Correct amount of total wages reported on form

Assignment Help Accounting Basics

Reference no: EM131812169

Reed and Aurora want to file a joint return. • Aurora works in retail and is a member of the Army Reserve. • Aurora attended Army Reserve training sessions one weekend per month. The training takes place over 100 miles away from home. She incurred the following expenses that were not reimbursed: - Drove 2,880 miles based on written records. - Aurora and Reed own two vehicles and both are available for personal use. - Total mileage in 2016 for Aurora's sedan was 15,000 miles. Her car was placed in service 7/1/2013. Her average daily roundtrip commuting distance is 20 miles. - $2,136 for lodging (within federal per diem rate for the area). - $1,572 for meals (within federal per diem rate for the area). - $250 for required uniforms, permitted to be worn while off-duty. • Reed owns rental property, which he placed into service in 2005. - Rental property: Reed is an active participant. - Single family residence, 1000 Sunflower Street, Your City, Your State. - Purchased property: 04/30/2005. - Rented: 1/1/2016-12/31/2016. - Annual rental income: $9,960. - Insurance: $700. - Management fees: $498. - Reed did some plumbing repairs himself. He spent $50 for materials and estimates that a plumber would have charged $150 for labor. - Real property tax: $1,250. - Depreciation: $2,000. - Reed did not make any payments that would require him to file Form 1099. • Reed and Aurora did not itemize last year and do not have enough deductions to itemize this year. • Reed and Aurora have a health insurance plan through Reed's former employer's retiree coverage which qualifies as minimum essential coverage.

1. The correct amount of total wages reported on Form 1040, line 7 is $24,800. True or Flase

2 .Reed's rental real estate income is reported on Form 1040, Line 21. True or false

3. Reed's net rental real estate income is $5,312. True or false

4. What amount of the unreimbursed employee business expenses as a reservist may Aurora deduct for meals?

5. Aurora should report her unreimbursed employee business expenses as a reservist as an adjustment to income on Form 1040, Line 24, from Form 2106 or 2106-EZ. True or false

6. What is the total federal income tax withheld on Form 1040, page 2? $_______

Reference no: EM131812169

Questions Cloud

Determining the estimated amounts : Red Raider Company uses a plantwide overhead rate with direct labor hours as the allocation base. Next year, 460,000 units are expected to be produced taking.

Describe the significance of religion in your life : Write a 700-1,000 word paper describing the significance of religion in your life. Include the religious training you received as a child.

What is the markup on fixed costs needed : Crespi Holdings has the following budgeted costs for 20,000 units: What is the markup (percent) on fixed costs needed to obtain a target profit of $300,000

Compute an estimate of the ending balance of accounts : Compute an estimate of the ending balance of accounts receivable from customers

Correct amount of total wages reported on form : Reed and Aurora want to file a joint return. • Aurora works in retail and is a member of the Army Reserve. • Aurora attended Army Reserve training

Write down balance equations for states of markov chain : Taxis arrive at the pick up area of a hotel at a Poisson rate of µ. Independently, passengers arrive at the same location at a Poisson rate of ?.

Explain why the moving average method was used : Explain why the moving average method was used instead of another forecasting method.

Find expected value of the number of customers in system : An M/M/8 queueing system is similar to an M/M/1 system except that it has infinitely many servers. Therefore, all customers will be served upon arrival.

Assuming reversing journal entries : Prepare the journal entry to pay the first interest payment on December 31, assuming reversing journal entries were posted at the beginning of the new year

User Account

All Pages