User Account

All Pages

#62, Taxation

Assignment Help:
Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason''''s Social Security number is 111-11-1111 and June''''s is 123-45-6788.Roberta does not want to contribute $3 to the Presidential Election Campaign Fund.

Roberta, an advertising executive, earned a salary of $75,000 in 2011. Her employer withheld $8,500 in Federal income tax, $3,100 in state income tax, and the appropriate amount of FICA tax: $3,150 for Social Security tax and $1,087.50 for Medicare tax.

Roberta has leagl custody of Jason and June. The divorce decree provides that Roberta is to receive the dependency deduction for the children. Jason lives with his father during summer vacation. Wayne indicates that his experiences for Jason are $10,500. Roberta can document that she spent $6,500 for Jason''''s support during 2011. In prior years, Roberta gave a signed Form 8332 to Wayne regarding Jason. For 2011, she has decided not to do so. Roberta provides all of June''''s support.

Roberta''''s mother died on January 7, 2011. Roberta inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother''''s life insurance policy, Roberta received insurance proceeds of $300,000. Her mother''''s cost basis forb the life insurance policy was $120,000. Roberta''''s favorite aunt gave her $13,000 for her birthday in October.

On November 8, 2011, Roberta sells for $20,000 Amber stock that she had purchased for $24,000 from her first cousin, Walt, on December 5,2006. Walt''''s cost basis for the stock was $26,000, and the stock was worth $23,000 on December 5, 2006. On December 1, 2011, Roberta sold Falcon stock for $13,500. She had acquired the stock on July 2, 2008, for $7,000.

An examination of ROberta''''s records reveals that she received the following:
·Interest income of $2,000 from First Saving Bank.
·Groceries valued at $750 from a local grocery store for being the 100,000th customer.
·Qualified divident income of $1,800 from Amber.
·Interest income of $3,750 on City of Springfield school bonds.
·Alimoby of $15,000 from Wayne.
·Distribution of $4,800 from ST Partnership. Her distributive share of the partnership passive taxable income was $5,300.

From her checkbook, she determines that she made the following payments during 2011:
·Charitable contributions of $3,500 to First Presbyterian Church and $1,500 to the American Red Cross (proper receipts obtained).
·Mortagae interest on her residence of $7,800.
·Property taxes of $3,100 on her residence and $1,100 on her car.
·Estimated Federal income taxes of $3,800 and estimated satate income taxes of $1,000.
·Medical expenses of $5,000 for her and $800 for Jason. In December, her medical insurance policy reimbursed $1,500 of her medical expenses.
·A $1,000 ticket for parking in a handicapped space.
·Attorney''''s fees of $500 associated with unsuccessfully contesting the parking ticket.
·Contribution of $250 to the campaign of candidate for governor/
·Because she did not maintain records of the sales tax she paid, she calculates the amount from the sales tax table to be $994.

Calculate Roberta''''s net tax payable or refund due for 2011. If you use tax forms, you will need Form 1040 and Schedules A,B, D, and E...

Related Discussions:- #62

Tax liability calculation, The XYZ Corporation has total earnings of $20 mi...

The XYZ Corporation has total earnings of $20 million and decides to pay its stockholders a dividend of $8 million. If the corporate tax rate is 30% and the personal tax rate on in

types of taxes, An organization in Australia needs to comply with the stat...

An organization in Australia needs to comply with the statutory requirements of taxation. There are different types of taxes among which a few are common for all the industries and

federal tax payable, During 2011, C Ltd. A public corporation has net inco...

During 2011, C Ltd. A public corporation has net income for tax purposes of $600,000 including $100,000 of dividends from taxable Canadian corporations and $500,000 of retailing pr

Tax law and practice, presumptive tax is one way of enforcing compliance wi...

presumptive tax is one way of enforcing compliance with the tax requirements.you are required to define presumptive tax and give examples of situations where presumptive tax is app

Tax Basis Balance Sheet, Prepare a Tax Basis Balance Sheet for the partners...

Prepare a Tax Basis Balance Sheet for the partnership on its formation at the beginning of 2012

Uganada revenue authority, write a program on Uganda revenue authority tax...

write a program on Uganda revenue authority taxation based on import and export cargo.

Assignment , I have the whole case and this is the question (Canadian Taxa...

I have the whole case and this is the question (Canadian Taxation) Compute Net Income, Taxable Income and Net Federal Tax Payable for 2012 for Sandra, Steven, Annabelle and Ronnie

Computation, "Alfred E. Old and Beulah A. Crane, each age 42, married on Se...

"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''''s Social Security number is 111-11-111

Tax return problem-federal and state income taxes , Problem Facts. Larry K....

Problem Facts. Larry K. and Cathy L. Zepp have been married 19 years. Larry is 62 years old (Social Security number 123-45-6789) while Cathy is 57 years old (Social Security number

Calculate maximum depreciation deduction, The books of Seal Company, a cale...

The books of Seal Company, a calendar year taxpayer, had assets and related information (as detailed below) as of December 31, 2011. Seal's policy is to record depreciation on Dece

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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