Homework Answers
Solution: Form 2106 and Schedule A
Explanation: Jones can claim actual expenses for the work-related car expenses, and he must use Form 2106. The employees can use the form for the deductions of ordinary and necessary expenses in their employment; however a self-employed can claim deduction for business usage of a vehicle on Schedule C
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9. Reverend Jones incurred expenses while working as an employee of the church. They include car...
13. Reverend Smith is a full-time ordained minister whose church allows him to use a parsonage...
13. Reverend Smith is a full-time ordained minister whose church allows him to use a parsonage with an annual fair rental value (FRV) of $24,000. The church pays him an annual salary of $67,000, of which $7,500 is designated for utility costs. His actual utility costs were $7,000. He is not exempt from self-employment (SE) tax. On his tax return, Reverend Smith must report what amount of income for income tax purposes and what amount for SE tax purposes? a)...
14. How do Jennifer's educator expenses affect her tax return? a. Jennifer can claim these expenses...
14. How do Jennifer's educator expenses affect her tax return? a. Jennifer can claim these expenses as a miscellaneous itemized deduction on her Schedule A. b. These expenses do not affect her tax return. C. $250 is deducted as an adjustment to income on Form 1040, Schedule 1. d. Jennifer is entitled to deduct the full $350 as an adjustment to income on Form 1040, Schedule 1.
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...
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....
10. Archie can claim total deductible medical expenses that exceed 7.5% of his adjusted gross income. a. True b. False...
10. Archie can claim total deductible medical expenses
that exceed 7.5% of his adjusted gross income.
a. True
b. False
11. What is the total amount of state income and real
estate taxes deductible on Archie's Form 1040, Schedule
A?
a. $14,597
b. $14,547
c. $10,000
d. $9,507
12. Which of the following is Archie able to claim as a
deduction on his Form 1040, Schedule A?
a. Investment expense
b. Tax preparation fee
c. Gambling losses
d. None of...
Advanced Scenario 7: Austin Drake Directions Using the tax software, complete the tax return, including Form...
Advanced Scenario 7: Austin Drake Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate 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. Interview Notes • Austin works as a self-employed ride share driver. – Austin is a cash-basis taxpayer who materially participates in the operation of his...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who materially participates in the operation of his business. He did not make any payments that would require him to file Form 1099. Austin uses business code 485990. • He received Form 1099-MISC and a Form 1099-K from the ride share company. He had an additional $3,027 in cash tip income from individual customers NOT included on the Forms 1099. • Austin provided a statement...
Sophia and Jacob are married and file a joint return and have come to you to prepare their 2019 tax returns. While revie...
Sophia and Jacob are married and file a joint return and have come to you to prepare their 2019 tax returns. While reviewing their prior year tax returns, you notice that their 2017 tax return included a Form 2106 (Employee Business Expenses) for each of them. Their 2018 tax return, however, included a Schedule C for Sophia. Select from the dropdown lists the appropriate response to complete the statement below that outlines their tax status for the two years. In...
Julia had several types of business expenses, which she was able to deduct on her federal...
Julia had several types of business expenses, which she was able to deduct on her federal return. Does California law always follow the same rules as the federal law regarding employee business expenses? a) Yes, they are completely the same. b) Yes, except for non-employee spouses. c) No, there are a few differences. d) No, the rules are completely different. Tyler works as a professional lobbyist on behalf of another person in California. He incurred $1,500 in out-of-pocket expenses that...
Don Tumelson lived and worked in Arizona until April 21, 2017. At the beginning of April,...
Don Tumelson lived and worked in Arizona until April 21, 2017. At the beginning of April, Don accepted a job in San Francisco, California, where he bought a home and moved in on April 22, 2017. His moving expenses totaled $1,300. He changed his bank account to a local bank and registered to vote in California. Which of the following is true? A. Don will file a part-year California return and will not be allowed to deduct the moving expenses....
13. Reverend Smith is a full-time ordained minister whose church allows him to use a parsonage with an annual fair rental value (FRV) of $24,000. The church pays him an annual salary of $67,000, of which $7,500 is designated for utility costs. His actual utility costs were $7,000. He is not exempt from self-employment (SE) tax. On his tax return, Reverend Smith must report what amount of income for income tax purposes and what amount for SE tax purposes? a)...
14. How do Jennifer's educator expenses affect her tax return? a. Jennifer can claim these expenses as a miscellaneous itemized deduction on her Schedule A. b. These expenses do not affect her tax return. C. $250 is deducted as an adjustment to income on Form 1040, Schedule 1. d. Jennifer is entitled to deduct the full $350 as an adjustment to income on Form 1040, Schedule 1.
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...
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....
10. Archie can claim total deductible medical expenses
that exceed 7.5% of his adjusted gross income.
a. True
b. False
11. What is the total amount of state income and real
estate taxes deductible on Archie's Form 1040, Schedule
A?
a. $14,597
b. $14,547
c. $10,000
d. $9,507
12. Which of the following is Archie able to claim as a
deduction on his Form 1040, Schedule A?
a. Investment expense
b. Tax preparation fee
c. Gambling losses
d. None of...
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