Prepare an income tax return for a married couple

Assignment Help Taxation
Reference no: EM13543236

Prepare an income tax return for a married couple who are filing jointly. The husband is employed by someone and his wife is self-employed.

Comprehensive Tax Return Problem

Bruce and Lisa Smith are married and will file a joint return. They have two dependent children, Philip, born 10/20/2001 and Michael, born 1/15/1998. Philip's ssn is 987-65-5432 and Michael's SSN is 876-54¬3210.

Bruce is employed as a staff accountant for Laser's Inc. His income and withholdings are summarized on the W-2 form provided. Lisa is a self-employed computer consultant. She received 3 form 1099's that summarize her revenue from her consulting business. Her expenses are summarized on a separate sheet.

Required

Complete the tax return for Bruce and Lisa.

Use forms 1040, sch A , Sch C and Sch SE

Suggestions:

1) organize your information. Tabulate all of the charitable contributions, employee business expenses, etc on one sheet. You can use that sheet to enter much of the data.

2) Complete Schedule C first, and then Schedule SE. You need information from these two schedules to do Form 1040 and ultimately, Schedule A.

Reference no: EM13543236

Reviews

Write a Review

 

Taxation Questions & Answers

  Would the proposal create a second class of stock

Would the proposal create a second class of stock and terminate Bushong's election and each distribution must be in an amount sufficient to enable shareholders to pay their state and Federal resulting income taxes on the pass-through.

  Should leland purchase from scott supply

Suppose Leland manufacturing is able to rent all idle capacity for $25,000 per month. Should Leland purchase from Scott Supply?

  Summarised information on profit and loss

At 30 June 20x3, Wei Ltd held inventory costing $200,000, which has been purchased from Ren Ltd. A profit of $80,000 before tax has been made on the sale.

  Select financial data of target and wal-mart

Selected financial data of Target and Wal-Mart for a recent year are presented here (in millions)

  Find mortgage interest expense

The income tax is 25 percent of operating income and is payable in April. Using accrual based accounting, prepare an income statement for the three months ending March 31 and a balance sheet as of March 31.

  The south-western federal taxation

The South-Western Federal Taxation

  Evaluate the npv for this project. should it be undertaken

Evaluate the NPV for this project. Should it be undertaken  -The owner's cost of capital is based on the subsequent:

  Example on tax regulations

How would you address the situation and would you address the situation differently if your manager insisted that you include the amount.

  Assume that periwinkle would be entitled to input tax credit

During the year, Emma purchased a bathtub manufactured by Periwinkle for $1300. The bathtub only cost Periwinkle $700 to manufacture and is sold to the general public for $2,600.

  Calculate the taxes payable in terms of the income tax act

Calculate the taxes payable, in terms of the Income Tax Act, by Ground Sample Ltd for the 2003 year of assessment based on the available information. Show all your workings, including your capital gains tax calculations.

  Alvin owned a building situated in kansas that he rented to

alvin owned a building situated in kansas that he rented to a local business. last year a tornado hit the property and

  You are a cpa and a tax senior at roll accounting inc rai

you are a cpa and a tax senior at roll accounting inc. rai an accounting professional corporation in canada. it is now

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