Rules for marital status and community property income

Assignment Help Accounting Basics
Reference no: EM1310896

Deisy Martinez, a married taxpayer and a new client, met with you last week to discuss her 2012 tax return. In previous years, she has filed her tax returns as "single" because she and her husband are separated and do not live together. Ms. Martinez, a sole proprietor, earned $100,000 during the year from her business. On the other hand, her husband earned $40,000 as a teacher. They did not have any other income in 2012, and they did not transfer any funds to each other. After the meeting, you question whether "single" is the proper filing status for Ms. Martinez. Since she and her husband live in Texas, you are also not sure whether they should split their community property income. Ms. Martinez does not have any children.

What is Deisy Martinez's filing status for 2012? Should she and her husband split their community property income on their individual returns? Research these issues and write a letter to Ms. Martinez with your conclusions. In your letter, you should explain the rules for marital status and community property income. Her address is 500 Elizabeth Street, Brownsville, Texas 78520.

Could you please give me the answer and also provide the citations as to where they are.

Reference no: EM1310896

Previous Q& A

  Journal entries for issued shares at par-value

Journal entries for issued shares at par-value

  Motivation and emotion

If you have not personally observed it then how would you take what you learned and apply it to home, school, work, or society?

  Cost of carbonated beverages

How would the concepts of utility, income, and substitution impact your purchases based on the rise in the cost of carbonated beverages?

  Risk of long term affects of poor choices

Explain how you can help teenagers and adults get through these adolescent years without the risk of long term affects of poor choices.

  Finding dpgr per unit

Finch Corp. sells portable air filtration systems by means of internet and direct mail orders. Most of the components are purchased from foreign suppliers at a cost of $1,600-What is Finch's DPGR per unit? It's QPAI? How could this result have been..

  Drug-selling behavior

Nina and Erin's ideas about the cause of the coach's drug-selling behavior are examples of:

  Explanations for the behavior using attribution theory

Describe possible explanations for the behavior using attribution theory.

  Accounting rate of return

What is the internal rate of return? What is the accounting rate of return based on the initial investment? What is the payback period?

  Political candidate is totally right

Rene believes that anybody which tells that they voted for "her" political candidate is totally right, honest, and righteous

  Journal entries for legal expenses

Journal entries for legal expenses incurred in contesting the insurance settlement

Reviews

Write a Review

 

Similar Q& A

  Contract negotiations-calculate the after-tax cost

Calculate the after-tax cost of each payment assuming she has a 25 percent marginal tax rate. $800 to reimburse the cost of meals incurred by employees while travelling for the business $1,200 for football tickets to entertain out-of-town clients ..

  Premium expense-inventory of premiums

Bonita places a coupon in each box of its product. Customers may send in five coupons and $3-A total of 400,000 boxes of product were sold in 2010. It was estimated that 6% of the coupons would be redeemed.

  Evaluate the medical claim

Consider that the Millers' adjusted gross income was $50,000, how much of a medical expense deduction may the Millers claim on their joint return

  Entries which reflecting the purchase

Give Sapling's entries reflecting the purchase of wood chipper. Give Fir's entries reflecting the sale of wood chipper.

  Market price of schieble bonds

Assuming the market price of the Schieble bonds was known to be $180,000, but the market price of the warrants without the bonds cannot be determined, what are the amounts that should be allocated to the warrants and the bonds?

  Unethical behaviour contribute of information technology

What are some of new tools information technology has provided that contribute to unethical behaviour?

  Compute elasticity portion of curve

The quantity demanded falls to 300 units per week. Use the formula for arc elasticity to compute elasticity along this portion of the curve.

  Finding dpgr per unit

Finch Corp. sells portable air filtration systems by means of internet and direct mail orders. Most of the components are purchased from foreign suppliers at a cost of $1,600-What is Finch's DPGR per unit? It's QPAI? How could this result have been..

  Concept of operating leverage

The concept of operating leverage Signifies to which of the following?

  Percentage of the total joint costs

If the selling prices of finished products Y and Z remain constant, the percentage of the total joint costs allocated to product Y and product Z would

  Strengths and weaknesses of form 10 k

Analyze the strengths and weaknesses of the Form 10-K information and disclosures in terms of whether they provide relevant and reliable information to investors.

  Marginal tax rate and effective tax rate

Calculate the marginal tax rate and the effective tax rate for each of the C corporations. Explain why the marginal tax rate for a C corporation can exceed 35%, but the effective tax rate cannot.

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