taxes, Accounting Basics

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.


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.


Travel expenses



Office expenses


Internet expense

Broker license

Legal and professional


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 Do NOT use tax forms for any other year. Ignore Schedule M, Making Work Pay

Posted Date: 11/5/2012 12:47:46 PM | Location : United States

Related Discussions:- taxes, Assignment Help, Ask Question on taxes, Get Answer, Expert's Help, taxes Discussions

Write discussion on taxes
Your posts are moderated
Related Questions
You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp

Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero

Using 2012 as the base year, prepare a trend anslysis for the data that follow, and tell whether the results suggest a favorable or unfavorable trend.(round to one decimal place.

Q. Example of Unearned service fees? Unearned service fees On December 7 Micro Train Company received USD 4500 from a customer in payment for future training services. The firm

On December 31, 2003, Jamfest Travel Inc. had 450,000 shares of no-par common stock issued and outstanding. All shares were sold for $7.50. On June 30, 2004, the firm issued an add

Q. Explain about full disclosure principle? The full disclosure principle states that information significant enough to influence the decisions of an informed user of the finan

Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re

__________ accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables

Q. General-purpose financial statements? Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties a

Which of the following items will be entered in the cash payments journal of an entity when app applicable subsidiary journals are in use? Merchandise purchased on credit Merchand