Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. Her social security number is 412-34-5670 (date of birth 3/15/1980).Her W-2 contained the following information:$ 48,965.25Social security wagesSocial security W/HWages (box 1)Federal W/H (box 2)(box 3)(box 4) =Medicare wages (box 5) =Medicare W/H (box 6) =$ 5,043.40=$ 48,965.25$ 3,035.85$ 48,965.25$ 710.00She has gambling winnings of $1,050 and the following expenses:State income taxesReal estate property taxesMedical expensesCharitable cash contributions(no single contribution was more than $250)Mortgage interest expensePersonal property taxesGambling lossesRequired:$ 3,2001,1506,4004505,6057201,160Prepare a Form 1040 with a Schedule 1 and Schedule A for Elise using any appropriate worksheets. (Input all the values as positivenumbers. Round your final answers to the nearest whole dollar amount. Instructions can be found on certain cells within theforms.)Use the appropriate Tax Tables.1040 for a Single taxpayer with no dependents.1040 PG 11040 PG 2Schedule 1Schedule A

Elise Dubois' total tax liability for the year is $11,411.45.Explanation:To prepare Elise Dubois'…

Answered: Elise Dubois is single, has no…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 52CP: Mason Phillips, age 45, and his wife, Ruth, live at 230 Wood lane, Salt lake City, UT 84101. Masons...

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Addison Parker (Social Security number 123-45-6785), single and age 32, lives at 3218 Columbia Drive, Spokane, WA 99210. She is employed as regional sales manager by VITA Corporation, a manufacturer and distributor of vitamins and food supplements. Addison is paid an annual salary of 83,000 and a separate travel allowance of 28,000. In order to access the travel allowance, VITA requires adequate accounting by Addison. Addison participates in VITAs contributor) health and 401(k) plans. During 2019, she paid 4,500 for her share of the medical insurance and contributed 11,000 to the 401(k) retirement plan. Addison uses her automobile 70% for business and 30% for personal. The automobile, a Toyota Avalon, was purchased new on June 30, 2017, for 37,000 (no trade-in was involved). Depreciation has been claimed using the MACRS 200% declining-balance method, and no 179 election was made in the year of purchase. (For depreciation information, see the IRS Instructions for Form 4562, Part V.) During 2019, Addison drove 15,000 miles and incurred and paid the following expenses relating to the automobile: Because VITA does not have an office in Spokane, the company expects Addison to maintain one in her home. Out of 1.500 square feet of living space in her apartment, Addison has set aside 300 square feet as an office. Expenses for 2019 relating to the office are listed below. Addisons employment-related expenses (except for the trip to Korea) for 2019 are summarized below. Most of Addisons business trips involve visits to retail outlets in her region. Store managers and their key employees, as well as some suppliers, were the parties entertained. The business gifts were boxes of candy costing 30 (25 each plus 5 for wrapping and shipping) sent to 18 store managers at Christmas. The continuing education was a noncredit course dealing with improving management skills that Addison took online. In July 2019, Addison traveled to Korea to investigate a new process that is being developed to convert fish parts to a solid consumable tablet form. She spent one week checking out the process and then took a one-week vacation tour of the country. The round-trip airfare was 3,600, and her expenses relating to business were 2,100 for lodging (300 each night), 1,470 for meals, and 350 for transportation. Upon returning to the United States, Addison sent her findings about the process to her employer. VITA was so pleased with her report that it gave her an employee achievement award of 10,000. The award was sent to Addison in January 2020. Besides the items already mentioned, Addison had the following receipts in 2019: Regarding the city lot (located in Vancouver), Addison purchased the property in 2004 for 16,000 and held it as an investment. Unfortunately, the neighborhood where the lot was located deteriorated, and property values declined. In 2019, Addison decided to cut her losses and sold the property for 13,000. The sailboat was used for pleasure and was purchased in 2015 for 16,500. Addison sold the boat because she purchased a new and larger model (see below). While at the Spokane airport, Addison found an unmarked envelope containing 55,000 in 50 bills. Because no mention of any lost funds was noted in the media, Addison kept the money. Addisons expenditures for 2019 (not previously noted) are summarized below. Addison keeps careful records regarding sales taxes. In 2019, the sales tax total was unusually high due to the purchase of a new sailboat. In 2019, Addison decided to pay her church pledge for both 2019 and 2020. The insurance premium was on a policy covering her fathers life. (Addison is the designated beneficiary under the policy.) Addisons employer withheld 8,600 for Federal income tax purposes, and she applied her 800 overpayment for 2018 toward the 2019 tax liability. Compute Addisons Federal income tax payable (or refund) for 2019. In making the calculation, use the Fax Rate Schedule and disregard the application of the alternative minimum tax (AMI), which is not discussed until Chapter 12.
Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N. E. 13 th street, Miami, FL 33127. Additional information about ms Lincoln is as follows:Social security number: 412 34 5670Date of birth : 1 / 14 / 1982W 2 for Marie shows these amounts:Wages ( box 1) = 43.600Federal W / H ( box 2) = 2.488Social security wages ( box 3) = 43.600Social security W / H ( box 4) = 2703.20Medicare wages ( box 5) = 43600Medicare W / H ( box 6 )= 632Form 1099 - INT for Marie shows this amount :Box 1 = $ 500.000 from A & D Bank.Dependent: Son Steven is 10 years old. His date of birth is 5 / 11 / 2009 . His social security number is 412 34 5672. Marie is an administrative assistant.Required.Prepare the tax return for Ms Lincoln using the appropriate form. She is entitled to a 2000 child tax credit. For now, enter the credit on line 13 a, page 2 of the 1040. She wants to contribute to the presidential election campaign. Ms Lincoln had qualifying health care coverage at all…
Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N.E. 13th Street, Miami, FL 33127. Additional information about Ms. Lincoln is as follows: Social security number: 412-34-5670 Date of birth: 1/14/1983 W-2 for Marie shows these amounts: Wages (box 1) Federal W/H (box 2) Social security wages (box 3) Social security W/H (box 4) Medicare wages (box 5) Medicare W/H (box 6) Form 1099-INT for Marie shows this amount: Box 1-$500.00 from A & D Bank, $ 43,600.00 $2,488.00 S 43.600.00 $2,703.20 $ 43,600.00 $ 632.20 Dependent: Son Steven is 10 years old. His date of birth is 5/11/2010. His social security number is 412-34-5672. Marie is an administrative assistant. Required: Prepare Form 1040 plus all the appropriate Schedules and worksheets for Ms. Lincoin for 2020 She is entitled to a $2.000 child tax credit. For now, enter the credit on the appropriate line of the form. She wants to contribute to the presidential election campaign Ms Lincoln had qualifying…
Brenda Peterson is single and lives at 567 East Street, Marshfield, MA 02043. Her SSN is 412-34-5670. She worked the entire year for Applebee Consulting in Marshfield. Her Form W-2 contained the following information: Wages (box 1) = $67,155.75 Federal W/H (box 2) = $8,366.12 Social Security Wages (box 3) = $67,155.75 Social Security W/H (box 4) = $4,163.66 Medicare Wages (box 5) = $67,155.75 Mediare W/H (box 6) = $973.76 She also received two Forms 1099-INT. One was from First National Bank of Marshfield and showed interest income of $537.39 in box 1. The other Form 1099-INT was from Baystate Savings and Loan and showed interest income of $329.31 in box 1. Brenda had qualifying health care coverage at all times during the tax year. Prepare a Form 1040 for Brenda.
Mason Phillips, age 45, and his wife, Ruth, live at 230 Wood lane, Salt lake City, UT 84101. Masons Social Security number is 111-11-1111. Ruths Social Security number is 123-45-6789. Mason and Ruth arc cash basis taxpayers and had the following items for 2019: Salary of 140,000. Had debt of 30,000 from uncollected rent. Collection of unpaid rent from a prior year of 6,000. Sale of 124-i stock resulting in a loss of 105,000. The stock was acquired eight months ago. Rental income of 60,000 (property is managed by Mason and Ruth). Rental expenses of 33,000. Casualty loss on rental property of 10,000. Personal casualty loss (from one event) of 3,000; not in a Federally declared disaster area. Theft loss of 8,000 on a painting held for investment. Other itemized deductions of 21,000. Federal income tax withheld of 3,000. (Compute Mason and Ruths 2019 Federal income tax payable (or refund due).
Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
John and Martha Holloway are married filing jointly. They are 35 and 31 years old, respectively. Their address is 10010 Dove Street, Atlanta, GA 30294. Additional information about Mr. and Mrs. Holloway is as follows: Social security number: John: 412-34-5670 Date of birth: 3/4/1986 W-2 for John shows these amounts: Wages (box 1) = $ 22,000.00 Federal W/H (box 2) = $ 1,500.00 Social security wages (box 3) = $ 22,000.00 Social security W/H (box 4) = $ 1,364.00 Medicare wages (box 5) = $ 22,000.00 Medicare W/H (box 6) = $ 319.00 Social security number: Martha: 412-34-5671 Date of birth: 8/20/1990 W-2 for Martha shows these amounts: Wages (box 1) = $ 35,500.00 Federal W/H (box 2) = $ 3,100.00 Social security wages (box 3) = $ 35,500.00 Social security W/H (box 4) = $ 2,201.00 Medicare wages (box 5) = $ 35,500.00 Medicare W/H (box 6) = $ 514.75 Form 1099-DIV for Martha shows this amount: Box 1a and box 1b = $345.00 from MAR Brokerage. Form 1099-INT for Martha shows these amounts: Box 1 =…
Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apartment 12A, Hickory, FL 34714. Her W-2 shows the following: Wages $ 56,500 Federal withholding 5,100 Social security wages 56,500 Social security withholding 3,503 Medicare withholding 819 State withholding -0- In 2022, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia’s shares of ARLP income and losses for the year per her K-1 were as follows: Interest $ 35 Dividends (qualified) 290 Capital gains (long-term) 700 Rental loss (8,300) ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities. Prepare Form 1040 for Kia Lopez for 2022. You will need Form 1040, Schedules 1, D, E (page 2), Form 6198, and Form 8582.
Prepare Brenda Peterson is single and lives at 567 East Street, Marshfield, MA 02043. Her SSN is Tax Return Problem 2 412-34-5670. She worked the entire year for Applebee Consulting in Marshfield. Her Form W-2 contained information in the following boxes: Wages (box 1) = S67,155.75 %3D Federal W/H (box 2) = $ 8,366.12 Social security wages (box 3) = $67,155.75 Social security W/H (box 4) = $ 4,163.66 Medicare wages (box 5) = $67,155.75 Medicare W/H (box 6) = $ 973.76 bemco %3D She also received two Forms 1099-INT. One was from First National Bank of Marshfield and showed interest income of $537.39 in box 1. The other Form 1099-INT was from Baystate Savings and Loan and showed interest income of $281.70 in box 1. Brenda had qualifying health care coverage at all times during the tax year. Prepare a Form 1040 for Brenda.
Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apartment 12A, Hickory, FL 34714. Her W-2 shows the following: Wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding $ 56,500 5,100 56,500 3,503 819 -0- In 2022, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia's shares of ARLP income and losses for the year per her K-1 were as follows: Interest Dividends (qualified) Capital gains (long-term) Rental loss $ 35 290 700 (8,300) ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities. Prepare Form 1040 for Kia Lopez for 2022. You will need Form 1040, Schedules 1, D, E (page 2), Form 6198, and Form 8582. Use the appropriate Tax Tables and Tax Rate Schedules. Note: Input all the values as positive numbers. However, losses should be indicated by a minus sign.…
Kia Lopez (SSN 412-34-5670) resides at 101 Poker Street, Apt. 12A, Hickory, FL 34714. Her W-2 shows the following: Wages $ 56,500 Federal withholding 6,100 Social security wages 56,500 Social security withholding 3,503 Medicare withholding 819 State withholding -0- In 2016, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia’s shares of ARLP income and losses for the year per her K-1 were as follows: Interest $ 35Dividends (qualified) 290Capital gains (long-term) 700Rental loss (8,300)ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities. Prepare Form 1040 for Kia Lopez for 2016. The taxpayer had qualifying health care coverage at all times during the tax year. You will need Form 1040, Schedule E (page 2), Form 6198, and Form 8582. (Input all the values as positive numbers. However losses should be indicated by a minus sign.) Use the…
1. Charlene has self-only coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2019? a. $4,600 b. $1,300 c. $1,000 d. $3,500 e. $3,450 2 Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019 joint income tax return of $45,000, before considering any IRA deduction. Martha and Rob have no earned income. What is the amount of Martha's maximum deductible IRA contribution? a. $2,700 b. $5,500 c. $0 d. $3,500 e. $11,000 3. Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What is the maximum amount Donna can contribute to a Roth IRA? In your computations, carry out any division to two decimal places. a. $5,500 b. $6,000 c. $3,850 d. $5,000 e. Some other amount 4. Marge has a Roth IRA held more than 5 years to which she has contributed…

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