Question

George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at
2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2018 income
tax return based on the information below:


George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000
($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld)
plus an expense reimbursement from Toyboat of $5,000 to cover his employee business
expenses. George must make an adequate accounting to his employer and return any
excess reimbursement, none of the reimbursement was related to the meals and entertainment.
Additionally, Toyboat provides George with medical insurance worth $7,200
per year. George drove his car a total of 24,000 miles during the year, and he placed the
car in service on June 1, 2015. His log indicates that 18,000 miles were for sales calls to
customers at the customers’ offices and the remainder was personal mileage. George uses
the standard mileage rate method. George is a college basketball fan. He purchased two
season tickets for a total of $4,000. He takes a customer to every game, and they discuss
some business before, during, and after the games. George also takes clients to business
lunches. His log indicates that he spent $1,500 on these business meals. George also took
a five-day trip to the Toyboat headquarters in Musty, Ohio. He was so well-prepared that
he finished his business in three days, so he spent the other two days sightseeing. He had
the following expenses during each of the five days of his trip:
Airfare $200
Lodging $85/day
Meals $50/day
Taxicabs $20/day


Marge Large is self-employed. She repairs rubber toy boats in the basement of their home.
The total square footage of the Larges’ home, including the basement, is 3,000 square
feet. The portion of the basement used in Marge’s business is 750 square feet. The business
code is 811490. She had the following income and expenses:
Income from rubber toy boat repairs $15,000
Cost of supplies 5,000
Contract labor 3,500
Telephone (business) 500
The Larges use the simplified method to figure their deduction for Marge’s business use
of their home. (Do not need form 8829)

The Larges incurred the following total other expenses:
Real estate taxes 2,500
Mortgage interest 4,500
Cash charitable contributions 3,500
Prepare Form 1040, Schedules A, C, and SE for Form 1040, and Form 2106 for the 2018
year. (Assume no depreciation for this problem and that no estimated taxes were paid by
the Larges.)

Can someone please upload the actual IRS 2018 tax forms completed, not an Excel list. Thank you!

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution Schedule A Medical & Dental Expenses Taxes paid Real estate tax 2500 Inteneat paid Mortgage interest Gifts to Charit9990 foron 2006 a Expenses Travelling expenses Meals 665 5500 16155 (5000) (250) Keis: Reimbursements Expense allowed 10905 F

Add a comment
Know the answer?
Add Answer to:
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Complete the following forms George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live...

    Complete the following forms George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee business expenses....

  • Prepare an individual income tax return. Complete problem 9-72 in your textbook. All applicable tax forms...

    Prepare an individual income tax return. Complete problem 9-72 in your textbook. All applicable tax forms are required to be submitted. Utilize the attached "Tax Return 2018 Forms" document to assist you with this project. Form 1040 Schedule 1, Form 1040 Schedule 4, Form 1040 Schedule C, Form 1040 Schedule SE, Form 1040 Disregard the last part (Prepare Form 1040, Schedules A,C, and SE for forms 1040, and Form 2016 for 2018 year) those forms are not needed only the...

  • using the information fill out the 1040 tax form 1:9-72 George Large (SSN 000-11-1111) and his...

    using the information fill out the 1040 tax form 1:9-72 George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000...

  • total itemized deductions are given - $12,300 using the information, fill out SCHEDULE A 2018 FORM...

    total itemized deductions are given - $12,300 using the information, fill out SCHEDULE A 2018 FORM 1:9-72 George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus...

  • Ralph Reed, who turned 65 in December of 2018 and his wife, Mary, the older woman...

    Ralph Reed, who turned 65 in December of 2018 and his wife, Mary, the older woman at 67, have been married for 40 years. They support several family members including Ralph's parents who live down the street, two teenage girls still in high school (under 16) and a son, 22, just finishing graduate school. Ralph, though long suffering, has been paying more than 50% of their support, if not all 100%, throughout 2017.             Ralph works full-time and receives a...

  • Ralph Reed, who turned 65 in December of 2018 and his wife, Mary, the older woman at 67, have bee...

    Ralph Reed, who turned 65 in December of 2018 and his wife, Mary, the older woman at 67, have been married for 40 years. They support several family members including Ralph's parents who live down the street, two teenage girls still in high school (under 16) and a son, 22, just finishing graduate school. Ralph, though long suffering, has been paying more than 50% of their support, if not all 100%, throughout 2017.             Ralph works full-time and receives a salary...

  • el Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive. Boston, MA 59483. Kelly&#...

    el Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive. Boston, MA 59483. Kelly's Social Security number is 111-11-1111 and Chanclle's is 222-22-2222 The Chambers have two children: Emma, age 23, and Chet, age 19. Their Social Security numbers are 333-33-3333 and 444-44-4444, respectively. Emma is a single college student and earmed $8,000 during the summer. Kelly and Chanelle help Emma through school by paying for her room, board, and tuition. Emma lives...

  • Complete Form 1040, Schedule 1, Schedule C, Schedule D, Form 8949 Instructions Comprehensive Problem 3-1 Ken...

    Complete Form 1040, Schedule 1, Schedule C, Schedule D, Form 8949 Instructions Comprehensive Problem 3-1 Ken (birthdate July 1, 1988) and Amy (birthdate July 4, 1990) Booth have brought you the following information regarding their income, expenses, and withholding for the year. They are unsure which of these items must be used to calculate taxable income. Income: Ken's salary (salesman) $28,500 Amy's wages (part-time nurse) 17,500 Insurance reimbursement for repairs from an auto accident 500 Gift from Uncle George 2,000...

  • Very lost on the whole business side of doing taxes, could use some help. Advanced Scenario...

    Very lost on the whole business side of doing taxes, could use some help. Advanced Scenario 8: Ramon Torrez Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. For the purpose of these scenario questions only, ignore the...

  • (birthdate July 1, 1988) and Amy (birthdate July 4, 1990) Booth have brought you the following...

    (birthdate July 1, 1988) and Amy (birthdate July 4, 1990) Booth have brought you the following information regarding their income, expenses, withholding for the year. They are unsure which of these items must be used to calculate taxable income. Income: $28,500 Ken's salary (salesman) Amy's wages (part-time nurse) Insurance reimbursement for repairs from an auto accident 17,500 500 Gift from Unde George 2,000 Interest income from Lodge State Bank 840 Federal income taxes withheld: From Ken's salary 2,600 From Amy's...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT