Income tax return, Taxation

Assignment Help:

Required:

? Use the following information to complete Phillip and Claire Dunphy's 2012 federal income tax return. If

information is missing, use reasonable assumptions to fill in the gaps. Ignore the alternative minimum tax

for this problem.

? Required forms & Schedules: Forms - 1040, 4562, 4797, and 8949; Schedules - B, C, D, & SE

? The required forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The

instructions can be helpful in completing the forms.

? This is an individual assignment so each person is required to turn it in (10% of your grade).

? All forms/schedules must be typed (no hand written assignment will be accepted).

? Project is Due Monday, December 9, 2013 (Please print, staple, & turn-in at the beginning of class).

Facts:

 

Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a

flight attendant. Phillip and Claire have three dependent children. All three children live at home with Phillip and

Claire for the entire year.

The Dunphys provide you with the following additional information:

o The Dunphys do not want to contribute to the presidential election campaign.

o The Dunphys live at 3701 Brighton Avenue, Los Angeles, CA 90018.

o Phillip's birthday is 11/5/1966 and his Social Security number is 321-44-5766.

o Claire's birthday is 5/12/1969 and her Social Security number is 567-77-1258.

o Haley's birthday is 11/6/2000 and her Social Security number is 621-18-7592.

o Alex's birthday is 2/1/2002 and her Social Security number is 621-92-8751.

o Luke's birthday is 12/12/2006 and his Social Security number is 621-99-9926.

o The Dunphys do not have any foreign bank accounts or trusts.

1. Claire is a flight attendant for Western American Airlines (WAA), where she earned $57,000 in salary.

WAA withheld federal income tax of $6,375, state income tax of $1,800, Los Angeles city income tax of

$675, Social Security tax of $3,600, and Medicare tax of $825.

2. Phillip and Claire received $300 of interest from State Savings Bank on a joint account. They also received

a qualified dividend of $395 on jointly owned stock in Xila Corporation.

3. Phillip's real estate business is named "Phillip Dunphy Realty." His business is located at 645 Grove Street,

Los Angeles, CA 90018, and his employer identification number is 93-3488888. Phillip's gross receipts

during the year were $730,000. Phillip uses the cash method of accounting for his business. Phillip's

business expenses are as follows:

 

 

Advertising $ 5,000

Professional dues 800

Professional journals 200

Employee wages 48,000

Insurance on office contents 1,120

Accounting services 2,100

Miscellaneous office expense 500

Utilities and telephone 3,360

Payroll taxes 3,600

Depreciation To be calculated

On March 20, Phillip moved his business out of the old offices at 1103 Allium Lane into a newly

constructed and equipped office on Grove Street. Phillip sold the old office building and all its furnishings.

Phillip's expenditures for the new office building are as follows:

 


Related Discussions:- Income tax return

Computation, "Alfred E. Old and Beulah A. Crane, each age 42, married on Se...

"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 111-11-111

Tax return, I have an assignment that requires me to prepare a tax return ....

I have an assignment that requires me to prepare a tax return .

Tax Individuals , Hi Dear, Could you please help me with lots of assignmen...

Hi Dear, Could you please help me with lots of assignments in Tax Individuals within 2 hours. That mean I will send you my questions and the experts will solve the questions with

Sales tax, Arnold and Beth file a joint return. Use the following data to c...

Arnold and Beth file a joint return. Use the following data to calculate their deduction for AGI. Mortgage interest on personal residence $ 4,000 Property taxes on personal resi

Income tax liability, The following information is available for Kessler Co...

The following information is available for Kessler Company after its first year of operations: Income before taxes $250,000 Federal income tax payable $104,000 Deferred income tax

Determine the interest, For the loan below, calculate principal interest po...

For the loan below, calculate principal interest portion of the payment listed in the last column.   Amortization Payment Nominal

Sales tax, I got confused with the numbers on these parts: 1. "The $3,600 o...

I got confused with the numbers on these parts: 1. "The $3,600 of property taxes for the house in Orlando were prorated with $1,950 being apportioned to the seller and $1,650 being

Business purpose test, Assume that Zorn received only $24,000 salary during...

Assume that Zorn received only $24,000 salary during the period October 1 through December 31, 2013. What would be the consequences to Zorn, Inc.?

Corporate Taxation, do you offer tutoring services for graduate accounting ...

do you offer tutoring services for graduate accounting students?

Tax return problem-federal and state income taxes , Problem Facts. Larry K....

Problem Facts. Larry K. and Cathy L. Zepp have been married 19 years. Larry is 62 years old (Social Security number 123-45-6789) while Cathy is 57 years old (Social Security number

Write Your Message!

Captcha
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