software program, you must turn in manual entries on IRS forms.) Copies of those forms and instructions are available at www.irs.gov

(b) Additional Requirements: Prepare a brief top sheet summarizing the factual information in the format of the tax formula.

(2) Strategy: You might want to start with page 1 of the 1040 and manually make entries (pencil recommended). You may then need to do subsidiary forms (e.g., Schedules C). You might also want to work out the figures for the tax formula roughly first before beginning the return.

(3) Check figures:

Adjusted gross income 20,263 Itemized deductions 11,700
Taxable income 4,513

(4) Check forms: (please include in your return):

Reference no: EM131370890

Questions Cloud

Forget for moment that planning the marketing strategy : Forget for a moment that planning the marketing strategy is equally as important as implementing the marketing strategy. What arguments can you make for one being more important than the other?
About calculating the break-even point of the operation : Which is NOT true about calculating the break-even point of the operation? Productivity
Computer-aided communication : Computer-aided communication is becoming more and more popular. One of the first forms of computer-aided communication was email. However, there is now programs, such as Skype, that allow a company to host an entire meeting or communicate long distan..
What are the limitations of the analysis : Construct a decision tree for this problem, and determine the investment with the highest expected monetary outcome. What are the limitations of the analysis?
Prepare brief top sheet summarizing the factual information : Prepare a brief top sheet summarizing the factual information in the format of the tax formula. Prepare the federal income tax return on the appropriate IRS forms. Copies of those forms and instructions are available at www.irs.gov
Business information to social media sites : What are some of the potential caveats of providing too much information personal or business information to social media sites? To get you thinking in the right direction consider what the text says about your “inner person”.
Human resource management an experiential approach : Your final assignment is a reflection paper, which is due 12/15 at 6pm. I would like the paper to be 3 to 5 pages long and that does not include the cover sheet and the reference page (there should be references within the paper). What did you learn ..
Identify both the key issues and the underlying issues : A case study is a short description of a real business situation. Analyzing case studies gives you the opportunity to apply those concepts to real business problems. Cases are generally written for several types of analysis. Usually, there is not ..
Find the cumulative distribution function of x : Find the cumulative distribution function of X.- What is the probability that either four or five orders will arrive in a given week?

Reviews

Write a Review

 

Taxation Questions & Answers

  What is the maximum amount of income

What is the maximum amount of income that Acme can allocate to its IC-DISC and what do the results of these various scenarios suggest regarding the differential tax costs of operating in low versus high tax countries?

  Prepare scott tracys 2016 income tax return

Apply technical and technological skills appropriate and effective for real world business purposes and contexts - effective collaboration across diverse purposes and contexts.

  Why one taxpayer was assessable and the other was not

Explain why the payment to the taxpayer in FCT v Dixon (1952) 86 CLR 540 was assessable income but the payment in Scott v FCT (1966) 117 CLR 514 was not.

  Discuss the primary tax consequences or tax deductions

Discuss the primary tax consequences or tax deductions of each classification that you believe provide the greatest opportunity to reduce your overall tax liability.

  Company mission statement

Company Mission Statement

  What was jolleys net income

What was Jolleys net income (loss) for the period and merchandising enterprise, has just finished posting all year-end adjusting entries to the ledger accounts and now wishes to close the appropriate account balances in preparation for the new peri..

  Prepare a report on the companys effective tax rate

You could report on any tax related contingencies that might be discussed in the MD&A Section. You could report on the company's effective tax rate. You could report on cash flow issues related to taxes.

  What is the corporations taxable income

A corporation has income of $62,000 from operations and a long term capital loss of $5,000 and long term capital gain of $4,000. What is the corporation's taxable income?

  Determine the taxable income for william

BMT644DD Winter 2016 Assignment - Prepare the calculations to determine the taxable income for William in 2015 and determine if William will be able to claim the non-refundable tax credit of ‘spouse amount' for the 2015 taxation year. Explain your ..

  Baginski steel corporation reported an operating loss

1.During 2013, its first year of operations, Baginski Steel Corporation reported an operating loss of $375,000 for financial reporting and tax purposes. The enacted tax rate is 40%.

  What is allowed itemized deduction for state income taxe

What is the allowed itemized deduction for state income taxes for 2013?

  Discuss why congress passed the innocent spouse provision

Discuss why Congress passed the innocent spouse provision and detail the requirements to be met in order to qualify as an innocent spouse and be relieved of liability for tax on unreported income.

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