Assignment 2: Financial Planning
(25.0 points) 1. Describe one short-term goal that you have and at least one thing you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points)
One short-term goal that I have is to graduate from high school. I will need to do all of my work and do my best in all of my classes to accomplish that goal. 2. Describe one long-term goal that you have and at least two things you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points)
My long-term goal is to go to college. I will need to finish high school with good grades. I will also need to prepare a plan to pay for the college of my choice.
3. Describe two of your long-term financial goals, and
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TIP: This is the amount from question 7b above. ii. This employer was Jessie's only source of income. iii. Jessie had no taxable interest. iv. Jessie was not an Alaska resident. v. Jessie has no spouse and can't be claimed as a dependent by someone else. b. Fill out the Payments, Credits, and Tax section of the 1040EZ form using the following information: i. The federal income tax withholding information from Jessie's W-2 form. TIP: This is the amount from question 7c above. Social Security tax and Medicare tax are not important to the 1040EZ form. ii. Jessie can't be claimed as a dependent by anyone else. iii. Jessie is not claiming the Earned Income Credit. iv. Jessie is not a member of the U.S. Armed Forces who served in a combat zone. v. Use the Example_Instructions_1040EZ's tax table on pages 27-35 to find the amount that Jessie Robinson owes. TIP: The Example_Instructions_1040EZ is in your Section_2 folder. c. Fill out the Refund section by performing the calculations if the IRS owes Jessie Robinson money. Do not fill out the bank account information section. d. Fill out the Amount You Owe section if Jessie owes the IRS money. e. Do not fill out the Third Party Designee Section, the Sign Here section, or the Paid Preparer's Use Only Section. f. Click the File menu, and then click Save so that your work is saved. 10. Describe at least two common types of variable expenses that
i. The federal income tax withholding information from Jessie's W-2 form. TIP: This is the amount from question 7c above. Social Security tax and Medicare tax are not important to the 1040EZ form.
Calculate taxable income by following the instructions on Line 12 to line 18 and enter taxable income on line 19. Lines 14.a to 14.f are for California Income Adjustments. Continue to page 2 of the form by typing your name and SSN. Complete next section Tax and Credits by entering values on line 31, 32, 40, 46, 47, 48, 62, and 64. Fill up values on line 71, 72, and 74 to enter aggregate payments on line 75.
Which of the following taxpayers use a Schedule K and K-1 to pass through income, loss, and credit amounts to the owners or beneficiaries?
D. The Petitioner properly qualified for and claimed the earned income credit in respect of his son, Silas, having met the residency, relationship, and age tests in 2014.
Calculate and enter total tax due on line 6. Continue by providing credit memo balance and penalty on line 7 and 8 respectively. Enter interest amount and total amount due on line 9 and 10. You and preparer if any must date and sign V-R0012301 Tennessee Department of Revenue County Business Tax Return.
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,740. They have made prepayments of $1,100 and also have a child tax credit of $1,000.
Use Cantax to calculate and report Cindy's income-tax related transactions for 2013. State the values found in the following lines of the tax return:
230 §10.20(1) to timely provide records pursuant to RA Beth’s document request. Additionally, under Circular No. 230 §10.20(3), I am obligated to provide information regarding the potential understatement of income to the requesting IRS agent. While Morty is uncomfortable with acknowledging his potential income understatement and providing updated financial statements with supporting documentation, I have “a duty…to not mislead the IRS ‘deliberately and affirmatively, either by misstatements or by silence, or by permitting [the] client to mislead.’” (Hawkins 2017, p.
552. CHAPTER 5GROSS INCOME: EXCLUSIONS Question MC #1 The taxpayer’s marginal tax bracket is 25%. Which would the taxpayer prefer?
1. Do you have any visions or goals for the short, medium, or long term?
A couple of my personal goals, will be to graduate high school so I can get out into the real world and make money so maybe someday I can have a family to provide for. I need to research jobs and what will help me get a job. I will also look around for internships, so I could get started into the job. I will keep my grades up by studying subjects that I have trouble in.
My short-term goal is to have assignments turned in on time. You won’t last very long in a job if you don’t turn in what you have to get done. The steps i'm going to take from now are never procrastinate, or rush to get something done at 3 am. Another step i’m taking is not getting behind on assignments, having something due two weeks ago. And lastly my last step will be having a to do list, assignment book, or agenda. It will keep you very organized and know when things are due. Those are my short-term goals.
For the year Jan. 1–Dec. 31, 2011, or other tax year beginning Your first name and initial If a joint return, spouse’s first name and initial
(See instructions on back and the instructions for Form 1040A, or Form 1040, line 8a.) Note. If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm’s name as the payer and enter the total interest shown on that form.
The last segment consists of individuals – this group are the tax payers that need help with proper reporting as they income and