User Account

All Pages

Prepare Liam tax return

Assignment Help Accounting Basics
Reference no: EM132695809

Problem - Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2018 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2018 and has collected the financial information shown below for that calendar year A blank Form 1040 and Schedule 1 may be obtained at IRS website.

Scholarship used to pay tuition $5,750

Scholarship used to pay room and board 1,850

Salary 55,000

Interest income 185

Itemized Potential itemized deductions 3,000

Income taxes withheld 2,600

Required -

1. Prepare Liam's 2018 tax return, using a $12,000 standard deduction and the tax rates.

2. Prepare Liam's 2018 tax return using the data in part a along with the following information:

IRA contribution $5,000

Cash dividends received 150

Reference no: EM132695809

Questions Cloud

Explain the example and the claim that has been made : Briefly explain the example and the claim that has been made. Identify the correlation. Is it a positive or negative correlation? How did you determine this to.
Customer focused in the marketplace : The executive management team of a medium-sized business wants to be more customer focused in the marketplace.
What level of additional sales? per year : What level of additional sales? (above the $10.00 million expected for the? XC-750) per year in those years would justify purchasing the larger? machine?
Mobile technologies in workplace : The use of mobile technologies in the workplace has the potential to provide advantage to the organization.
Prepare Liam tax return : Prepare Liam's 2018 tax return using the data in part a along with the following information: IRA contribution $5,000
Effect of hutchinson-gilford progeria syndrome on aging : What is the effect of Hutchinson-Gilford Progeria Syndrome on aging?
What is the effect of syndrome x on aging : What is the effect of Syndrome X on aging? A minimum of three clear statements are required.
Explain the potential direct and indirect implications : In replying to classmates, share your opinion on the potential direct and indirect implications this crime had on victim, offender, families involved.
Primary active transport and secondary active transport : Differentiate between primary active transport and secondary active transport.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Apex chemicals company acquires a delivery truck at a cost

apex chemicals company acquires a delivery truck at a cost of 29564 on january 1 2010. the truck is expected to have a

  Definition of terms section in a recent irb

Locate the Definition of Terms section in a recent IRB. Differentiate between the following terms as used by the IRS in its rulings: amplified, modified, clarified, and distinguished.

  Impact of conflict on teams

This week's materials emphasize the complexity surrounding processes designed to maximize team efficiency and performance. For your initial post to this discussion forum, begin by describing how the impact of conflict on teams may be "good, bad, o..

  Which the financial statement that changes the most is the

What is the major difference between a periodic and a perpetual inventory system? the financial statement that changes the most is the

  Calculate overhead cost to be added to job w at year-end

Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Required: Calculate overhead cost to be added to Job W at year-end

  Smitty corp whose required rate of return is 10 is

smitty corp whose required rate of return is 10 is considering the purchase of a new piece of equipment. the internal

  Compute for the ending balance of raw materials

Utility costs incurred in the factory, $65,000. Advertising costs $100,000. Compute for the ending balance of raw materials

  Vertical section of their labor supply curves

Most labor economists believe that many adult males are on a vertical section of their labor supply curves. Use the concepts of income and substitution effects to explain under what circumstances an individual's labor supply curve would be vertica..

  Determine the company margin of safety percentage

The Grant Company has sales of sales of $300,000, and the break-even point in sales dollars if $210,000. Determine the company's margin of safety percentage

  Cost-based pricing

Cost-Based Pricing

  Monterey corporation is considering the purchase of a

monterey corporation is considering the purchase of a machine costing 36000 with a 6-year useful life and no salvage

  Account for a subsequent downward revaluation

If a French company using IFRS revalued its property,

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd