Prepare the tax return for bryan connel

Assignment Help Financial Accounting
Reference no: EM13907015

Use the following information to prepare the tax return for Bryan Connel.

Bryan Connel (SSN 573-99-5878) works as a manager for an oil company. In october 2014, he was relocated by his employer from Houston, Texas to Wichita Falls, Kansas. His moving costs include $ 230 for an airline ticket and $ 5,300 that he paid to a local moving company. His employer reimbursed him $ 3,000 for moving. This amount was not included in his W-2 wages. His taxable wages for 2014 were $ 132,900, from which his employer withheld $ 9,450 and $1,900, respectively for federal and state income taxes.

During 2014, Bryan paid $ 6,000 for tuition for his dependent daughter, April ( SSN 549-43-5584) Connel. April (age 20) attends the University of Houston full-time. She entered her sophomore year during 2014. April lives with Bryan when she is not in school. The University of Houston is located at 4800 Calhoun Road, Houston, Texas 77004.

 

Bryan is divorced. During 2014, he paid alimony totaling $ 50,000 to his ex-wife, Anne Connel (SSN 558-99-5377). His only other income includes $ 4,250 of interest from a Texas Commerce Bank certificate of deposit and $ 1,840 of interest from State of Ohio government bonds. He does not have an interest in any foreign accounts or trusts. Bryan lives at 1143 W. Adam Ave., Wichita Falls, KS 76300. Bryan uses the standard deduction, is is under age 65, and has good eyesight. He signs and dates his return on April 10, 2015.

Reference no: EM13907015

Questions Cloud

Find a payoff function consistent with the information : If so, find a payoff function consistent with the information. If not, show why not. Answer the same questions when, alternatively, the decision-maker prefers the lottery.
Implementation of a priority queue : i) Describe in detail (using pseudocode) the implementation of a priority queue based on a sorted array. Show that your implementation achieves O(1) for operations min and removeMin, and O(n) for insertions.
Futures contract and the inventory transaction : LEW Jewelry Co. uses gold in the manufacture of its products. LEW anticipates that it will need to purchase 500 ounces of gold in October 2012, for jewelry that will be shipped for the holiday shopping season. Indicate the amount(s) reported in the i..
What is required for a line to become true breeding : What is required for a line to become true breeding
Prepare the tax return for bryan connel : Bryan Connel (SSN 573-99-5878) works as a manager for an oil company. In october 2014, he was relocated by his employer from Houston, Texas to Wichita Falls, Kansas. His moving costs include $ 230 for an airline ticket and $ 5,300 that he paid to a l..
Find a mixed strategy nash equilibrium mixed strategy : Find a mixed strategy Nash equilibrium in which each player uses the same mixed strategy. (If you know how, find each player's mean bid in the equilibrium.)
What is an abstract data type : 1. What is an Abstract Data Type (ADT) for? Illustrate answer with any particular ADT. 2. write out in pseudocode an algorithm to perform a depth-first search for a directed, unweighted graph.
How many distinct exams can she give : A chemistry professor at ASU has 36 questions that she uses on her exams. Her exams always have 11 questions. How many distinct exams can she give? The order of the questions does not matter
What tax basis will jasmine have for the land : Jasmine received a parcel of land as a gift from her Uncle Eustace. At the time of the gift, the land had a fair market value of $83,000 and an adjusted basis of $23,000. This was the only gift that Jasmine received from Eustace during 2014. If Eusta..

Reviews

Write a Review

Financial Accounting Questions & Answers

  What potentially effective and absolutely legal methods

What potentially effective and absolutely legal methods of managing gross income in order to reduce or defer tax liability are there? Incorporate how this might be planned and executed by the taxpayer.

  Dividing partnership income

awford and Delgado have decided to form a partnership. They have agreed that Lawford is to invest $90,000 and that Delgado is to invest $30,000. Lawford is to devote one-half time to the business and Delgado is to devote full time.

  Bad debt expense-end-of-period adjustment

Assume Simple Co. had credit sales of $240,000 and cost of goods sold of $140,000 for the period. Simple uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. Before the end-of..

  Rationale for eliminating gift taxes

From your reading and research this week, you will learn that estate taxes are complex and require a lot of skill to navigate for complex estates. Take a position on the fairness of the current estate tax laws and recommend changes you would propose ..

  Instalment note for cash on the first day of the fiscal year

On the first day of the fiscal year, Nash Company borrowed $50,000 by giving a six-year, 5% instalment note to Buffet Bank. The note requires annual payments of $9,851, with the first payment occurring on the last day of the fiscal year. Issued the i..

  Compute the price and efficiency variances

Compute the price and efficiency variances of New Fashions for direct materials and direct manufacturing labor in June 2009 and describe the types of actions the employees at New Fashions may have taken to reduce the accuracy of the standards

  How might a mnc use transfer pricing strategies

How might a MNC use transfer pricing strategies? What are the various means the taxing authority of a country might use to determine if a transfer price is reasonable?

  What action should be taken with respect to supplies budget

Explain what action should be taken with respect to the supplies budget when the actual enrollment is known. Would your answer to part a be any different if the actual enrollment turned out to be 273 students?

  The federal long-term tax-exempt rate

Through a “Type B” reorganization, Golden Corporation acquired 90% of Retriever Co stock by October 2 of the current tax year ending December 31. At the time the 90% was acquired, Retriever Co was worth $800,000 and the Federal long-term tax-exempt r..

  Uses the effective-interest method of amortization

Today Thomas deposited $130,000 in a three-year, 8% CD that compounds quarterly. What is the maturity value of the CD? A company issued $ 100,000 5-year, 7.00% bonds and received $ 101,137 in cash. The market rate of interest when the bonds were issu..

  Borders group inc presented this information in its

borders group inc. presented this information in its 10-ksrequireda. compute the following liquidity ratios for 2009

  What are the potential benefits of leasing

it was obsolete after only 4 years. Justin Meyer, CFO of Pryor Inc., is considering leasing new equipment rather than buying it. What are the potential benefits of leasing?

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