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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 123-45-6788). They live at 1234 Elm Dr. in Indianapolis, Indiana 46202. The couple uses the cash method of accounting and files their return on a calendar-year basis. They are tired of politics and do not want to contribute to the presidential election campaign.
a. Larry is a salesman employed by DSK Industries. This year he earned $110,000. Federal and state income taxes withheld were $17,000 and $6,000 respectively.
b. Cathy recently completed a graduate degree in computer technology. She freelances as an independent contractor in computer graphics. She uses her own name as the name of her business. Her earnings received from various engagements were $12,000. Her only expenses paid during the year were for miscellaneous office supplies of $3,000. She paid estimated federal taxes during the year of $1,000 ($250 on each due date). Her business uses the cash method of accounting.
c. Other income earned by the couple included interest income of $3,000 from a certificate of deposit issued by Highland National Bank and $975 of interest from tax-exempt bonds issued by the State of Indiana.
d. The couple paid moving expenses of $2,000 that are fully deductible. e. The couple owns a duplex that it rents out. It is located at 111 Nowhere Ave., Indianapolis, Indiana. Their rental records reveal the following information for the year.
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
"The $3,600 of property taxes for the house were prorated with $1,950 being apportioned to the seller and $1,650 being apportioned to the buyer. In December of the current year the
A client of Investment Advisor Associates (IAA), Gillian Bissett, has recently won $5 million in the lottery and has asked for investment advice. She has indicated that she would l
Caroline is a 55-year-old Australian resident. She is the chief marketing officer based in Sydney for XYZ Limited (XYZ), a public company listed on the Australian Securities Excha
Ken, a resident, is a handyman who contracts with people to do a variety of jobs including repairing fences, fixing household items and small painting jobs. As part of this work, K
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John Alan Kelly and Rosalyn Elaine Kelly, a married couple, live at 3822 Robin Lane Houston, Texas 77049-7236. Their home telephone number is (713) 468-9721, home fax number is (7
Bass River Furniture operates a manufacturing business in Bass River, Nova Scotia. On June 8, 2010, Bass River purchased an asset for an invoice price before HST of $1,800,000. Th
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